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MedMen

MedMen

June 1, 2023News

MedMen on Fifth Avenue, New York

Casual observers walking past MedMen Fifth Avenue location might never suspect they’re entering an establishment dedicated to selling marijuana; its sleek retail space resembles more the feel of an Apple Store than anything else.

Michael Serruya is working to turn around the company after years of losses, lawsuits and turnover in C-level positions. He’s betting that New York will pass legalization sooner rather than later.

Locations

Medmen operates stores across California, Florida and New York from its Los Angeles-based headquarters. Additionally, the company owns medical cultivation operations in Nevada as well as an e-commerce platform allowing customers to purchase cannabis products online. Recently announced is their partnership with Tilray which would give it domestic retail presence should federal marijuana legalization occur.

Since going public in 2022, the company has experienced considerable losses and experienced a succession of high-level executives leaving. To address its debt situation, in 2022 it sold its Florida assets and attempted to restructure debt – its stock had fallen over 50% since peak. Now under new leadership led by CEO Darren Serruya who pledges to streamline operations and focus on profitability, profits are expected to rebound within six months.

MedMen’s Fifth Avenue store stands out from other dispensaries by having an elegant design and minimalist atmosphere. Inside there are tables featuring glass cases filled with cannabis products along with touch screens that provide information on each product’s THC and CBD levels. Sales associates (budtenders) are on hand to answer customer inquiries and recommend products suitable for each individual customer’s individual needs.

MedMen held an opening party for their new fifth-avenue location last Thursday and offered champagne and avocado toast to attendees, including New York State Senator Diane Savino (who sponsored legislation legalizing marijuana in New York state) and NYC Public Advocate Letitia James. LCD Soundsystem also performed live; many members have long been supporters of cannabis as an industry.

As more people turn to cannabis products to treat medical ailments, demand is expected to continue rising. Medmen will need to work hard in order to remain competitive and build customer loyalty as the market expands; by prioritizing quality and customer service, they can lay down a solid foundation for future expansion.

Products

MedMen

Medmen’s Fifth Avenue store stands apart from West-Coast marijuana retailers by catering exclusively to licensed medical patients, selling only products like tinctures, gel caps and vaporizer pens due to New York state laws that restrict such offerings. A clerk explains that as per these restrictions they cannot offer flower, edibles or concentrates in this shop.

Medmen is currently going through an intensive restructuring led by interim Chief-Executive Michael Serruya, appointed last year. Serruya’s task is to transform Medmen into an “asset-light” business model that would benefit from legalization at a federal level. With 14 stores already open and planning two more in New York alone, its backers include Roc Nation cofounder Jay Brown and Los Angeles Mayor Antonio Villaraigosa; it is also traded on Canadian Stock Exchange.

Bierman and Modlin knew little about cultivating or selling pot in an increasingly regulated-market, yet that didn’t dissuade credulous investors from believing their extravagant claims about MedMen’s abilities. MedMen set high standards in cannabis business but also proved an eye-opener about what was possible: its initial public offering failed and now trades for four cents each.

MedMen has invested extensively in its cultivation facilities, with 19 total locations. Additionally, they operate 14 branded stores throughout California, Nevada and New York and hold licensing agreements in Florida, Arizona and Illinois.

LuxLyte by MedMen, is an innovative range of cannabis products introduced this month that provide simple health solutions with a combination of CBD and THC. Their five precise CBD/THC ratio formulations aim to promote restful sleep, pain management of various degrees, relaxation and overall well-being and come available as drops, capsules or pens.

State made is an exclusive product sold exclusively at Nevada MedMen stores. Statemade line includes everything from $12 pre-rolled joints to $72 vaporizer pens with low heat output for longer use.

Pricing

Medmen offers an assortment of products from other brands and companies as well, such as edibles, vape prerolls, tinctures and more. Customers can view their entire product selection either online or in store; Medmen also provides delivery services.

Medmen dispensaries tend to be slightly more costly, yet their products make the extra expense worthwhile. Furthermore, signing up for their rewards program offers discounts.

Medmen Enterprises, as a public company, releases quarterly earnings reports. Their most recent release came on February 15th; Medmen reported earnings per share (EPS) figure of $0.11 for this quarter – missing the consensus estimate by one penny.

Current market cap for the company stands at $154 million and its share price has decreased from 29 cents to 12 cents since last year on the over-the-counter market.

While the company had a difficult start to 2019, its restructuring efforts are showing some positive results. Their new management team has set their sights on attaining profitability and expansion within the recreational cannabis market and have made changes such as hiring a new CEO to replace James Parker.

Former MedMen board member Parker filed a lawsuit alleging wrongful termination, breach of contract and retaliation against MedMen.

Medmen has persevered despite these challenges to expand its retail operations, most recently purchasing a dispensary in Nevada which will not only allow them to increase their presence there but also gain entry to a growing recreational market.

Medmen offers an expansive-array of products and is commit to creating cutting-edge innovations that meet market needs. Their portfolio currently comprises medical-marijuana, recreational cannabis and accessories for the industry; with plans in the works for expanding even further categories.

Investors looking to purchase Medmen shares online have several brokerages from which they can choose, such as Vanguard Brokerage Services, TD Ameritrade, E*TRADE and Charles Schwab.

MedMen Customer Service

MedMen

The MedMen offers its customers access to a full suite of customer support services, from an help center and live chat to email support, to 24-hour access on its website and fully trained employees that can answer any inquiries that arise.

Medmen offers several promotions designed to entice new customers to try its products, such as loyalty points when buying from stores and free delivery for orders of $50 or more. Furthermore, their referral program gives extra points when you refer a friend.

Culver City-based cannabis retailer recently expanded their reach within Florida with same and next day delivery in Florida, which will offer residents in St. Petersburg, West Palm Beach, South Beach and Orlando free same-day and next-day service. This allows the Culver City retailer to expand its operations within Florida and grow.

Visitors of MedMen’s flagship store in Las Vegas will attest to its excellent staff who are eager to serve customers. Additionally, the location boasts a lovely atmosphere and is spotlessly clean, boasting an extensive selection of edibles, vape prerolls and CBD products.

Oak Park location of Medmen offers another fantastic experience to buy marijuana. Their staff is welcoming and knowledgeable; products range from various vendors with discounts available; plus accessories are readily available so it should be easy to locate exactly what you are searching for.

MedMen stands out from recreational cannabis retailers by providing customers with a diverse selection of products and services, from medical marijuana and accessories to CBD-containing tinctures and topicals sold directly on its website. Furthermore, this retailer features an exhaustive product catalogue complete with descriptions and dosage instructions to its customers.

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