MMNFF Stock: Why Cannabis Play MedMen Is Soaring Today

Advertisement

Penny stock MedMen (OTCMKTS:MMNFF) is up more than 40% in intraday trading today, one of a number of cannabis stocks surging after Democratic senators said they would make marijuana reform a legislative priority.

marijuana in storage

Source: Shutterstock

The surge in price comes on the back of heavy trade volume. MMNFF typically sees 5.6 million shares traded per day; today, that number is already over 47 million and still climbing, an increase of more than 830%. Part of that trading volume may be due to a morning mention on CNBC.

MedMen is a marijuana retailer with a market capitalization of $122 million and operations in six states across the U.S. Currently, 14 states have legalized recreational marijuana and even more have given the go-ahead for medical. Polling indicates a majority of Americans are in favor of legalization, and federal decriminalization would be a huge catalyst not just for MMNFF, but across the sector

Marijuana investors are likely familiar with names such as Aurora Cannabis (NYSE:ACB), Tilray (NASDAQ:TLRY), Canopy Growth (NASDAQ:CGC) and Cronos (NASDAQ:CRON), all of which were likewise boosted this week on the news out of the Senate. Elsewhere in the sector, Jazz Pharmaceuticals (NASDAQ:JAZZ) announced it would be acquiring GW Pharmaceuticals (NASDAQ:GWPH), a good omen for cannabis bulls: GWPH stock was up more than 45% on the news yesterday.

On the date of publication, Vivian Medithi did not have (either directly or indirectly) any positions in the securities mentioned in this article.


Article printed from InvestorPlace Media, https://investorplace.com/2021/02/mmnff-stock-why-cannabis-play-medmen-is-soaring-today/.

©2024 InvestorPlace Media, LLC