The cannabis sector has had its ups and downs in recent months but on Wednesday cannabis company Medmen Enterprises Inc (OTC: MMNFF) saw its stock soar by as high as 13%.
The rally in the stock is related to development from earlier on this week and investors could consider taking a look at it. This Monday, MedMen announced that it was going to relaunch its brand MedMen Red in Nevada and California.
MedMen claims that the brand in question offers customers high-quality cannabis at affordable rates and more importantly, the product is cultivated locally. In addition to that, it is also necessary to keep in mind that both Nevada and California are potentially lucrative markets.
While the stock may have soared, it should be noted that analysts at Canaccord reiterated their sell rating on the stock and set the target price to $0. This came after MedMen generated revenues of $35.6 million in Q1 2021, which reflected a sequential rise of 31%.
Writing for business and finance publishers has become his passion over the last decades after he completed a master’s degree in Financial Management. Sharing some opinions and forecasts to thousands of readers is a routine job for him but he never promises to invest in one stock.
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