Tilray Inc. seems to think so and is looking to acquire a majority position in amended MedMen (MMEN.CA) convertible notes. As of last Tuesday Aug 17th, MedMen Enterprises and Tilray announced that Tilray (along with some other investors) plans to acquire a majority stake in MedMen’s senior secured convertible notes (with a few amendments) currently held by Gotham Green Partners, LLC (GGP).
Both companies believe this arrangement can benefit all parties involved by introducing potential exposure to US cannabis for a Canadian operator Tilray, who will most likely exercise the notes convertible feature if cannabis becomes legalized at the federal level in the US. In combination with providing MedMen a reduced near-term debt/interest burden (along with a separately announced concurrent US$100M equity financing led by Serruya Private Equity) in an effort to navigate their operations to increased profitability.
Analysis
MedMen has steadily been on a downward trend since late February 2021. Finding a floor at the $0.26 range and resistance at the 50 day MA(moving average). Covered in more depth in the MedMen Now A Buy? Analysis by Stockstalker.ca. With renewed industry and retail investment interests the price has started to snap back and could continue to rise for MedMen (MMEN.CA). With current price predictions varying from $0.30 – $1.30 (blue lines) here at Stockstalker our analysts have a near term price target of $0.64 (the green line).
SOURCE: Stockcharts.com
MedMen Enterprises Inc., together with its subsidiaries, operates as a cannabis company in the United States. The company cultivates, produces, distributes, and retails recreational and medicinal cannabis under the [statemade], LuxLyte, and MedMen Red brand names. It operates 25 retail stores in 6 states. The company was founded in 2010 and is headquartered in Culver City, California. MedMen’s mission is to provide an unparalleled experience that invites the world to discover the remarkable benefits of cannabis because a world where cannabis is legal and regulated is a safer, healthier and happier world.
SOURCE: MedMen Enterprises
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