mrfence
11 months ago
Then we wait some more...
MedMen Announces Management and Board Changes
January 24, 2024 05:08 PM Eastern Standard Time
BOCA RATON, Fla.--(BUSINESS WIRE)--MedMen Enterprises Inc. (“MedMen” or the “Company”) (CSE: MMEN) (OTCQX: MMNFF), a premier cannabis company, today announced that Ellen Deutsch Harrison has stepped down as the Chief Executive Officer and a Board member effective January 19, 2024 and the Board has appointed Richard Ormond as Chief Restructuring Officer. Furthermore, Michael Serruya, Executive Chairman of the Board, who has served on the Board since August 2021, has stepped down from the Board effective today.
ABOUT MEDMEN:
MedMen (CSE: MMEN, OTCMKTS: MMNFF) is a premier American cannabis company dedicated to improving life with Cannabis for All. With operations across the United States in California, Nevada, Illinois, Massachusetts, and New York, MedMen is known for its leading MedMen® and LuxLyte® brands offering cannabis in consumer-preferred product forms for medical and recreational use. MedMen produces and curates the best consumer product assortment for retail operations in its local communities, and drives consumer loyalty with service and engaging in-store experience, combined with reward, delivery, and e-commerce programs. For more information please visit www.medmen.com.
mrfence
11 months ago
Provided by Dow Jones
Jan 24, 2024 5:50 AM PST
By Steve Gelsi
Once hailed as the first cannabis unicorn, MedMen's fortunes have gone up in smoke
MedMen Enterprises Inc.'s stock has drawn a cease-trade order as the once high-flying cannabis company has dropped from a $3 billion valuation in 2018 to near zero.
Back in 2018 when California's recreational pot market was gearing up, MedMen Enterprises (MMNFF) opened its flagship store in Midtown Manhattan's upscale 5th Avenue to sell medical cannabis and hyped it as the Apple Store of Weed.
Its stock hit an all-time closing high of $6.94 on Oct 16, 2018, with a market cap of $3 billion.
On Jan. 12, the stock fell to $0.0006, a tiny fraction of a penny.
MedMen was notified on Jan. 11 by the OTC Markets Group Inc. that the company's shares have been moved to the OTC Expert Market from the OTCQB market because it has yet to file a 2023 annual report or a 10-Q for the quarter ending Sept 30, the company said in a filing
MedMen said it intends to reapply to the OTCQB once it files the reports with the Securities and Exchange Commission, according to the filing.
The OTC currently has a warning message attached to MedMen stock due to its current status as eligible for unsolicited quotes only.
On Jan. 5, the British Columbia Securities Commission and the Ontario Securities Commission issued a cease-trade order on MedMen's listing on the Canadian Securities Exchange, due to a lack of financial filing
MedMen said on Dec. 21 it did not know when it would complete the filings.
MarketWatch did not immediately receive a reply from MedMen to an email seeking comment.
In a May filing, MedMen listed total liabilities of about $573 million, and a shareholder deficit of about $357 million.
Its net loss for the three months ended March 25 increased to $31.5 million from $29.8 million in the year-ago quarter, as revenue fell to $27.2 million from $35.3 million in the year-ago period.
MedMen has been selling assets to raise cash.
MedMen said on Jan. 12 that it agreed to sell its non-core business operations in Arizona and assets in Nevada for a minimum of $24 million of cash, plus $5.5 million in short-term seller notes.
MedMen in July named former Acreage Holdings Inc. (ACRHF) and Hain Celestial Group Inc. (HAIN) executive Ellen Deutsch as its new chief executive.
The company's latest difficulties come in the face of strong competition from the illicit market in California, a slower-than-expected rollout of the New York market and other challenges.
But problems started surfacing six years ago when the stock was at its height.
After being founded in 2010 and quickly growing in California and other markets, Los Angeles-based MedMen failed in 2018 in its bid to acquire PharmaCann in a $682 million all-stock deal.
