In recent times the cannabis industry has come back into focus for many investors and there are some stocks which could be followed closely by investors.
One of the cannabis companies that could be worth tracking at this point in time is the cannabis retail company MedMen Industries Inc (OTCMKTS:MMNFF), which saw its stock soar by as much as 15% yesterday. There was no news about the company yesterday but it might be the right time for investors to perhaps take a closer look at MedMen. Like many of the other cannabis companies, MedMen has also struggled mightily on the financial front for many years and at this point, all eyes remain on the company’s restructuring.
In order to go through this potentially painful restructuring, MedMen has installed turnaround specialist Tom Lynch as the Chief Executive Officer. Lynch has a proven track record in turning around the fortunes of companies which are in trouble and experts believe that he is now going to be faced with the biggest challenge in his career in the form MedMen. After taking charge, Lynch has refinanced some of the company’s debts at lower interest rates, sold off some assets, cut down on expenses and has started working towards slowly expanding the retail business.
Market Reaction:
On Wednesday, MMNFF stock surged 15% at $0.2425 with more than 2.75 million shares, compared to its average volume of 2.66 million shares. The stock has moved within a range of $0.2080 – 0.2440 after opening the trade at $0.21. Over the past 52-week, the stock has been trading within a range of $0.1040 – 1.4700.
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