MedMen Enterprises (MMNFF) is a cannabis company focused on the cultivation, manufacturing, and marketing of cannabis.
The chart above shows the stock price movements of MedMen to date in November.
MedMen’s stock performance
MedMen stock has fallen ~29.6% in November. The stock fell 26.3% in the last five trading sessions to close at $3.52 on November 20.
The stock’s trading was halted on November 16 after the company’s announcement that it had amended the terms of its underwriting agreement and the Investment Industry Regulatory Organization of Canada was checking on the changes.
On November 19, MedMen announced that the applicable Canadian Securities Institute regulatory authorities had issued a receipt in connection with the preliminary prospectus dated November 16 that its units were to be issued and sold to a syndicate of underwriters on a bought-deal basis.
On November 16, MedMen Enterprises entered into an underwriting agreement with a syndicate of underwriters, including Canaccord Genuity as the lead underwriter and Eight Capital and Cormark Securities as underwriters, to sell 13.64 million units to the underwriters at $5.50 per unit for gross proceeds of ~$75.02 million. Each unit will include one Class B Subordinate Voting Share in the capital of MedMen Enterprises and one Class B Share Purchase Warrant at an exercise price of $6.87 per share. The warrant’s term will expire on September 27, 2021.
On November 16, MedMen announced that its CFO, James Parker, had resigned. The company also announced that Jim Miller, the vice president of accounting, who had joined MedMen in January, would serve as the interim CFO until a successor was finalized.