Authorization

MedMen Announces Preliminary Fourth Quarter 2019 Systemwide Revenue Results and Provides Additional Corporate Updates

MedMen Enterprises Inc. (CSE: MMEN) (OTCQX: MMNFF) ("MedMena?? or the "Companya??), a leading cannabis retailer with operations across the U.S., today announced unaudited systemwide revenue figures for the fiscal fourth quarter 2019, which ended on June 29, 2019. The Company also provided an update on several corporate initiatives, including efforts to optimize SG&A and raise capital, the status of the pending PharmaCann transaction and retail store expansion. The Company plans to announce financial results for Fiscal 2019 after market close on October 28, 2019.


"Q4 2019 was another quarter of solid execution for MedMen and a very strong end to our fiscal year,a?? said Adam Bierman, MedMen co-founder and chief executive officer. "Throughout 2019, we broadened our geographic footprint through strategic acquisitions, which leverage our existing corporate infrastructure as we enter new markets. Following the closing of pending acquisitions, we will be licensed for up to 92 retail locations across 12 states, and there is tremendous opportunity ahead to turn the balance of our retail licenses into revenue-generating storefronts.a??


Unaudited Systemwide Revenue:


For the fiscal fourth quarter 2019, systemwide revenue across MedMena??s operations in California, Nevada, New York, Arizona and Illinois, excluding pending acquisitions, totaled US$42.0 million (CA$55.5 million), up 15% sequentially. This growth represents the Companya??s third consecutive double-digit sequential revenue increase since going public in May 2018. For the fourth quarter, gross margins across retail operations were 50%, compared to 51% in the previous quarter. Pro forma systemwide revenue, which includes pending acquisitions that have not yet closed, totaled US$61.3 million (CA$81.0 million) for the quarter. This pro forma revenue figure is based on 37 retail stores that were operational at the end of the quarter and includes the recently announced pending acquisitions of operational retailers in Long Beach, California and Vallejo, California.


MedMena??s stores in Californiaa??s recreational market continue to perform well quarter over quarter. The Companya??s 11 operational retail locations in California reported a combined US$27.4 million (CA$36.2 million) in revenue for the fourth quarter, an increase of 10% sequentially. Revenue by quarter for Fiscal 2019 is summarized in the table below.
See also:
Leave a comment
News
  • Latest
  • Read
  • Commented
Calendar Content
«    Январь 2020    »
ПнВтСрЧтПтСбВс
 12345
6789101112
13141516171819
20212223242526
2728293031