Proactiveinvestors USA & Canada MedMen Enterprises Inc https://ca.proactiveinvestors.com Proactiveinvestors USA & Canada MedMen Enterprises Inc RSS feed en Fri, 19 Jul 2019 18:48:04 -0400 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - MedMen posts 40% jump in fiscal 2Q sales, thanks to California sales ]]> https://ca.proactiveinvestors.com/companies/news/212813/medmen-posts-40-jump-in-fiscal-2q-sales-thanks-to-california-sales-212813.html MedMen Enterprises Inc (CSE:MMEN) (OTCQX:MMNFF) on Thursday reported a 40% jump in its fiscal second-quarter revenue from the previous quarter, thanks to buoyant sales at its stores in California.

In the three months ending December 29, the Los Angeles-based cannabis company posted revenue of US$29.9 million, up from $21.4 million in the previous quarter, according to a breakdown of its preliminary results, which come ahead of the official report of its quarterly performance in February.

READ: MedMen completes acquisition to open first store in Arizona

Taking into account revenue from its pending acquisitions of PharmaCann, Level Up, Buddy’s, Seven Point and Ann Arbor, which have yet to close, its revenue came in at US$49.5 million, compared with $39.3 million in the first fiscal quarter.

Robust retail revenue for the quarter stems mainly from MedMen’s eight stores in Southern California, which contributed US$23.7 million to total revenue in its latest quarter.

“California is the prize of the cannabis industry and the performance of our stores, quarter-over-quarter, is a reflection of our continued execution in our home state,” said Adam Bierman, MedMen’s CEO in a statement.

MedMen is set to open 16 new stores this year, including 12 stores in Florida in cities such as Miami Beach, Orlando, West Palm Beach and Key West.

MedMen shares added 2.7% to hit C$4.21 in Thursday’s morning trade.

Contact Ellen Kelleher at ellen@proactiveinvestors.com

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Thu, 17 Jan 2019 10:05:00 -0500 https://ca.proactiveinvestors.com/companies/news/212813/medmen-posts-40-jump-in-fiscal-2q-sales-thanks-to-california-sales-212813.html
<![CDATA[News - MedMen taps Michael Kramer as new CFO ]]> https://ca.proactiveinvestors.com/companies/news/210691/medmen-taps-michael-kramer-as-new-cfo-210691.html The cannabis company MedMen Enterprises Inc (CSE:MMEN) (OTCQX:MMNFF) has tapped Michael Kramer, a long-time finance executive with considerable experience running retail companies, as its new chief financial officer.

Kramer joins MedMen after serving as chief financial officer of Apple Retail, where he developed successful brick and mortar retail strategies. He also oversaw 12 quarters of increased year-over-year earnings for Abercrombie & Fitch Co (NYSE:ANF) while in the same role.

“I look forward to working with MedMen’s talented team to advance its growth plan,” Kramer said in a statement. “We will remain focused on execution, on maintaining a strong balance sheet, and moving toward profitability.”

READ: MedMen completes acquisition to open first store in Arizona

Kramer’s hiring comes as part of a recruitment drive by the Los Angeles-based MedMen. In recent months, the cannabis company has brought on its chief operating officer Ben Cook, chief marketing officer David Dancer, its senior vice-president of human resources Clarence Foster and its chief digital officer Mike Lane.

Earlier this week, MedMen completed its acquisition of Omaha Management Services LLC, one of the top medical marijuana operators in Arizona and the owner of Monarch, the Arizona dispensary and processor of medical cannabis.

MedMen is a leading cannabis company in the US, with assets and operations across the country.

MedMen shares slipped 1.3% to US$3.11 before the opening bell on Thursday.

 

Contact Ellen Kelleher at ellen@proactiveinvestors.com

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Thu, 06 Dec 2018 08:27:00 -0500 https://ca.proactiveinvestors.com/companies/news/210691/medmen-taps-michael-kramer-as-new-cfo-210691.html
<![CDATA[News - MedMen completes acquisition to open first store in Arizona ]]> https://ca.proactiveinvestors.com/companies/news/210596/medmen-completes-acquisition-to-open-first-store-in-arizona-210596.html MedMen Enterprises Inc (CSE:MMEN) (OTCQX:MMNFF) completed its acquisition of Omaha Management Services LLC, one of the top medical marijuana operators in Arizona.

MedMen gains control of Monarch, an Arizona-based dispensary, cultivator and processor of medical cannabis.

READ: MedMen’s latest acquisition to expand its presence in the Arizona cannabis market

The cannabis company financed the deal with 80% in stock and 20% in cash.

Monarch, one of Scottsdale’s first dispensaries, opened under MedMen management on Monday and will be rebranded as a MedMen store.

“As we look to operationalize the acquisitions we have made in recent months, our team has focused on timely and seamless transitions,” said CEO Adam Bierman in the company’s press release.

MedMen also operates a 20,000 square foot cultivation and manufacturing facility in Mesa, which distributes branded products to over 60 dispensaries in the state.

The company’s agreement with WhiteStar Solutions LLC grants exclusive co-manufacturing and licensing agreements for other popular brands in Arizona including Kiva, Mirth Provisions, HUXTON and Old Pal.

MedMen views Arizona as one of the largest medical marijuana markets in the US, with more than 180,000 patients, especially with a legalization ballot expected to be introduced again in 2020 after a failed attempt in 2016.

Shares of MedMen slipped more than 5% to C$4.16 in Wednesday morning trading.