Meanwhile, one of its co-founders, Adam Bierman, left the company in 2020 in a move that sparked a flurry of legal actions. In December of 2022, Bierman won a $3.1 million arbitration settlement with MedMen.
Other problems arose when Ascend Wellness Inc. (AAWH) backed out of a deal to buy MedMen's New York business in 2022 in a move to preserve $70 million in cash
Also read: MedMen puts New York business on selling block after Ascend scraps deal
-Steve Gelsi
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
mrfence
11 months ago
The OTC took issue with MedMen's lack of timely financial reporting.
The OTC Marketplace Exchange knocked MedMen Enterprises Inc. (OTC: MMNFF) down a notch. The beleaguered cannabis company that at one time claimed to have a billion-dollar valuation is now getting a double-black diamond rating on the OTC.
If you are a skier, you know that double black diamond runs are for advanced skiers and come with risks of injury. On the OTC, it is called the Expert Market.
Restricted Quotes
In the case of MedMen, the Expert Market means that stock quotes are restricted from public viewing.
“OTC Markets Group may designate securities for quoting on the Expert Market when it is not able to confirm that the company is making current information publicly available under SEC Rule 15c2-11, or when the security is otherwise restricted from public quoting,” the OTC said.
Expert Market quotes are distributed only to broker-dealers, institutions, and accredited investors.
“All quotes in this stock reflect unsolicited customer orders. Unsolicited-Only stocks have a higher risk of wider spreads, increased volatility, and price dislocations. Investors may have difficulty selling this stock. An initial review by a broker-dealer under SEC Rule15c2-11 is required for brokers to publish competing quotes and provide continuous market making,” the OTC added.
Lack of Reporting
The main issue the exchange has with MedMen appears to be its failure to stay current on its reporting obligations.
In December, MedMen provided an update, saying: “In addition to the late filing of the Required Filings, as a result of the Required Filings anticipated to not being completed by November 29, 2023, the company does not believe it will be in a position to file its interim financial statements, management’s discussion and analysis and related certifications for the three-month period ended September 30, 2023.”
The company’s chief financial officer assumed that role just six months ago, after the departure of the previous CFO.
The company said that it has auditors working on the statements, but can’t tell investors when they will be ready. MedMen also told investors that it hadn’t taken any steps toward insolvency proceedings. However, the company has been selling off assets.
MedMen said in November that its fiscal year 2022 reports contained misstatements and errors and needed to be corrected. MedMen applied for a management cease trade order under National Policy 12-203 – Management Cease Trade Orders (NP 12-203), which was issued on Nov. 1, 2023, by the British Columbia Securities Commission.
Another was issued on Jan. 5, with the BCSC saying these were the financial documents that needed updating:
Interim financial report for the period ended Sept. 30, 2023
Annual audited financial statements for the year ended July 1, 2023
Management’s discussion and analysis for the periods ended July 1, 2023, and Sept. 30, 2023
Certification of annual and interim filings for the periods ended July 1, 2023, and Sept. 30, 2023.
Penny Lane
MedMen is a true penny stock as the shares are selling for one cent. Back in 2018, the stock sold for more than $6 a share.
At one time, MedMen was strutting its stuff – calling itself the Apple of cannabis – but then it got mired in scandal as the founders found themselves tossed from the company. There were multiple lawsuits, but MedMen had a streak of winning its lawsuits no matter had salacious the details were.
The company’s lender Gotham Green continues to own most of the company’s debt, and according to a filing on SEDAR, owns 30% of the Class B shares. Gotham Green as of October 2023, increased its ownership of Class B shares by 2.4% from July 2023.
Gotham Green could be making these moves to take over the company if it goes belly up.
https://www.greenmarketreport.com/medmen-downgraded-on-otc-marketplace/
MallenNV
2 years ago
GoSing, it was a type-O, It was 450,000 not 450,000,000, but you just made a point to all my other posts. I made a mistake and put 450,000,000 and you jumped on the BS wagon.
Here is my point.
