21:01:46 EST Mon 18 Nov 2019
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Cannabis Summary for June 14, 2019

2019-06-14 21:32 ET - Market Summary

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by Stockwatch Business Reporter

The Canadian Securities Exchange Composite Index lost 20.14 points to 654.56 Friday, down from a 2019 high of 940.38 on April 22. United States cannabis retailer Medmen Enterprises Inc. (MMEN) dropped 21 cents to $2.67 on 896,300 shares after announcing the opening of its first retail location in Florida. The newly opened 7,550-square-foot dispensary is in West Palm Beach. Florida is a significant part of Medmen's expansion plans; of the 15 new locations the company plans to open in the U.S. in 2019, 12 will be in Florida. The company is licensed to open up to 35 dispensaries in the state. Medmen will offer over 50 products at the West Palm Beach dispensary, including its own brands, LuxLyte and Medmen.

Medmen has 22 other dispensaries in the U.S., including three in Arizona, 11 in California, one in Illinois, three in Nevada and four in New York. The next state that it plans to expand into is Massachusetts; the company is awaiting its licence to open a dispensary in Boston within a block from the baseball stadium Fenway Park.

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