 

Contact Lenore Fedow at lenore@proactiveinvestors.com

Follow her on Twitter: @LenoreMariee

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Wed, 05 Dec 2018 08:58:00 -0500 https://ca.proactiveinvestors.com/companies/news/210596/medmen-completes-acquisition-to-open-first-store-in-arizona-210596.html
<![CDATA[News - MedMen’s fiscal 1Q sales rocket 1,094% as losses widen due to expansion ]]> https://ca.proactiveinvestors.com/companies/news/210317/medmens-fiscal-1q-sales-rocket-1094-as-losses-widen-due-to-expansion-210317.html MedMen Enterprises Inc (CSE:MMEN) (OTC:MMNFF) reported a spectacular 1,094% jump in sales late Thursday for the first quarter of fiscal 2019 on widening losses due to rapid expansion.   

For the quarter ended September 2018, the California-based cannabis grower and retailer reported losses of US$66.5 million, or US$1.42 per share. This was an improvement on net losses of US$78.7 million, or US$1.95 per share for the fourth quarter last year.

The picture wasn’t entirely gloomy, however. The opening of additional retail stores and strong results in California drove MedMen’s revenue to US$21.5 million a 1,094% jump over the US$1.8 million in the first quarter of fiscal 2018.

The company continued territorial expansion in six key markets by closing the acquisition of Treadwell Nursery in Florida and opening its first branded retail store in downtown Las Vegas.

“Our first quarter performance underlines the successful execution of our growth strategy and ongoing commitment to provide mainstream cannabis consumers a wide breadth of products for their lifestyle and wellness needs,” said MedMen co-founder and CEO Adam Bierman.

Bierman said MedMen was now entering “a new phase” focused on “fully operationalizing” its large footprint.

“Our four-pillars strategy — built around a quality team, superior assets, strong balance sheet and the ability to efficiently and effectively raise and deploy capital — has set us up to successfully achieve our vision,” said Bierman.  

READ: MedMen’s latest acquisition to expand its presence in the Arizona cannabis market

MedMen has been acquiring cannabis companies left and right and recently signed a letter of intent to acquire medical cannabis company PharmaCann in a US$682 million deal.

The California-based company has also acquired control of Kannaboost Technology Inc and CSI Solutions LLC in a cash and stock deal valued at US$33 million.

The companies comprise Level Up, which holds licenses for two vertically integrated operations in Arizona, including retail locations in Scottsdale and Tempe. Level Up also operates 25,000 square feet of cultivation and production capacity in Tempe and Phoenix.

MedMen now operates a total of 14 retail stores in California, Nevada and New York as well as cultivation and production facilities.

Contact Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive 

 

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Fri, 30 Nov 2018 08:52:00 -0500 https://ca.proactiveinvestors.com/companies/news/210317/medmens-fiscal-1q-sales-rocket-1094-as-losses-widen-due-to-expansion-210317.html
<![CDATA[News - MedMen Enterprises acquires retail location in Santa Ana, California ]]> https://ca.proactiveinvestors.com/companies/news/209397/medmen-enterprises-acquires-retail-location-in-santa-ana-california-209397.html MedMen Enterprises Inc (CSE:MMEN) (OTC:MMNFF) has signed an agreement to acquire the retail operations and license for a location in Santa Ana, California, through an all-stock transaction with Captor Capital Corp (CSE:CPTR).

Upon closing, MedMen will issue 3,740,228 Class B subordinate voting shares to Captor, a Canadian publicly-traded investment company. At the current market price of the shares, the transaction is valued at approximately $16 million.

READ: MedMen’s latest acquisition to expand its presence in the Arizona cannabis market

The final purchase price is subject to adjustment for accrued liabilities at the time of closing.

“MedMen Orange County is strategically located in one of the most affluent regions of southern California with a limited number of licensed dispensaries,” said Adam Bierman, MedMen CEO and co-founder.

The Santa Ana store is located in the only city in all of Orange County, which has a population of 3.2 million people. The store is currently MedMen-managed and branded, which should allow a seamless integration. The company expects the transaction to close within 60 days.

“This is an asset that we are already intimately familiar with through the management contract. We have direct visibility to market data, including consumer demographics and growth trends. This acquisition enhances our first mover advantage in a strategic location with robust sales and long-term growth potential,” said Bierman.

Separately, MedMen announced that Chief Financial Officer James Parker has resigned, and that Jim Miller, the company’s vice president of accounting, has been appointed interim chief financial officer until Parker’s successor is named.

Miller joined MedMen in January 2018. Before joining MedMen, Miller held several senior finance and accounting positions at leading entertainment firms such as the Walt Disney Company and Viacom.

MedMen Enterprises is a leading cannabis company in the US, with assets and operations across the country.

Contact Rene Pastor by rene.pastor@proactiveinvestors.com

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Fri, 16 Nov 2018 11:23:00 -0500 https://ca.proactiveinvestors.com/companies/news/209397/medmen-enterprises-acquires-retail-location-in-santa-ana-california-209397.html
<![CDATA[News - MedMen’s latest acquisition to expand its presence in the Arizona cannabis market ]]> https://ca.proactiveinvestors.com/companies/news/208346/medmens-latest-acquisition-to-expand-its-presence-in-the-arizona-cannabis-market-208346.html MedMen Enterprises Inc (CSE:MMEN; OTCQX:MMNFF) expands its presence in Arizona as it continues on its acquisition spree.

The California-based company has acquired control of Kannaboost Technology Inc and CSI Solutions LLC in a cash and stock deal valued at US$33 million.

Shares of MedMen jumped nearly 6% to US$5.29 in Thursday morning trading on the OTC and added 8.9% to C$7.08 in Canada.

READ: Nevada declares ‘MedMen Day’ as cannabis company continues its expansion

The companies comprise Level Up, which holds licenses for two vertically integrated operations in Arizona, including retail locations in Scottsdale and Tempe. Level Up also operates 25,000 square feet of cultivation and production capacity in Tempe and Phoenix.

