CALIFORNIA: MedMen Enterprises began trading today (5/29/18) on the Canadian Securities Exchange under the ticker symbol “MMEN.”
With more than 800 employees and 18 licensed facilities in California, Nevada and New York, MedMen is one of the fastest growing companies in the quickly evolving U.S. cannabis industry. The three states where MedMen currently operates account for about half of the addressable cannabis market in the U.S. State-sanctioned cannabis sales in the country are estimated at about US$7 billion annually and expected to reach US$75 billion by 2030, according to the Cowen Group.
“MedMen’s vision is simple but revolutionary: cannabis as a consumer product,” said MedMen Co-founder and CEO Adam Bierman. “For the better part of a decade we have been singularly focused on that vision – creating the systems and infrastructure that raise the bar on product quality and safety and providing a retail shopping experience that is second to none. By going public, MedMen gives investors a ground-floor opportunity to participate in the enormous and untapped potential of the fastest growing industry in the United States.”
The listing follows the successful completion of a reverse takeover of a Canadian public company by U.S.-based MM Enterprises USA, LLC. In connection with this reverse takeover and the listing on the CSE, the Company raised approximately CA$143 million, or US$110 million, through a private placement at an implied enterprise valuation of CA$2.14 billion, or US$1.65 billion. Executives of MM Enterprises USA, LLC were appointed as officers of the public company and the public company was renamed MedMen Enterprises Inc.
“We are making marijuana mainstream by making it okay for soccer moms and middle-aged professionals to use cannabis products,” said MedMen Co-founder and President Andrew Modlin, the creative force behind MedMen and the first cannabis professional to win the prestigious American Marketing Association’s Emerging Leaders Award. “People are using it for ailments, for wellness or to just relax or socialize with friends. Medical marijuana is legal in 29 states, adult use is now legal in nine. Medical use is legal in Canada and adult use is expected to be legal by year’s end. We are marching steadily toward a future where buying and using cannabis products will be just as normal as buying wine or beer.”