MedMen Enterprises Inc (MMEN)

[mrfence]

MedMen's 2nd restructuring is underway. Some stores are already being reopened under new management with former employees being offered their jobs back. No insolvency proceedings have been initiated. Licenses are being renewed. Stock is in suspended animation until SEC filings can be properly amended retroactively and brought up to date currently. After that, management will reapply for OTCQX listing. Until then, current stock holders have the choice of waiting it out or dumping for nothing to harvest tax losses. The fat lady isn't singing MedMen denouement at this time.

[JohnCM]

MEDMEN = RIP?

[mrfence]

WeHo just reopened fully stocked

[mrfence]

Own Your Own
Own Your Own
Own Your Own
Own Your Own
Own Your Own

MedMen Franchise

[mrfence]

No volume = retail selling dried up. Retail cannot buy. Only credited investors, BD's and shorts can buy or cover now. The company chose not to go the lower tier alternative reporting route so who would sell unless they want to offset gains? Come back during loss harvest season to see volume if the company hasn't caught up its fins before then or begins insolvency proceedings. The company's currently restructuring to reduce debt..

[JohnCM]

ZERO volume?

[mrfence]

MMNFF Suspended Animation

[mrfence]

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]

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]

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]

Late filing is also used to allow the company to buy back cheap knowing a bounce is coming.

[mrfence]

Mr Market did not like the late filing form but we gotta hammer on da bounce...
https://stockcharts.com/h-sc/ui?s=mmnff

[MallenNV]

People who own are holding, and those waiting for the feds to decide all have their fingers on the BUY BUY BUY button once the law is approved.
Now we just wait.

[mrfence]

$MMNFF~ Closed HOD for da Hammer...
https://schrts.co/steIarVI

[mrfence]

Chucky the Shoe sez, "when we bring it to the floor"

The @SenateBanking Committee passed our SAFER Banking Act.

It'll connect cannabis businesses to resources like bank accounts, creating a safer, more transparent environment.

And when we bring it to the floor, we'll add the HOPE Act which expunges nonviolent cannabis offenses.

— Chuck Schumer (@SenSchumer) September 28, 2023

This $MMNFF~ party hasn't even been announced much less started yet. Meanwhile, the organizing hosts are making it the 2024 political Debutante's Ball centerpiece.

Tickets $0.10 and under are a steal of a deal.

[MallenNV]

I told some others I chat with to load up at $.014, I grabbed 900,000 ($12,600) then sold just over half my shares at $.026 to recover my $13,000. Now I still own 440,000 shares at $0 cost. If I dumped them at $.03 I would net $13,200 but I have a good feeling about MMNFF.
$MMNFF

[mrfence]

Now let's see this ticker, $MMNFF, get some traction. I read the summary of changes and I believe they're what Chucky the Shoe wanted so he can claim he made good on his promises without crossing any lines the opposition would object to. So passing on the Senate floor looks like a slam dunk then back to Congress to approve the new version and without any further changes, on to the Big Guy's desk for his "John Hancock"

Check baby Check baby 1 2 3
Check baby Check baby 1 schedule 1

Happy New Year $MMNFF~

[MallenNV]

$$$$ After a long and arduous wait, it looks like the SAFER Banking Act, the renamed version of the bipartisan law that would allow banks to work with cannabis businesses without penalties, is finally showing some traction after languishing in Congress. Today, the Senate Committee on Banking, Housing and Urban Affairs held a “markup” on the legislation and as expected, the bill passed decisively.

Although members of the House did overwhelmingly vote for the SAFE Banking Act, the bill’s earlier version, several times before, today’s vote marks the first time that Senate members have voted in favor of the measure.

Now it’s off to the Senate and the House for more debate, amendment and votes before hopefully proceeding to President Biden’s desk. If all goes well, the banking ban that has been the scourge of the legal cannabis industry since its inception will be lifted.

$MMNFF

[mrfence]

This is the fourth time this Ticker's traded over the 50 WMA... https://schrts.co/ZAkzjzjB
$MMNFF

[GoSing]

The only thing better than DD is the infamous TRIPLE D!!!!!!!

[MallenNV]

What I'm saying is, when you ask if this is one of those stocks, the answer is crystal clear.

[GoSing]

Oh I've done plenty of DD in my day. I continue to do DD today and will continue doing so in the future. I much prefer the massiveness of DD as opposed to an A or a B. In fact I will be watching plenty of movies later on in the evening featuring lots and lots of DD getting done and exploded on, I'll have you know!

[MallenNV]

My posts and data says it all. You should know that if you do your DD.