“This acquisition strengthens our presence in one of the top cannabis markets in the US,” said CEO Adam Bierman in the company’s press release. “We will continue to identify highly accretive transactions in core states and remain laser-focused on executing our retail playbook.”

Level Up’s dispensary in Scottsdale will be MedMen’s second dispensary in the city after its acquisition of medical cannabis dispensary Monarch in October. In the entire state, MedMen now has three retail locations as well as 65,000 square feet in total cultivation and production capacity.

As per the terms of the deal, MedMen will also hold a 40% stake in brand K.I.N.D. Concentrates, which is available in more than 90% of Arizona’s dispensaries.

Lining up products

The company already has distribution and co-manufacturing rights for other popular brands in Arizona including Kiva, Mirth Provisions, HUXTON and Old Pal.

MedMen said it has plans to introduce its own [statemade] line of branded products in Arizona in the next 12 to 18 months.

The company introduced a [statemade] product line in Nevada, offering vape pens, drops, cannabis flower, and pre-rolled joints manufactured at the company’s facility in Reno.

The deal with Level Up is subject to local and state authority approval, but the transaction is expected to close within 90 days.

 

Contact Lenore Fedow at lenore@proactiveinvestors.com

Follow her on Twitter: @LenoreMariee

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Thu, 01 Nov 2018 10:58:00 -0400 https://ca.proactiveinvestors.com/companies/news/208346/medmens-latest-acquisition-to-expand-its-presence-in-the-arizona-cannabis-market-208346.html
<![CDATA[Media files - MedMen uplists to OTCQX, expands into 12 states with PharmaCann acquisition ]]> https://ca.proactiveinvestors.com/companies/stocktube/11051/medmen-uplists-to-otcqx-expands-into-12-states-with-pharmacann-acquisition-11051.html Tue, 30 Oct 2018 15:59:00 -0400 https://ca.proactiveinvestors.com/companies/stocktube/11051/medmen-uplists-to-otcqx-expands-into-12-states-with-pharmacann-acquisition-11051.html <![CDATA[News - MedMen sees net loss deepen in fiscal 4Q as expenses climb despite robust California sales ]]> https://ca.proactiveinvestors.com/companies/news/207879/medmen-sees-net-loss-deepen-in-fiscal-4q-as-expenses-climb-despite-robust-california-sales-207879.html MedMen Enterprises (CSE:MMEN; OTCQX:MMNFF) saw its net loss widen in the fiscal fourth quarter as its expenses mounted despite seeing robust sales at its California stores.

In the three months until the close of June, the Los Angeles-based cannabis company's net loss swelled to $78.7 million, compared with $7.35 million in the year-ago quarter. And for the year, its net losses climbed to $112.3 million from $15.4 million in fiscal 2017.

The picture wasn’t entirely gloomy, however.

The opening of additional retail stores and strong results in California drove MedMen’s revenues to $20.6 million, which was more than 13 times the $1.5 million the company saw in sales in the fourth quarter of fiscal 2017. Its revenue for the fiscal year came in at $39.8 million compared with $2.7 million for fiscal 2017.

At the close of June, MedMen’s total assets amounted to $282.2 million, including cash and cash equivalents of $79.2 million. The company was also sitting on debt of $56 million.

It added eight store locations throughout California, New York and Nevada during the year and now has a foothold in 12 states.

READ: MedMen uplists to the OTCQX Best Market

“2018 is a year of many milestones, including the pending PharmaCann acquisition; closed and pending expansions to Northern California, Illinois, Arizona and Florida; successes in accessing the capital markets; and the launch of our suite of [statemade] products and brand strategy,” said MedMen CEO Adam Bierman in a statement.

During the fourth quarter, the company invested $40.7 million of cash into its operations, $24.1 million into capital expenditures and $8.4 million into acquisitions. Its operating expenses for the fourth quarter came to $72.6 million.

MedMen has raised over $250 million in gross proceeds via the capital markets and financing activities since its reverse takeover last May.

This week, the cannabis company also received an upgrade and began trading on the OTCQX Best Market.

READ: MedMen Enterprises and PharmaCann announce more details on buyout

The company has been acquiring cannabis companies left and right and recently signed a letter of intent to acquire medical cannabis company PharmaCann in a US$682 million deal.

MedMen now operates a total of 14 retail stores in California, Nevada and New York as well as cultivation and production facilities.

Shares climbed 3.7% to $5.27 in Thursday’s afternoon trading session.

Contact Ellen Kelleher at ellen@proactiveinvestors.com

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Thu, 25 Oct 2018 14:15:00 -0400 https://ca.proactiveinvestors.com/companies/news/207879/medmen-sees-net-loss-deepen-in-fiscal-4q-as-expenses-climb-despite-robust-california-sales-207879.html
<![CDATA[News - MedMen uplists to the OTCQX Best Market ]]> https://ca.proactiveinvestors.com/companies/news/207759/medmen-uplists-to-the-otcqx-best-market-207759.html MedMen Enterprises Inc  (CSE:MMEN; OTCQX:MMNFF) just received an upgrade, set to list its shares on the OTCQX Best Market.

The cannabis company will begin trading on the new market Wednesday under the ticker symbol “MMNFF.”

CEO Adam Bierman is hopeful that the uplisting will expand the company’s investor base and be a source of capital as MedMen continues to grow.

READ: MedMen takes strategic stake in California cannabis flower brand Old Pal

“This is also reflective of the enormous progress we have made as an industry. U.S. cannabis companies are here to stay and we are creating jobs and wealth for generations to come,” said Bierman in the company’s press release.

