Proactive Investors - Run By Investors For Investors

MedMen posts 40% jump in fiscal 2Q sales, thanks to California sales

Eight stores in California accounted for the bulk of sales in its latest quarter
California Republic logo
MedMen is set to open 12 stores in Florida this year, including locations in Miami Beach, Orlando, West Palm Beach and Key West

MedMen Enterprises Inc (CSE:MMEN) (OTCQX:MMNFF) on Thursday reported a 40% jump in its fiscal second-quarter revenue from the previous quarter, thanks to buoyant sales at its stores in California.

In the three months ending December 29, the Los Angeles-based cannabis company posted revenue of US$29.9 million, up from $21.4 million in the previous quarter, according to a breakdown of its preliminary results, which come ahead of the official report of its quarterly performance in February.

READ: MedMen completes acquisition to open first store in Arizona

Taking into account revenue from its pending acquisitions of PharmaCann, Level Up, Buddy’s, Seven Point and Ann Arbor, which have yet to close, its revenue came in at US$49.5 million, compared with $39.3 million in the first fiscal quarter.

Robust retail revenue for the quarter stems mainly from MedMen’s eight stores in Southern California, which contributed US$23.7 million to total revenue in its latest quarter.

“California is the prize of the cannabis industry and the performance of our stores, quarter-over-quarter, is a reflection of our continued execution in our home state,” said Adam Bierman, MedMen’s CEO in a statement.

MedMen is set to open 16 new stores this year, including 12 stores in Florida in cities such as Miami Beach, Orlando, West Palm Beach and Key West.

MedMen shares added 2.7% to hit C$4.21 in Thursday’s morning trade.

Contact Ellen Kelleher at [email protected]

Join Proactive’s Crypto, Blockchain and Cannabis Telegram group here
View full MMEN profile View Profile

MedMen Enterprises Inc Timeline

Newswire
December 06 2018
Article
October 24 2018

Related Articles

Dragonglass jars made by Spirulinex LLC, a partly owned subsidiary of GSRX Industries
Thu
Headquartered in Dorado, Puerto Rico, the medical cannabis company has fingers in many pies
A cannabis facility
January 10 2019
The Vancouver-based medicinal cannabis grower’s Queensland facility will be the world's largest greenhouse cannabis operation, covering a 99-acre site
cannabis leaf next to bottle
April 29 2019
The cannabis holding company has four unique, synergistic business under its umbrella
Copyright © Proactiveinvestors.com, 2019. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use