Shares in Medmen Enterprises Inc. of Culver City dipped slightly on May 29 after what has been billed as the largest U.S. cannabis company went public.
The stock, listed as MMEN on the Canadian Securities Exchange, fell 8 percent from $5.65 at its 11 a.m. EDT opening to around $5.20 by early afternoon.
The eight-year-old cannabis company went public through a reverse merger with Ladera Ventures Corp., raising $110 million through a private placement.
The public company, renamed MedMen Enterprises Inc., was valued at $1.65 billion.
MedMen operates upscale pot boutiques from Santa Monica Boulevard to Fifth Avenue in New York and sells both recreational and medicinal marijuana products legal under state laws. Operations include a 45,000-square-foot greenhouse in Nevada. The company operates 18 facilities in total in California, Nevada and New York.
The company opted to go public in Canada because major U.S. stock exchanges will not list cannabis companies as marijuana is still illegal under U.S. federal law.
See related story "Cannabis Firm MedMen Nears Public Offering; Valuation North of $1.6 Billion."
Health business reporter Dana Bartholomew can be reached at firstname.lastname@example.org. Follow him on Twitter @_DanaBart.