MedMen operates a total of 14 retail stores in California, Nevada and New York as well as cultivation and production facilities.

The company has been acquiring cannabis companies left and right, recently signed a letter of intent to acquire medical cannabis company PharmaCann in a US$682 million deal.

Shares of MedMen closed down 4% to US$5.46 by Tuesday’s closing bell and was flat in Wednesday pre-market trading.

 

Contact Lenore Fedow at lenore@proactiveinvestors.com

Follow her on Twitter: @LenoreMariee

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Wed, 24 Oct 2018 08:25:00 -0400 https://ca.proactiveinvestors.com/companies/news/207759/medmen-uplists-to-the-otcqx-best-market-207759.html
<![CDATA[News - MedMen takes strategic stake in California cannabis flower brand Old Pal ]]> https://ca.proactiveinvestors.com/companies/news/207674/medmen-takes-strategic-stake-in-california-cannabis-flower-brand-old-pal-207674.html MedMen Enterprises (CSE:MMEN; OTCQB:MMNFF) announced Tuesday that it is taking a minority investment in Old Pal, a popular California cannabis  company that sells cannabis flower.

The company isn’t disclosing the value of its investment, but its CEO Adam Bierman said the new strategic stake in Old Pal, which is one of the most established cannabis flower brands in California, will boost MedMen’s reach.

“This is a strategic investment, the third of its kind to date, to broaden MedMen’s reach with consumers in this quickly evolving space,” Bierman said in a statement.

READ: MedMen Enterprises and PharmaCann announce more details on buyout

MedMen has been on the acquisition trail lately, scooping up a slew of dispensaries.

The Los Angeles-based cannabis company is expanding its reach in its home state of California, with the recent announcement of its acquisition of Viktorya’s Medical Supplies, better known as Buddy’s Cannabis.

The two-story dispensary in San Jose is the company’s second retail location in northern California.

READ: MedMen expands its reach into California’s cannabis market, scooping up a San Jose dispensary

MedMen also recently reached deals to acquire Monarch, an Arizona-based medical cannabis dispensary, and Seven Point dispensary just outside of Chicago.

The cannabis company is also working out the details of its massive plan to acquire the Chicago-based medical cannabis company PharmaCann LLC, which is a deal valued at $682 million.

MedMen shares slipped 2.45% to $5.57 before the opening bell on Tuesday.

Contact Ellen Kelleher at ellen@proactiveinvestors.com

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Tue, 23 Oct 2018 08:36:00 -0400 https://ca.proactiveinvestors.com/companies/news/207674/medmen-takes-strategic-stake-in-california-cannabis-flower-brand-old-pal-207674.html
<![CDATA[News - MedMen expands its reach into California’s cannabis market, scooping up a San Jose dispensary ]]> https://ca.proactiveinvestors.com/companies/news/207566/medmen-expands-its-reach-into-californias-cannabis-market-scooping-up-a-san-jose-dispensary-207566.html MedMen Enterprises Inc (CSE:MMEN; OTCQB:MMNFF) has been on a roll lately, scooping up a slew of dispensaries.

The cannabis company is expanding its reach in its home state of California, announcing the acquisition of Viktorya’s Medical Supplies, better known as Buddy’s Cannabis.

READ: MedMen Enterprises and PharmaCann announce more details on buyout

“MedMen continues to expand its market share in California, the largest and most advanced cannabis market in the world,” said CEO Adam Bierman in the company’s press release. “Our next phase of growth will be focused on going deeper in the markets where we already have a presence and brand equity."

The two-story dispensary in San Jose is the company’s second retail location in northern California.

The all-cash deal is expected to close within 90 days, but the company does not plan to disclose the “immaterial” purchase price.

MedMen has also inked deals in October to acquire Monarch, an Arizona-based medical cannabis dispensary, and Seven Point dispensary just outside of Chicago.

The cannabis company is working out a deal to acquire Chicago-based medical cannabis company PharmaCann LLC in a deal valued at $682 million.

Taking into account its pending acquisitions, the company holds licenses for 67 retail stores and 14 cultivation and production facilities.

Shares of MedMen were down nearly 6% to $6.49 by Friday’s closing bell.

 

Contact Lenore Fedow at lenore@proactiveinvestors.com

Follow her on Twitter: @LenoreMariee

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Mon, 22 Oct 2018 08:06:00 -0400 https://ca.proactiveinvestors.com/companies/news/207566/medmen-expands-its-reach-into-californias-cannabis-market-scooping-up-a-san-jose-dispensary-207566.html
<![CDATA[News - MedMen Enterprises and PharmaCann announce more details on buyout ]]> https://ca.proactiveinvestors.com/companies/news/207123/medmen-enterprises-and-pharmacann-announce-more-details-on-buyout-207123.html MedMen Enterprises Inc (CSE: MMEN) (OTCQB: MMNFF) and Chicago-based PharmaCann LLC provided additional details on the acquisition of all of PharmaCann’s outstanding equity interests.

Under the terms of the agreement, PharmaCann units will be exchanged for equity interests which will include the right to receive the Company’s Class B Subordinate Voting Shares and which on a pro-forma basis will equal 25% of the then fully-diluted outstanding shares of the company upon the closing of the transaction.

The total transaction was valued at $682 million based on the closing price of the Company’s Class B Subordinate Voting Shares on October 9, 2018. The shares are expected to be subject to lock-up agreements for a period of between 6-12 months.

The transaction is subject to regulatory approvals by various local and state authorities in each of the US states where PharmaCann’s assets and licenses are held.

Shares of MedMen in Canada closed 9.41% higher on MOnday at C$8.14. In New York, they rose 9.59% to settle at US$6.26.