What I find funny is that when a debt scheme pump and dump ticker posts that once they get FDA approval for a new cancer drug that they will generate $450,000,000 in sales or that their lithium mine will be bought out by Elon Musk for $450,000,000, everyone jumps into the shares believing that but when I (By accident) posted I sold 450,000,000 not the truth 450,000 you did not hesitate for one second to cry FOUL!
That point you and I both made public proves my point. Any OTC ticker can post a lie but unlike my mistake I posted as a fact and that caused you to say BS! If I had posted it this way you would not be able to say that.
"Our anticipated holding of 450,000,000 shares will likely be sold to generate significant revenue for us. We could generate massive wealth by possibly selling those shares once accumulated."
Then I would have put the disclaimer.
FORWARD-LOOKING STATEMENTS: This release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements also may be included in other publicly available documents issued by the Company and in oral statements made by our officers and representatives from time to time. These forward-looking statements are intended to provide management's current expectations or plans for our future operating and financial performance, based on assumptions currently believed to be valid. They can be identified by the use of words such as "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "would," "could," "will" and other words of similar meaning in connection with a discussion of future operating or financial performance. Examples of forward-looking statements include, among others, statements relating to future sales, earnings, cash flows, results of operations, uses of cash and other measures of financial performance.
What I find interesting is that investors will JUMP on what they are told could happen and avoid what they believe that is the same BS but mine was a mistake that did not affect you or others while the company BS was by design to get investors to say WOW they may do $450,000,000 in sales, quick where is my checkbook!
And unlike my post with no disclaimer, the debt pump lies are protected. The fact is you will never find ONE of these tickers say, we do not need a disclaimer because it is a fact we WILL make $450,000,000
SO your post and my mistake and comment after the fact prove how this market works.
mrfence
2 years ago
Mr. WhaleBalls I thought yah might find this snippet of the SAFE BANKING ACT interesting since we met in the housing sector overlapping the $MMNFF~Healthcare sector here.
Would you believe the marijuana SAFE BANKING ACT our beloved Gooberment is gearing up to pass soon is all about boosting $FNMA~ $FMCC~ REVENUE$ by the Billion$$$ through boosting Healthcare...
(3) FEDERAL NATIONAL MORTGAGE ASSOCIATION, FEDERAL HOME LOAN MORTGAGE CORPORATION, AND FEDERAL AGENCIES MAKING, INSURING, OR GUARANTEEING MORTGAGE LOANS OR SECURITIES.—The Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, and any Federal agency that has a legal interest in the collateral for a residential mortgage loan, including individual units of condominiums and cooperatives, provided that the collateral is a property designed principally for the occupancy of 1 to 4 families and underwritten, in whole or in part, based on income from a State-sanctioned marijuana business or service provider, shall not be subject to criminal, civil, or administrative forfeiture of that legal interest pursuant to any Federal law for providing, insuring, guaranteeing, purchasing, securitizing, or guaranteeing payments from a security based on such loan.
(4) OTHER PARTIES TO MORTGAGE LOANS.—A nondepository lender that makes a federally backed mortgage loan, as defined in section 9(a), and any person who otherwise has a legal interest in such a loan or in the collateral of the loan, including individual units of condominiums and cooperatives, provided that the collateral is a property designed principally for the occupancy of 1 to 4 families and underwritten, in whole or in part, based on income from a State-sanctioned marijuana business or service provider, shall not be subject to criminal, civil, or administrative forfeiture of that legal interest pursuant to any Federal law for providing, purchasing, securitizing, accepting, and making payments related to such federally backed mortgage loan solely because loan payments or underwriting are based on income that is in whole or in part from a State-sanctioned marijuana business or service provider.
SEC. 9. TREATMENT OF INCOME DERIVED FROM A STATE-SANCTIONED MARIJUANA BUSINESS FOR QUALIFICATION FOR A FEDERALLY BACKED SINGLE-FAMILY MORTGAGE LOAN.
