The OTC Markets Group approved the listing for MedMen Enterprises to trade on its OTCQB Venture Market using the ticker symbol “MMNFF.” The company just recently listed its shares as the result of a reverse take over on the Canadian Securities Exchange with the symbol “MMEN.” The MedMen subordinate voting shares will begin trading today on June 18th at the opening of the market.
“With our subordinate voting shares now trading on the OTC, U.S. investors can more easily access one of the leading cannabis companies in the country with assets in the top strategic markets: California, Nevada, and New York,” said Adam Bierman, MedMen’s co-founder and chief executive. “Following our recent listing on the CSE, this is another important milestone to the growth of our enterprise. We are committed to maximizing long-term shareholder value by focusing on our track record of execution. We will continue to build a real footprint with real assets across the full cannabis vertical in the most strategic markets in this emerging industry.”
The company faced a great deal of criticism when it went public for its generous compensation package to the top executives, which it changed in response to shareholder complaints. The company has also created two different classes of voting rights in its shares with top executives receiving more votes than other shareholders. The company has made no changes with regards to voting rights.
The stock was lately trading at C$4.69, down from its initial price of C$5.25, but climbing back from its low of C$3.43. The stock began to recover once the company made the changes to the compensation structure.
Green Spirit Industries Inc.
Retail cannabis dispensary operator Green Spirit Industries Inc. (GSRX) reported that its stock began trading on the OTCQB Market (OTCQB) on June 13, after successfully uplisting from the OTC Pink Market. Green Spirit said that it believes that the move to the OTCQB will “provide enhanced investor benefits including higher reporting standards, greater access to analyst coverage and news services, and more comprehensive compliance requirements.”
“We anticipate that trading on the OTCQB will raise our visibility within the investment community and will help to broaden our shareholder base,” stated Les Ball, CEO of Green Spirit. “Uplisting to the OTCQB is a significant milestone for any company, as it provides shareholders and potential investors with greater transparency and liquidity, and exposes Green Spirit to institutional investors which, historically, do not invest in Pink Sheet companies.”
Green Spirit is in the business of acquiring, developing and operating retail cannabis dispensaries, and is in the process of expanding its business to include the cultivation, extraction, manufacture, and delivery of cannabis and cannabinoid products. The company has acquired and operates four cannabis dispensaries in California and Puerto Rico, and has acquired four additional pre-qualified locations in Puerto Rico, all of which are under construction with expected openings later this year. The company expanded its California operations into the cultivation/growing, extraction/processing and cannabinoid manufacturing businesses during the first quarter of 2018 through joint ventures in which it holds majority stakes.
The stock was lately trading at $3.25