Second quarter revenue of $44.1 million (excluding Arizona), up 50% year over year and 11% sequentially Opened five new retail locations during the quarter, including four in Florida and one in Illinois Corporate SG&A decreased by 11% sequentially and 30% from the prior year period Company appointed new board of director members, including Cameron Smith, former US Securities Exchange Commission Officer and Mel Elias, former President and CEO of The Coffee Bean & Tea Leaf Announces sale of non-core Illinois cultivation license for total gross proceeds of $17 million
February 26, 2020 04:05 PM Eastern Standard Time
LOS ANGELES–(BUSINESS WIRE)–MedMen Enterprises Inc. (“MedMen” or the “Company”) (CSE: MMEN) (OTCQX: MMNFF) today released its consolidated financial results second quarter 2020 ended December 28, 2019. All financial information in this press release is reported in U.S. dollars, unless otherwise indicated.
“We feel positive about the progress made while remaining aware there is still substantial work to be done. The business is focused on the execution of a strategy to streamline operations, strengthen its balance sheet and bring in additional capital. The sustained power of the brand and consistent consumer loyalty is a regular reminder of our strengths and the opportunities within reach,” said Ben Rose, executive chairman of the Board and Chief Investment Officer of Wicklow Capital.
“This is a pivotal time for the Company where we have the opportunity to re-assess the business and narrow the focus on what we do best – retail, to continue to cut costs and to execute on four-wall economics with a path to profitability,” said Ryan Lissack, Interim Chief Executive Officer. “I look forward to transitioning the company into its next chapter, which will be defined by financial discipline and strategic growth to drive long-term value creation for the Company and its stakeholders.”