U.S. marijuana retail company MedMen Enterprises Inc (CSE: MMEN, OTC: MMNFF) announced that the company is laying off more workers and transferring voting rights away from a co-founder in an effort to fight off a cash burn. It seems that retail investors are in favor of the recent news release as well as the revenue guidance and the stock price being reflected. The cannabis sector is influenced heavily by retail investors as it is a new industry.
The company also issued revenue guidance for the current fiscal year and the 2021 fiscal year, projecting sales of $225 million to $245 million this fiscal year – which ends in June 2020 and $450 million to $500 million in the following year. (MarketWatch)
Since the announcement the company on Wednesday the stock value increased 100% from $0.49 to currently at the time of reporting $0.97.
- 52 week high: $3.84 CAD
- 52 week low: $0.36 CAD
About MedMen: Founded in 2010, MedMen is North America’s premium cannabis retailer. Founders Adam Bierman and Andrew Modlin have defined the next generation discovery platform for cannabis and all its benefits. A robust selection of high-quality products, including MedMen-owned brands [statemade], LuxLyte and MedMen Red, coupled with a team of cannabis-educated associates cement the Company’s commitment to providing an unparalleled experience. MedMen’s industry-leading technology enables a fully compliant, owned-and-operated delivery service and MedMen Buds, a nationwide loyalty program. MedMen believes that a world where cannabis is legal and regulated is safer, healthier and happier. Learn more at www.medmen.com