READ: MedMen Enterprises signs deal for cannabis dispensary in California

The closing is expected to take 6-12 months based on the receipt of the approvals. In the event that certain approvals are not obtained by the closing, a portion of the share consideration, as determined by the parties will be held in escrow until the approvals are received, and the escrowed shares shall be released to PharmaCann unitholders upon the receipt of such approvals.

In the event that an approval is not obtained within 24 months following the execution of definitive documentation, the parties will use commercially reasonable efforts to transition such license to a third party with the proceeds going to the company and any related escrowed shares released to PharmaCann unitholders.

MedMen Enterprises is a leading cannabis company in the US with assets and operations across the country.

Reporting by Rene Pastor, contactable on rene.pastor@proactiveinvestors.com

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Mon, 15 Oct 2018 16:32:00 -0400 https://ca.proactiveinvestors.com/companies/news/207123/medmen-enterprises-and-pharmacann-announce-more-details-on-buyout-207123.html
<![CDATA[Media files - CryptoCann™ Report: Ivy League schools investing in crypto funds; MedMen scoops up more cannabis licenses via PharmaCann acquisition ]]> https://ca.proactiveinvestors.com/companies/stocktube/10829/cryptocann-report-ivy-league-schools-investing-in-crypto-funds-medmen-scoops-up-more-cannabis-licenses-via-pharmacann-acquisition-10829.html Thu, 11 Oct 2018 13:09:00 -0400 https://ca.proactiveinvestors.com/companies/stocktube/10829/cryptocann-report-ivy-league-schools-investing-in-crypto-funds-medmen-scoops-up-more-cannabis-licenses-via-pharmacann-acquisition-10829.html <![CDATA[News - CryptoCann™ Report: Ivy League schools investing in crypto funds; MedMen scoops up more cannabis licenses via PharmaCann acquisition ]]> https://ca.proactiveinvestors.com/companies/news/206920/cryptocann-report-ivy-league-schools-investing-in-crypto-funds-medmen-scoops-up-more-cannabis-licenses-via-pharmacann-acquisition-206920.html Ivy League schools have churned out multiple presidents, Fortune 500 CEOs and other notable alumni and many have the multi-billion endowments to show for it.

Yale University recently announced some of its $30 billion endowment would be put into the cryptocurrency market via an investment in crypto fund Paradigm.

READ: Xinyuan Real Estate is building a global real estate ̶ and blockchain ̶ empire

Other prestigious universities have been betting on crypto as well. 

Harvard University, Stanford University, Dartmouth College, Massachusetts Institute of Technology and the University of North Carolina have invested into at least one cryptocurrency fund, according to a report by The Information.

Endowments taking baby steps into the cryptocurrency market may signal a shift in investor sentiment.

In blockchain news, BMW is hosting a tournament for blockchain applications in vehicles, as per a Coin Telegraph report.

The MOBI Grand Challenge will be a three-year-long event beginning October 12, awarding winners more than $1 million worth of tokens.

The first fourth-month challenge is looking for “potential uses of blockchain in coordinating vehicle movement and improving transportation in urban environments.”

The champions of the first challenge will be granted $350,000 worth of awards and may have their technology featured at an event hosted by BMW Group in Munich, Germany in February 2019.

The Cann Report

MedMen Enterprises Inc (CSE:MMEN,OTCQB:MMNFF) is expanding its reach via its latest $682 million acquisition of medical cannabis company PharmaCann LLC.

Its portfolio will now include cannabis licenses in 12 states, adding licenses in Illinois, New York, Pennsylvania, Maryland, Massachusetts, Ohio, Virginia and Michigan. The company is permitted to operate a total of 79 cannabis facilities.

READ: Biome Grow starts trading on Canadian Securities Exchange; aims to build Canadian cannabis conglomerate

“This would not have been possible even two years ago and is a testament to how far both the industry and these two companies have evolved,” said CEO Adam Bierman in the company’s press release.

MedMen currently operates 14 retail stores in California, Nevada and New York.

Cannabis retailers sell all kinds of cannabis strains, offering dessert flavors like key lime pie and lemon meringue or flavors named after celebrities like Snoop Dogg and Tommy Chong.

However, the strains may not be so different after all, according to research from the University of British Columbia’s Okanagan campus.

"It is estimated that there are several hundred or perhaps thousands of strains of cannabis currently being cultivated," said UBC chemistry professor Susan Murch in an interview with science publication Phys.org "We wanted to know how different they truly are, given the variety of unique and exotic names."

The research shows that while breeding highly potent strains of cannabis impacts the genetic diversity within the crop, the THC and CBD levels were not affected.

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Thu, 11 Oct 2018 10:49:00 -0400 https://ca.proactiveinvestors.com/companies/news/206920/cryptocann-report-ivy-league-schools-investing-in-crypto-funds-medmen-scoops-up-more-cannabis-licenses-via-pharmacann-acquisition-206920.html
<![CDATA[News - MedMen Enterprises signs deal for cannabis dispensary in California ]]> https://ca.proactiveinvestors.com/companies/news/206797/medmen-enterprises-signs-deal-for-cannabis-dispensary-in-california-206797.html MedMen Enterprises Inc (CSE:MMEN) (OTCQB:MMNFF) announced on Wednesday it has signed an agreement to acquire a licensed dispensary from Berkeley Patients Group in Emeryville, California.

The dispensary is located in a young professional hub of the East Bay, between Oakland and Berkeley.

“California is the world’s largest legal cannabis market,” said Adam Bierman, MedMen's CEO and co-founder. “We are very proud of the footprint we’ve already established in our home state and look forward to expanding our reach to all corners of the Golden State, starting with our first store in Northern California.”

