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MedMen Enterprises (OTC: MMNFF) seems to be coming back from a rough few years and this cannabis stock is beginning to look pretty interesting. With consistent margin improvements, successful cost cutting measures and recent backing from industry titan, Tilray – we have just added MMNFF to Cannin’s long term model portfolio. But is this cannabis stock actually making a comeback?

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With cannabis stocks soaring earlier this year after democrats won the Senate, MMNFF prices also soared a whopping 8x. However, the company has historically been very poorly managed and is currently trading far below it’s highs of $6.49 back in October of 2018. Because of this, MedMen was forced out of its PharmaCann acquisition in October 2019. The company has been feverishly trying to cut costs and cash burn rate since.

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Despite this, we do see a solid fundamental story about cost cutting, margin improvements and expansion into multiple markets. Although MMNFF is currently trading at $0.30/share, there’s a significant chance MMNFF goes back to all time highs of $6.00 plus a share when positive momentum builds.

Tilray Acquires Majority Position in Amended MedMen Convertible Notes

As of last month, Tilray has acquired the majority of the outstanding senior secured convertible notes of MedMen that were originally held by certain funds affiliated with Gotham Green Partners, LLC and other funds. This acquisition provides Tilray with a path, subject to necessary regulatory approvals, to obtain a significant equity position in MedMen through conversion of the Notes and exercise of associated warrants following U.S. cannabis legalization (or Tilray’s waiver of such condition). In connection with the sale of the Notes, MedMen and GGP amended the restrictive covenants and extended the debt maturity to 2028 to provide MedMen the flexibility to execute on its growth priorities and explore additional strategic opportunities.

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In the August 2021 press release Irwin D. Simon, Tilray’s Chairman and CEO, said, “Backed by accelerating trends towards legalization globally, we are focused on building the world’s leading cannabis-focused consumer branded company with a goal of $4 billion of revenue by the end of our fiscal 2024. The investment we are announcing in MedMen securities today, one of the most recognized brands in the $80 billion U.S. cannabis market, is a critical step towards delivering on our objective as we work to enable Tilray to lead the U.S. market when legalization allows.”

MedMen Announces Backstopped US$100M Equity Investment

MedMen recently announced that investors, led by Serruya Private Equity, are purchasing US$100 million of units of Medmen at a purchase price of US$0.24  per Unit. Certain investors associated with SPE agreed to backstop the US$100 million to be raised in the Private Placement.

MedMen: Is this Cannabis Stock Making a Comeback?

Photo courtesy of MedMen

The US$100 million in proceeds from the Private Placement will allow MedMen to expand its operations in key markets such as California, Florida, Illinois and Massachusetts and identify and accelerate further growth opportunities across the United States.

Related: Cannin’s Top 3 Cannabis Stock Gainers Today

On the news, Tom Lynch, CEO of MedMen, remarked, “This US$100 million investment is a game-changer for our Company, strengthening our balance sheet and creating a platform for our future growth. This transaction gives us the flexibility and firepower to match our revenue trajectory to our operational expertise and internationally renowned brand. MedMen 2.0 is here, and we are thrilled to embark on the next stage of our journey.”

MedMen: Is this Cannabis Stock Making a Comeback? What are the Technicals Telling Us?

MedMen: Is this Cannabis Stock Making a Comeback?

Above you’ll see a constructive chart after clear double bottom in 2020. Additionally, we saw a second test of all time lows in Oct 2020 and good response from buyers. During the early part of 2021 saw strong buying surge and a run all the way to $1.30. The test of $1.30 area met with sellers which liquidated losing positions from the IPO and most of 2020.

This type of rejection is expected as a first test of a prior waterfall decline level. Since then we see profit taking/seller imprint in Feb 2021. MMNFF has retested the 20 cents area and buyers have shown up and accumulated over the last several weeks.

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We believe the risk point for MMNFF is below 20 cents and we believe it is unlikely to trade below 20 cents again. Currently off the charts, we expect a move higher to $1 area and then ultimately to the $3 level and then higher. At this point, there’s a significant chance this goes back to all time highs of $6 plus a share when positive momentum builds.

About MedMen

Medmen is a publicly-traded MSO cannabis company with operations in California, Nevada, Arizona, Florida, Illinois, New York, and Massachusetts. The company owns and operates 29 retail stores and 6 cultivation facilities.

MedMen: Is this Cannabis Stock Making a Comeback?

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