In recent times, some of the companies in the cannabis industry have come back to the fore among investors and one of them is MedMen Enterprises Inc (OTCMKTS: MMNFF). While this may be true, the stock was actually trading within a range yesterday.
Considering the fact that the company made a key announcement today, it might make sense for investors to take a closer look. The company announced today that highly regarded California growing company LitHouse Farms has entered into an agreement with MedMen to manage its growing and manufacturing processes at two of its facilities.
The facilities in question are the Dutch cultivation, production and greenhouse properties that have been leased by MedMen in Desert Hot Springs, California. It goes without saying that this is an important development for MedMen.
It was also announced that in addition to the expansion into California, LitHouse will also enter the Nevada market and help with flower production for the private label MedMen Red. Partnering with a pioneering cultivation company could help MedMen dramatically improve its production capabilities, and as a result, investors might do well to add the stock to their watch lists.