MedMen Issues Q4 and Fiscal 2018 Results

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