One of the big questions for the cannabis patch right now is whether or not Medmen Enterprises Inc (OTCMKTS:MMNFF) will be able to recover powerfully off its lows in a similar manner to other comparable plays in the space. It’s an open question. But the company is working toward that goal, just announcing unaudited systemwide revenue for its fiscal 2019 second quarter ended December 29, 2018.
According to the release, “Across the Company’s operations in California, Nevada, New York and Arizona, systemwide revenue was US$29.9 million (CA$39.7 million). This represents a 40% quarter-over-quarter increase over its fiscal 2019 first quarter ended September 30, 2018. Systemwide revenue, pro forma for pending acquisitions that have not yet closed, was US$49.5 million (CA$65.7 million) for the quarter. For the second quarter, gross margin across its retail operations was 54%1, compared to 45% in the previous quarter. The Company is expected to post its fiscal 2019 second-quarter results in February.”
Medmen Enterprises Inc (OTCMKTS:MMNFF) frames itself as a company that, together with its subsidiaries, operates in the cannabis space in the United States.
The company cultivates, produces, possesses, uses, and distributes/retails cannabis in the recreational and medicinal cannabis marketplace. As of June 6, 2018, it owned and operated 18 licensed cannabis facilities under the MedMen brand name in California, Nevada, and New York.
The company frames itself as “the preeminent cannabis company in the United States” with multiple assets and operations in California, Nevada, New York, and Florida. MedMen owns and operates licensed cannabis facilities in cultivation, manufacturing, and retail, and is one of the most well-recognized cannabis brands in the world today.
Headquartered in Los Angeles, MedMen employs more than 800 workers across the United States. It was founded in 2010 by Adam Bierman and Andrew Modlin, two visionary entrepreneurs who saw not just a