Not long after it was announced that Cronos Group Inc. (NASDAQ:CRON) (TSX:CRON) would be forming a joint venture with MedMen to bring America's most recognized cannabis brand to Canadian consumers, it's been announced that MedMen would also be listing its shares publicly for Canadian investors.
Yesterday, the Canadian Securities Exchange released a bulletin announcing that Class B Subordinate Voting Shares of MedMen Enterprises Inc. were approved for listing. Now, as of 11:00 A.M. EST, they've begun trading under the ticker 'CSE:MMEN' and appointed a temporary Market Maker.
Following MM Enterprises USA's completion of a reverse merger transaction with Ladera Ventures, a company previously listed on the TSXV, common shares were consolidated at a rate of 1 new for 9.2623 old in order to form the MedMen Enterprises Inc. entity that began trading today.
For those who have not had the pleasure of visiting any of the many MedMen dispensaries, MedMen has top-notch state-licensed operations in California, Nevada and New York. The company has quickly built a reputation for having class leading operational expertise, propelling it to be one of the most recognized brands in the cannabis industry.
It's no wonder that shares of MedMen made their way to the public markets after raising millions of dollars and attracting top talent from places like BlackRock and beyond.
While shares of the newly listed U.S. cannabis company are down slightly from where they began the day, we'll be sure to keep watch as the rest of the trading day unfolds.
We expect the company to get an OTC listing for its shares in the coming days, which will help make buying shares of MedMen far easier for investors outside of Canada.
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