Major cannabis retailing company MedMen Enterprises Inc (OTCMKTS:MMNFF) has seen its stock suffer from a heavy selloff over the course of the past week and has declined by as much as 15% in the period. Despite the continued decline in the stock, it is perhaps important for investors to note that the company has continued to expand its retail foot print and yesterday, it made an announcement to that effect as well.
Trading Data
On Monday, MMNFF stock fell 1.8% to $0.110 with more than 1.14 million shares, compared to its average volume of 3.14 million shares. The stock moved within a range of $0.1000 – 0.1180 after opening trade at $0.1120.
MedMen Unveils New San Francisco Store in Partnership With Mirage Medicinal
Yesterday, MedMen announced that its newest physical store had been inaugurated at the Union Street in San Francisco. It is located on the Cow Hollow neighbourhood.
In this context, it is perhaps necessary for investors to note that San Francisco is a highly lucrative market and the opening of a store in the city is a major development for the company. The store in question is spread across an area of as much as 3222 square feet in the prime retail area at 1861 Union Street in San Francisco.
The opening of this store is also the very first collaboration of MedMen with Mirage Medicinal, its equity licensed partners. It will be interesting to see if the sentiments of investors turn with regards to the stock any time soon.
Key Quote
“MedMen is thrilled to collaborate with San Francisco-born and built cannabis and lifestyle brand Mirage Medicinal on our newest storefront on Union Street. Malcolm has an intimate understanding of San Francisco’s legacy scene and its needs, and in joining forces, we’re empowered to better serve this community,” said Michael Serruya, MedMen Chairman and Interim CEO. “A brand rooted in advocacy, grassroots activism and a relentless drive to create a more equitable industry, Mirage Medicinal is an integral part of San Francisco’s cannabis culture, and we’re honored to partner with them.”
Technical Data
MMNFF stock is trading below the 20-Day and 50-Day Moving averages of $0.13 and $0.14 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.23.
