MedMen Enterprises Inc. (OTCQX: MMNFF) stock price entered a strange routine that is taking it up and down in an almost completely precise pattern. The price has been behaving like this for the past six months, ever since November 2018. This behavior is also in contrast to what the price was like in 2018 as well. While the value is relatively close to what it looked like a year ago, the pattern has changed after a massive surge that started in early August, taking MMNFF price from $3 to $5 by late September.
However, this was only a minor increase compared with what came next, when MedMen stock price went from $4 to $7.50 in a matter of days. It declined almost equally as fast, and after attempting another surge, it went back to its former bottom at $3, where its new pattern started — trying to grow, only to drop back down and try again in a seemingly infinite loop.
About MedMen Enterprises
MedMen is the preeminent cannabis firm that operates throughout the US. The company has its own facilities, assets, and operations in various countries, including New York, Florida, Nevada, and California. Their facilities are licensed and allowed to cultivate, create, and sell cannabis and cannabis-based products. In fact, their brand is one of the most well-known ones around the world.
The company was founded in 2010 in Los Angeles, California, from which it expanded, and it currently employs over 800 people. Its founders were two entrepreneur visionaries, Andrew Modlin and Adam Bierman. The two entrepreneurs realized that various states are moving towards marijuana legalization and this will be a very profitable, and yet untapped field very quickly.
However, legalized or not, marijuana will still have to fight to re-define its relationship with the society itself. MedMen wishes to help by supporting drug laws that are sensible, just, and clear. This allowed it to become the largest financial supporters of pro-marijuana laws, from local to federal levels.
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MedMen stock price in the past eight months
As mentioned, MedMen’s price has been acting ‘normal,’ growing and dropping as influenced by various factors throughout 2018. Then, a new growth took the price to new levels. It started in early August when a steady growth came following the news of MedMen getting listed on Frankfurt stock exchange. The growth continued until the second half of September 2018, which is when the price started dropping.
The drop was seemingly not caused by the company’s actions, as it was making numerous deals during those days. Then, in mid-October, the company started a series of events that launched its price up to $7.5.
These included hiring a new COO, acquiring the first dispensary in the San Francisco Bay area, as well as doubling the company’s market reach through the acquisition of PharmaCann. However, after expanding to Arizona in early November, MedMen stock price started seeing a decline. The price crash came regardless of many positive moves that the company made, including the appointment of a new CFO, opening its first Arizona-based store, acquiring new locations, and alike.
The price quickly dropped back down to $3, and it started its’ up-and-down trend, fluctuating between $2.7 and $3.5. Meanwhile, the company itself continued expanding, going to Illinois, and taking full advantage of US’ and Canada’s cannabis gold rush, which resulted in a massive “land grab.”
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At the time of writing, the company’s stock price is at $2.78, after dropping for several days, and the price seems to be ready for new growth. It currently has perfect stability, although it will likely not last for long, and the stock price will start growing towards its resistance once more. Perhaps this time, something might change, and MMNFF gathers enough strength to break the cycle and grow further up. If that ends up being the case, early investors will certainly see a profit. We will be updating on MedMen when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with MedMen.
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Disclosure: we hold no position in MedMen either long or short and we have not been compensated for this article.