As a result of the transaction, MedMen will have one of only two adult-use licenses issued in Emeryville, just outside of San Francisco.

READ: Nevada declares ‘MedMen Day’ as cannabis company continues its expansion

Shares of MedMen closed in New York on Tuesday up 1.1% at $4.52. In Canada, the stock climbed 5.8% to finish on Tuesday at C$5.83.

MedMen is based in Los Angeles and operates eight dispensaries in southern California. The new store is expected to open in 2019.

The company will pay a combination of cash at closing and shares of MedMen in an undisclosed amount. The transaction is expected to close within 90 days of signing.

Emeryville is home to the national headquarters of corporations such as Pixar Animation Studios, Peet’s Coffee & Tea, Jamba Juice and Cliff Bar. 

MedMen is a leading cannabis company in the US. MedMen brings expertise and capital to the cannabis industry and is one of the nation’s largest financial supporters of progressive marijuana laws.

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Wed, 10 Oct 2018 09:27:00 -0400 https://ca.proactiveinvestors.com/companies/news/206797/medmen-enterprises-signs-deal-for-cannabis-dispensary-in-california-206797.html
<![CDATA[News - Nevada declares ‘MedMen Day’ as cannabis company continues its expansion ]]> https://ca.proactiveinvestors.com/companies/news/206688/nevada-declares-medmen-day-as-cannabis-company-continues-its-expansion-206688.html Cannabis connoisseurs, mark your calendars.

Clark County, Nevada, declared October 8 to be MedMen Day after the cannabis company opened its second branded store in Las Vegas.

MedMen Enterprises Inc’s (CSE:MMEN; OTCQB:MMNFF) new store is located near the landmark Hard Rock Hotel and just outside of McCarran International Airport.

READ: MedMen launches slew of cannabis products through deluxe Statemade brand

Customers at MedMen Paradise will be able to view a touch-screen menu in multiple languages.

It will be the first retail location to carry the company’s new product line [statemade], which will offer vape pens, drops, cannabis flower, and pre-rolled joints manufactured at the company’s facility in Reno.

The ribbon-cutting ceremony was attended by state officials, including Senator Aaron D. Ford, Assemblymembers Jim Marchant and Steve Sisolak, the chairman of Clark County Commission and Nevada gubernatorial candidate.

“I see all these young women and men with the red MedMen t-shirts,” said Sisolak. “These are well paying local jobs that this industry is creating in Nevada, and I commend MedMen for setting the bar.”

MedMen operates 19 facilities in California, Nevada and New York and recently acquired a license to open 30 stores in Florida as well as announcing acquisitions in Arizona and Illinois.

Cook tapped for CFO

As the cannabis company expands, it needs more hands on deck.

MedMen recently welcomed Ben Cook as its new chief operating officer, the former senior vice president of supply chain for Sam’s Club.

“It is not often that you get a chance to help build an industry, and I look forward to working with the talented team already assembled at MedMen and lending my expertise to the cause,” said Cook in the company’s press release.

Cook has also led logistics at Apple Inc (NASDAQ:AAPL), Target Corporation (NYSE:TFT), Kimberly-Clark Corporation (NYSE:KMB) and The Home Depot (NYSE:HD).

Shares of MedMen closed up more than 5% to $4.48 by Monday’s close.

 

Contact Lenore Fedow at lenore@proactiveinvestors.com

Follow her on Twitter: @LenoreMariee

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Tue, 09 Oct 2018 08:40:00 -0400 https://ca.proactiveinvestors.com/companies/news/206688/nevada-declares-medmen-day-as-cannabis-company-continues-its-expansion-206688.html
<![CDATA[News - MedMen launches slew of cannabis products through deluxe Statemade brand ]]> https://ca.proactiveinvestors.com/companies/news/206509/medmen-launches-slew-of-cannabis-products-through-deluxe-statemade-brand-206509.html Los Angeles-based cannabis company MedMen Enterprises Inc (CSE:MMEN; OTCQB:MMNFF) announced the launch Friday of a slew of new cannabis products under the Statemade brand during the opening of its second MedMen Paradise store in Las Vegas.

The new products will first be carried at the MedMen Paradise store in Nevada after which the company will market the brand in states where it is licensed to operate like Arizona, California, Florida and New York where it has its flagship store on Fifth Avenue in Manhattan.

The Statemade product line includes cannabis flowers, pre-rolled joints, vaporizers, and tinctures to sell alongside the products already offered in its dispensaries. Statemade carries seven different formulations — Max, Joy, Zen, Ebb, Zzz, One, and CBD — to deliver the desired effects through pre-rolled joints, vaporizers, tinctures, and cannabis flowers.

The brand is all about innovation, and attention to detail. The oil for the vaporizer pens is extracted using carbon dioxide and no solvents. The sleek pens are square unlike most vape pens in the market.

MedMen stock climbed 3% to $4.26 on the brand launch on a day the stock market pulled back.

READ: MedMen cuts deal to expand into Arizona’s fast-growing medical marijuana market

“We’ve built one of the most popular and trusted retail brands in cannabis today,” said MedMen cofounder and president Andrew Modlin. “And if there’s one thing we’ve learned from serving hundreds of thousands of customers at our stores is that the modern cannabis consumer wants high-quality products in a variety of forms. They want to enhance their well-being and enjoy new experiences with the assurance that what they are putting in their bodies has been fully tested and safe.”

MedMen is a vertically integrated cannabis company with cultivation and production capabilities. It owns and operates 19 licensed facilities in California, Florida, Nevada, and New York.

It recently acquired a license to open 30 stores in Florida and had a grand launch for its newest store, MedMen Paradise in the heart of Las Vegas’s tourist mecca.

