Northland Securities analyst Paul Penney maintained a Buy rating on MedMen Enterprises Inc (MMNFF – Research Report) today and set a price target of $9. The company’s shares opened today at $3.35, close to its 52-week low of $2.53.

Penney observed:

“We believe Gotham Green’s sizable ($250M) investment into MMEN will not only provide more than ample growth capital to fuel all their respective operational needs, but provides them with an explicit validation point on MMEN’s premier cannabis retail assets and branding prowess. As such, we reiterate our OP rating and $9 PT.”

According to TipRanks.com, Penney is a 3-star analyst with an average return of 5.4% and a 51.2% success rate. Penney covers the Technology sector, focusing on stocks such as Iridium Communications, ImageWare Systems Inc, and Boingo Wireless Inc.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for MedMen Enterprises Inc with a $9 average price target.

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The company has a one-year high of $7.57 and a one-year low of $2.53. Currently, MedMen Enterprises Inc has an average volume of 1.25M.

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MedMen Enterprises, Inc. engages in the cultivation, production, and retailing of cannabis supply chain. It operates growing and manufacturing facilities which use agronomic technology and sustainable techniques. The company was founded by Adam Bierman and Andrew Modlin on January 9, 2018 and is headquartered in Culver City, CA.