The Canadian Securities Exchange announced the new listing for MedMen Enterprises (CSE: MMEN), which will begin trading on May 29th at 11AM E.T. with the symbol “MMEN”. The company may eventually have a second listing on the OTC or another exchange, but trading is limited to Canada, for now, following the company’s reverse-merger with Ladera Ventures, which are being reverse-split at a ratio of 1 to 9.263.
The California-based company has cannabis operations in California, Nevada and New York. According to the 322-page Management Information Circular filed in April, MedMen generated revenue in the year ending June 30, 2017 of US$ 9.34 million on a pro forma basis, with the company generating US$8.4 million of sales and an operating loss of US$43 million in the six months ending December 31, 2017 on a pro forma basis. The company has 435 million shares outstanding on a fully-diluted basis, suggesting a market cap of C$2.3 billion based upon the recent capital raise at C$5.25, or approximately US$1.76 billion.
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