US marijuana retailer MM Enterprises to start trading on a Canadian exchange

MM Enterprises USA LLC (“MedMen Enterprises”), a U.S. marijuana company, is expected to begin trading on the Canadian Securities Exchange (CSE) on Tuesday, the Financial Post reported.

Based in California, where the recreational use of marijuana is legal since Jan. 1, MedMen will trade as MMEN on CSE after acquiring the oil and gas shell Ladera Ventures Corporation.

According to the Financial Post, MedMen is by far the largest company listed on the CSE and is expected to be the most valuable public U.S. marijuana company to date.

MedMen enlisting at the Canadian exchange comes after a reverse takeover of a Canadian shell company and a $143-million raise that gives the company an implied value of more than $2 billion.

Daniel Yi, MedMen’s senior vice-president of corporate communications, said the company employees 800 people. It also raised about US$135 million in private equity and venture capital, Yi added.

MedMen covets to be a high-end Apple Store-inspired retail brand. It already has 12 stores across New York, Nevada and California — including a store that opened on Manhattan’s trendy Fifth Avenue last month.

The company has four cultivation facilities either built or under construction, the Financial Post reported.