Canadian Exchange Offers Launching Point For MedMen, One Of The Largest American Cannabis Ventures
A leading cannabis company in the U.S. is seeking validation through a run on a global exchange.
MedMen Enterprises Inc., which operates retail stores in California, Nevada and New York, began trading Tuesday on the Canadian Securities Exchange under the symbol MMEN. The company is one of the largest cannabis firms trading on a Canadian exchange, according to BNN Bloomberg.
Why It’s Important
The public offering, which followed MM Enterprises USA’s reverse takeover of Canada’s Ladera Ventures Corp., gives international investors a fresh entry point into the significant, growing and largely inaccessible U.S. cannabis industry.
It also provides fresh capital to a firm intent on galvanizing and serving the U.S. marijuana market.
“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,” co-founder and CEO Adam Bierman said in a press release. “At the same time, it will provide global investors an opportunity to invest in the pre-eminent cannabis company in the U.S. for the first time ever.”
MedMen looks to use its new platform to reach global investors and further expand its target consumer.
“We are making marijuana mainstream by making it OK for soccer moms and middle-aged professionals to use cannabis products,” MedMen co-founder and President Andrew Modlin said in a press release. “[…] We are marching steadily toward a future where buying and using cannabis products will be just as normal as buying wine or beer.”
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