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MedMen Enterprises released consolidated financial results for its fourth quarter and fiscal year 2018 which ended on June 30.
MedMen Enterprises (CSE:MMEN) released consolidated financial results for its fourth quarter and fiscal year 2018 which ended on June 30.
As quoted in the press release:
Fourth Quarter and Fiscal Year 2018 Highlights
Financial:
- Fourth quarter 2018 systemwide revenue was $20.6 million, up 1,317 [percent] from $1.5 million in fourth quarter 2017 and 44 [percent] from $14.3 million in third quarter 2018. The increase was primarily due to the majority of MedMen’s stores coming on line during the quarter.
- Fiscal year 2018 systemwide revenue was $39.8 million, up 1,390 [percent] from $2.7 million in fiscal year 2017.
- Reported average sales per square foot of $6,257 including Abbot Kinney and customer conversion rate of 84 [percent] for all California stores for the fourth quarter.
- Reported over 700,000 sales transactions from all MedMen stores for fiscal year 2018.
Business Development:
- Acquired the assets of Nevada Wellness Project, LLC, including a dispensary license on June 29.
- Opened its store on Venice’s Abbot Kinney Boulevard on June 9.
- Opened Project Mustang, a state-of-the-art cultivation and production facility in Reno, Nevada.
- Acquired all of the assets of San Diego Health and Wellness Center, Inc., dba Apothekare, including a dispensary license on February 16.
- Acquired two Nevada dispensary licenses from LVMC, LLC and Just Quality, LLC in January 19 and February 9, respectively.
Click here to read the full press release.
Source: www.businesswire.com
