Cannabis stocks have almost always had a significant following and especially so when it comes to stocks of large companies like MedMen Enterprises Inc. Yesterday, the Medmen Enterprises Inc (OTCMKTS:MMNFF) stock was one of the major movers in the market and ended the day with gains of as much as 5%.
Trading Data
On Monday, MMNFF stock gained 5.50% to $0.1730 with more than 2.3 million shares, compared to its average volume of 2.53 million shares. The stock has moved within a range of $0.1600 – 0.1750 after opening trade at $0.1675.
Latest News
On Monday, there was a significant development that investors ought to know about before they make any decision with regards to the stock. Vertically integrated cannabis firm Ascend Wellness Holdings Inc, which operates across multiple states announced on Monday that MedMen had breached the definitive investment agreement that had been in place between the two companies.
In light of this development, it remains to be seen if there is any adverse effect on the MedMen stock or not. It is also important to keep in mind that that MedMen has also challenged the contention so far and has also decided to disregard the determination that had been reached by the Office of Cannabis Management and the Cannabis Control Board of the State of New York. It was the Officer of Cannabis Management which had originally approved the transaction. It may be a good time to keep an eye on the developments on this particular front.
Technical Data
MMNFF stock is trading below the 20-Day and 50-Day Moving averages of $0.19 and $0.22 respectively. However, the stock is trading below the 200-Day moving average of $0.23. The stock is down 5% in the past week.
