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

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  • On November 19 , the Mexican Senate passed comprehensive adult-use cannabis legalization, moving Mexico towards becoming one of the few countries to legalize cannabis nationally
  • On March 31, 2020 , the Company entered into an agreement with Tecnologico de Monterrey , the leading university in Mexico , to educate physicians across Latin America , in advance of the impending regulations in Mexico
  • To date, close to 550 LatAm physicians have obtained their diploma accrediting completion of Khiron’s medical education program
  • The Company plans to deploy its ZereniaTM medical cannabis clinics and telehealth strategy in Mexico , building on the success of its vertical integration strategy in Colombia
  • Expanding the Zerenia clinic strategy will build on the Company’s Colombia knowledge and proven distribution capabilities, with rapid telehealth service adoption and over 5,600 medical cannabis scripts filled to date
  • Mexico represents one of the largest potential markets for medical cannabis in the world and is anticipated to reach $1.2bn USD by 2028 (Prohibition Partners).
  • Company to release Q3 2020 financials and host webcast on Tuesday, December 1st

Khiron Life Sciences Corp. (“Khiron” or the “Company”) (TSXV: KHRN ), (OTCQX: KHRNF), ( Frankfurt : A2JMZC), a vertically integrated cannabis leader with core operations in Latin America and Europe welcomes the passing of adult-use cannabis legislation by the Mexican Senate, which moves the country closer to a legalized cannabis market, and towards provision for medical cannabis products.  Khiron has had a presence in Mexico since 2018 and has been working with doctors and medical institutions to develop a deep understanding of the market.

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