Contact Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive 

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Fri, 05 Oct 2018 13:26:00 -0400 https://ca.proactiveinvestors.com/companies/news/206509/medmen-launches-slew-of-cannabis-products-through-deluxe-statemade-brand-206509.html
<![CDATA[News - MedMen branches out into the Chicago market through its latest dispensary acquisition ]]> https://ca.proactiveinvestors.com/companies/news/206317/medmen-branches-out-into-the-chicago-market-through-its-latest-dispensary-acquisition-206317.html Cannabis company MedMen Enterprises Inc (CSE:MMEN; OTCQB:MMNFF) is branching out into the Chicago market through its latest acquisition of Seven Point dispensary.

The medical cannabis dispensary is just outside the Windy City in the suburb of Oak Park, located in a shopping district with retailers like Whole Foods, The Gap Inc (NYSE:GPS) and Pier 1 Imports Inc (NYSE:PIR).

READ: MedMen cuts deal to expand into Arizona’s fast-growing medical marijuana market

Shares of the Los Angeles-based company rose nearly 2% to $4.04 in Wednesday morning trading.

“MedMen has established a presence in the primary markets of California, Nevada and New York. Our strategy has been to put our brand in high visibility commercial districts in popular locations like Beverly Hills, Manhattan, Las Vegas, and Oak Park, just outside Chicago, fits the mold perfectly,” said CEO Adam Bierman in the company’s press release.

The number of medical marijuana patients in the state of Illinois jumped 41% to more than 42,000 while retail cannabis sales were up 35%, as per state data.

The state’s medical cannabis program has expanded to allow patients with opioid prescriptions to receive temporary licenses for medical cannabis, hoping to stem the tide of the country’s opioid crisis.

MedMen will pay a combination of cash and shares for Seven Point for “an amount not deemed material.” The deal is expected to close within 90 days.

The cannabis company also recently acquired Monarch, an Arizona-based medical marijuana dispensary that also operates a 20,000-square-foot cultivation and manufacturing facility.

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Wed, 03 Oct 2018 10:19:00 -0400 https://ca.proactiveinvestors.com/companies/news/206317/medmen-branches-out-into-the-chicago-market-through-its-latest-dispensary-acquisition-206317.html
<![CDATA[News - MedMen cuts deal to expand into Arizona’s fast-growing medical marijuana market ]]> https://ca.proactiveinvestors.com/companies/news/206196/medmen-cuts-deal-to-expand-into-arizonas-fast-growing-medical-marijuana-market-206196.html Los Angeles-based cannabis company MedMen Enterprises Inc (CSE:MMEN; OTCQB:MMNFF) cut a deal Tuesday with WhiteStar Solutions LLC to acquire control of Monarch, an Arizona-based licensed medical-cannabis license holder with dispensary, cultivation and processing operations through Omaha Management Services LLC.

MedMen will also acquire WhiteStar’s exclusive co-manufacturing and licensing agreements with Kiva, Mirth Provisions and Huxton for the state of Arizona.

“Our strategy has been to establish our brand in the primary markets of California, Nevada and New York,” said MedMen Enterprises co-founder and CEO Adam Bierman in a statement.

“We have a leading presence in those primary markets and we are now ready to expand our reach. Arizona, with its robust medical marijuana program and connectivity to California and Nevada where our brand is already strong, makes this a great fit,” he added.

READ: Daily CryptoCann Report: Fidelity Investments may build a crypto exchange; MedMen acquires Florida cultivation facility

Arizona is one the largest medical marijuana markets in the United States with more than 172,000 patients. It also represents one of the larger addressable adult-use markets in the US. A ballot measure to legalize adult-use narrowly missed in 2016 and is expected to return in 2020.

Founded in 2013, Monarch is among the top medical marijuana dispensaries in the country. It is the first cannabis dispensary in Scottsdale in Arizona with revenue of over $10 million.

In addition to the medical marijuana dispensary, Monarch is licensed to operate a 20,000-square-foot cultivation and manufacturing facility in Mesa, Arizona. As one of the top wholesalers in the Arizona market, Monarch distributes branded products to over 60 dispensaries in the state.

MedMen will pay approximately 80% in stock and 20% in cash for control of Monarch. The transaction is expected to close within 90 days and is subject to customary closing conditions.

The newly public MedMen already operates 18 cannabis facilities in California, Nevada and New York.

Shares of the Los Angeles-based company closed nearly 5% up to $4.06 Monday.

Contact Uttara Choudhury at uttara@proactiveinvestors.com
Follow her on Twitter: @UttaraProactive

 

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Tue, 02 Oct 2018 08:34:00 -0400 https://ca.proactiveinvestors.com/companies/news/206196/medmen-cuts-deal-to-expand-into-arizonas-fast-growing-medical-marijuana-market-206196.html
<![CDATA[Media files - CryptoCann™ Report: Yahoo Finance integrates Bitcoin trading; MedMen has ties to politicians in NY and LA ]]> https://ca.proactiveinvestors.com/companies/stocktube/10287/cryptocann-report-yahoo-finance-integrates-bitcoin-trading-medmen-has-ties-to-politicians-in-ny-and-la-10287.html Thu, 30 Aug 2018 15:07:00 -0400 https://ca.proactiveinvestors.com/companies/stocktube/10287/cryptocann-report-yahoo-finance-integrates-bitcoin-trading-medmen-has-ties-to-politicians-in-ny-and-la-10287.html <![CDATA[Media files - Daily CryptoCann Report: Fidelity Investments may build a crypto exchange; MedMen acquires Florida cultivation facility ]]> https://ca.proactiveinvestors.com/companies/stocktube/9485/daily-cryptocann-report-fidelity-investments-may-build-a-crypto-exchange-medmen-acquires-florida-cultivation-facility-9485.html Wed, 06 Jun 2018 16:45:00 -0400 https://ca.proactiveinvestors.com/companies/stocktube/9485/daily-cryptocann-report-fidelity-investments-may-build-a-crypto-exchange-medmen-acquires-florida-cultivation-facility-9485.html <![CDATA[News - Daily CryptoCann Report: Fidelity Investments may build a crypto exchange; MedMen acquires Florida cultivation facility ]]> https://ca.proactiveinvestors.com/companies/news/198395/daily-cryptocann-report-fidelity-investments-may-build-a-crypto-exchange-medmen-acquires-florida-cultivation-facility-198395.html It was a weak Wednesday for cryptocurrency with all five of the top coins in the red.