[GoSing]

Are you saying this is one of those stocks?

[mrfence]

$MMNFF~ Push It
https://www.marijuanamoment.net/schumer-renews-push-for-safeguarding-marijuana-banking-but-stresses-need-for-bipartisan-support/
REAL GOOD!

Possibly adding momentum to the reform as lawmakers return to Capitol Hill, the U.S. Department of Health and Human Services (HHS) is now recommending that marijuana be moved from Schedule I to Schedule III of the Controlled Substances Act (CSA)—a move that would, among other things, free up state-licensed cannabis businesses to take federal tax deductions.

[MallenNV]

MY ADVICE TO ALL, DO NOT buy into those other scheme pump and dump MJ tickers that have NO operations and NO revenue. You may get shares for $.00001 but they will never go UP and only dilute. STICK with reality.....

$MMNFF

[MallenNV]

New regulations soon to make MJ federally legal. They just pushed to have MJ classified as a non addicting drug. Hold your MMNFF since they are a real company with locations and sales (unlike most pump and dump non existent MJ stocks) When the market opens up MEDMED will move into all states legally (YES they already have their certifications in place in all states) all we need is the Govt. to say OK its legal and the investment capital flowing into Medmed will be epic. My target for this stock is no less then $.25 minimum. Not sure if they will go back to $8 per share but this is the BOTTOM as regulations lapse it can only get better.

[mrfence]

In this movie it appears we'll be waiting until after 9/5/23 for the Safe Banking Act to get anymore play in the Senate.

[Jedmunds]

In the movie The Seven Year itch, the itch occurs only once, not every year for seven years. This looks more like the Stock Watering Boogie. That's a dance, not a skin rash.

[mrfence]

The 7 year itch is what it is

[JohnCM]

Seventhin 7 years.

[mrfence]

MedMen Announces Resignation of Chief Financial Officer

“We thank Ana for her leadership and guidance during MedMen’s restructuring. Ana was instrumental in helping us achieve positive adjusted EBITDA for the last two quarters,” said Ed Record, MedMen’s CEO. “We wish her all the best in her future endeavors.”

It's not all bad https://investors.medmen.com/press-releases/press-release-details/2023/MedMen-Announces-Resignation-of-Chief-Financial-Officer/default.aspx

[JohnCM]

Lost the CFO. 6 IN 6 years.

[mrfence]

You can buy them all fer $30milly at this price.
Would if I could

[JohnCM]

One of the items that will hold this ticker back is the shares outstanding. I have been nibbling here.

[GoSing]

I love you.

[MallenNV]

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]

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

[GoSing]

How in the hell did you sell 450,000,000 with this kind of crap volume. Me thinks me smells BS.

[mrfence]

I'm in for the long haul looking for a 10+++ bagger which I did on this ticker 2 1/2 years ago. If Biden signs off on Safe Banking, which he's indicated he would, then institutional investors takeover after the 1st of 2024.
$Dollar land is a real possibility for $MMNFF~ with that paradigm shift. Banks need the cash flow right now and the Senate Banking Committee knows that. Plus, this administration needs to start making baskets now for the 2024 elections. After all, Federal Marijuana reform was one of the big 2020 campaign promises.

Ps enjoy the free $MMNFF~ stock

[MallenNV]

I agree. I told people to buy in at $.014. I sold half my 900,000,000 for double my investment and holding the other 450K.

[mrfence]

Added a couple more large $MMNFF~ blocks at the new $0.02 support level averaging up which I rarely do but I've a similar good hunch

Marijuana banking reform legislation could be heard in a key U.S. Senate committee before the end of June, a top Democratic senator suggested this week.
https://mjbizdaily.com/marijuana-banking-bill-could-be-heard-in-us-senate-within-weeks/

[mrfence]

Support @ $0,02

[JohnCM]

Found support?

[mrfence]

MedMen Expands Chicago-Area Footprint, Opens Newest Dispensary in Morton Grove
May 17, 2023 04:05 PM Eastern Daylight Time
https://www.businesswire.com/news/home/20230517005751/en/MedMen-Expands-Chicago-Area-Footprint-Opens-Newest-Dispensary-in-Morton-Grove

[GoSing]

more like a block of cement

[mrfence]

$MMNFF~ Break $0.0340 then Blue Sky to $0.2700

[JohnCM]

Next stop 4 cents.

[mrfence]

$MMNFF~ Waiting for the next Schumer to drop https://www.c-span.org/video/?c5070447/user-clip-schumer-talks-cannabis-banking

[JohnCM]

MARKET SECTOR BOTTOM