(a) Definition.—In this section, the term “federally backed mortgage loan” means any loan secured by a first or subordinate lien on residential real property, including individual units of condominiums and cooperatives, designed principally for the occupancy of 1 to 4 families that is—
(1) insured by the Federal Housing Administration under title I or title II of the National Housing Act (12 U.S.C. 1702 et seq., 1707 et seq.);
(2) insured under section 255 of the National Housing Act (12 U.S.C. 1715z–20);
(3) guaranteed under section 184 or 184A of the Housing and Community Development Act of 1992 (12 U.S.C. 1715z–13a, 1715z–13b);
(4) guaranteed, insured, or made by the Department of Veterans Affairs;
(5) guaranteed, insured, or made by the Department of Agriculture; or
(6) purchased or securitized by the Federal Home Loan Mortgage Corporation or the Federal National Mortgage Association.
(b) Treatment Of Income.—
(1) IN GENERAL.—Income derived from a State-sanctioned marijuana business that operates within a State, an Indian Tribe, or a political subdivision of a State that allows the cultivation, production, manufacture, sale, transportation, display, dispensing, distribution, or purchase of marijuana pursuant to a law or regulation of the State, Indian Tribe, or political subdivision, as applicable, or a service provider (wherever located), shall be considered in the same manner as any other legal income for purposes of determining eligibility for a federally backed mortgage loan for a 1- to 4-unit property that is the principal residence of the mortgagor.
(2) LIABILITY.—The mortgagee or servicer of a federally backed mortgage loan described in paragraph (1), or any Federal agency, the Federal National Mortgage Association, or the Federal Home Loan Mortgage Corporation, may not be held liable pursuant to any Federal law or regulation solely for—
(A) providing, insuring, guaranteeing, purchasing, or securitizing a mortgage to an otherwise qualified borrower on the basis of the income described in paragraph (1); or
(B) accepting the income described in paragraph (1) as payment on the federally backed mortgage loan.(c) Implementation.—Not later than 180 days after the date of enactment of this Act—
(1) the Federal Housing Administration shall implement subsection (b)—
(A) by notice or mortgagee letter for loans insured under title I, title II, or section 255 of the National Housing Act (12 U.S.C. 1702 et seq., 1707 et seq., 1715z–20); and
(B) by lender letter for loans guaranteed under section 184 or 184A of the Housing and Community Development Act of 1992 (12 U.S.C. 1715z–13a, 1715z–13b);
(2) the Department of Veterans Affairs shall implement subsection (b) by circular or handbook for loans guaranteed, insured, or made by the Department;
(3) the Department of Agriculture shall implement subsection (b) by bulletin for loans guaranteed or made by the Department;
(4) the Federal Home Loan Mortgage Corporation, may not be held liable pursuant to any Federal law or regulation solely for—
(A) providing, insuring, guaranteeing, purchasing, or securitizing a mortgage to an otherwise qualified borrower on the basis of the income described in paragraph (1); or
(B) accepting the income described in paragraph (1) as payment on the federally backed mortgage loan.
(c) Implementation.—Not later than 180 days after the date of enactment of this Act—
(1) the Federal Housing Administration shall implement subsection (b)—
(A) by notice or mortgagee letter for loans insured under title I, title II, or section 255 of the National Housing Act (12 U.S.C. 1702 et seq., 1707 et seq., 1715z–20); and
(B) by lender letter for loans guaranteed under section 184 or 184A of the Housing and Community Development Act of 1992 (12 U.S.C. 1715z–13a, 1715z–13b);
(2) the Department of Veterans Affairs shall implement subsection (b) by circular or handbook for loans guaranteed, insured, or made by the Department;
(3) the Department of Agriculture shall implement subsection (b) by bulletin for loans guaranteed or made by the Department;
(4) the Federal Home Loan Mortgage Corporation shall implement subsection (b) by updating its Single-Family Seller/Servicer Guide for loans purchased or securitized by the Corporation; and
(5) the Federal National Mortgage Association shall implement subsection (b) by updating its Single Family Selling Guide for loans purchased or securitized by the Association.
...thrilled to own a common slice of both Health Care (weed) and Housing Sectors coz Housing is Healthcare
https://www.congress.gov/bill/118th-congress/senate-bill/1323/text
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