EOS (EOS-USD) was the top decliner, down nearly 5% to US$13.51.

Bitcoin Cash (BCH-USD) fell nearly 4% to US$1,108.16 followed by Ripple (XRP-USD) down nearly 2% to US$0.66.

Ethereum (ETH-USD) declined by nearly 2% to US$596.74 while Bitcoin (BTC-USD) saw the smallest losses, down more than 1% to US$7,529.16.

Fidelity Investments, part of Fidelity National Financial Inc (NYSE:FNF), may be the latest big name in finance to hop on the crypto train. The company is looking to hire developers to build a cryptocurrency exchange, according to a Business Insider report citing internal documents.

READ: Daily CryptoCann Report: Chanos chimes in on cryptocurrency; CBD-infused bacon apple donuts for your pets

The investment giant is searching for a DevOps System engineer to create a digital exchange and deploy it to both a public and private cloud. The company has yet to confirm the report.

Crypto miner Coinmint announced that it's opening a Bitcoin mining plant in upstate New York. The company plans to invest as much as US$700mln into the project and will create an extra 150 jobs over the next 18 months in the town of Massena. The cloud mining service will revamp the former site of an Alcoa aluminum smelting plant. The 1,300-acre and 435-megawatt site will be the largest cryptocurrency data center in the world, according to the release.

“The thought of 150 jobs and revitalization of the Alcoa East Facility is exciting and what we have been working for,” said Massena Town Supervisor Steve O'Shaughnessy in the press release.

MedMen cuts a bigger piece of Florida's marijuana market

The North American Marijuana Index, which tracks the leading cannabis stock in the U.S. and Canada, had a strong day. The index rose more than 4%.

MedMen Enterprises Inc (CSE:MMEN) has acquired cultivator Treadwell Simpson Partners in a US$53mln deal. The agreement includes Treadwell's 5-acre cultivation facility in Florida as well as its right to open 25 dispensaries in the state.

The newly-public MedMen already operates 18 cannabis facilities in California, Nevada and New York. The deal is expected to close within 90 days.

Shares of the Los Angeles-based company are up more than 2% to C$3.97.

READ: MedMen, US cannabis giant, set to become one of the largest Canadian-listed cannabis companies

Colorado governor John Hickenlooper vetoed a bill that would allow publicly-traded companies to invest in the state's marijuana industry, according to a Marijuana Business Daily report. In his veto letter, the governor said the industry was still too new. He wrote that the lack of banking services raised his concerns about fraudulent activity. 

The governor recently vetoed a bill allowing cannabis tasting rooms and a bill adding autism spectrum disorder to the list of qualifying patient conditions for medicinal marijuana.

 

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Wed, 06 Jun 2018 14:52:00 -0400 https://ca.proactiveinvestors.com/companies/news/198395/daily-cryptocann-report-fidelity-investments-may-build-a-crypto-exchange-medmen-acquires-florida-cultivation-facility-198395.html
<![CDATA[News - MedMen, US cannabis giant, set to become one of the largest Canadian-listed cannabis companies ]]> https://ca.proactiveinvestors.com/companies/news/197856/medmen-us-cannabis-giant-set-to-become-one-of-the-largest-canadian-listed-cannabis-companies-197856.html MedMen Enterprises Inc (CSE:MMEN), one of the fastest-growing companies in the US cannabis industry, started trading today on the Canadian Securities Exchange (CSE).

With more than 800 employees, the company – with its sleek, modern Apple-esque retail stores – operates 18 licensed facilities in California, Nevada and New York. The importance of these three states? They account for around half the addressable cannabis market in the US.

US companies look north

US cannabis companies are increasingly looking to Canadian markets as they raise money. Not to mention the fact that MedMen also intends to enter the Canadian recreational marijuana market when legal – a move that could pivot MedMen into a leadership position in the country.

“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.”

Currently, state-sanctioned sales of cannabis in the US are estimated to be US$7 billion annually – expected to reach US$75 billion by 2030, according to financial services firm, the Cowen Group.

"Our listing on the CSE will give MedMen greater flexibility in accessing capital in the public equity markets to leverage our first-mover advantage and to build upon our track record of growth," Bierman said.

Canadian partners

This March, MedMen announced a joint venture with Canadian licensed producer, Cronos Group. The aim is to bring the MedMen retail experience to Canada, in provinces such as British Columbia and Alberta, where private retail stores will be allowed.

"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. "People are using it for ailments, for wellness or to just relax or socialize with friends... We are marching steadily toward a future where buying and using cannabis products will be just as normal as buying wine or beer."

Shares of MedMen were C$5.15 on Tuesday. 

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Tue, 29 May 2018 12:31:00 -0400 https://ca.proactiveinvestors.com/companies/news/197856/medmen-us-cannabis-giant-set-to-become-one-of-the-largest-canadian-listed-cannabis-companies-197856.html