logo-loader
MedMen Enterprises Inc

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]

Quick facts: MedMen Enterprises Inc

Price: $2.71

Market: CSE
Market Cap: $424.93 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Buds & Duds: Cannabis stocks flat as a pancake but CROP shares jump on first...

Cannabis stocks cruised into Friday flat as a pancake across North American markets. Buds today were CROP Infrastructure Corp (CSE:CROP) (OTCMKTS:CRXPF), True Leaf Brands Inc (CSE:MJ) (OTCMKTS:TRLFF), while the duds were TerrAscend Corp (CSE:TER) (OTCMKTS:TRSSF),...

20 hours, 23 minutes ago

2 min read