MedMen Co-Founders Each Purchase US$1 Million of Shares
December 7, 2018 at 6:14 am
Published by Alan Brochstein, CFA
Adam Bierman, CEO, and Andrew Modlin, President
With the stock posting its lowest prices since it debuted in late May on Wednesday, MedMen (CSE: MMEN) (OTC: MMNFF) co-founders Adam Bierman and Andrew Modlin purchased shares on the open market on Thursday. Bierman, according to a press release, purchased 342,660 Class B Subordinate Voting Shares at C$3.905, spending C$1.34 million. Modlin bought 335,815 Class B Subordinate Voting Shares at C$3.901, spending C$1.3 million. Following the purchases, Bierman and Modlin each own 13.2% of the company on a fully-diluted basis.
Shares of MedMen, which traded in Canada as low as C$3.11 on Wednesday,when U.S. markets were closed, rallied more than 20% on Thursday, ending the day at C$4.10 after trading as high as C$4.20. The stock traded above C$10 in October. The company closed a $75 million capital raise yesterday, selling shares at C$5.50 with warrants at C$6.87.
Published by Alan Brochstein, CFA
Based in Houston, Alan leverages his experience as founder of online community 420 Investor, the first and still largest due diligence platform focused on the publicly-traded stocks in the cannabis industry. With his extensive network in the cannabis community, Alan continues to find new ways to connect the industry and facilitate its sustainable growth. At New Cannabis Ventures, he is responsible for content development and strategic alliances. Before shifting his focus to the cannabis industry in early 2013, Alan, who began his career on Wall Street in 1986, worked as an independent research analyst following over two decades in research and portfolio management. A prolific writer, with over 650 articles published since 2007 at Seeking Alpha, where he has 70,000 followers, Alan is a frequent speaker at industry conferences and a frequent source to the media, including the NY Times, the Wall Street Journal, Fox Business, and Bloomberg TV. Contact Alan: Twitter | Facebook | LinkedIn | Email
