Cannabis retailer MedMen Enterprises Inc. MMNFF MMEN reported Wednesday with fiscal second-quarter revenue of $44.1 million, up 50% year-over-year.
The company posted an adjusted EBITDA loss of $35.1 million versus an adjusted EBITDA loss of $43.77 million in the same period last year.
Out of the total quarterly EBITDA loss, $11.4 million derives from MedMen’s cultivation and production facilities, the company said.
MedMen's quarterly net loss of $74.78 million was higher than its loss of $63.2 million in the same period in 2019.
The company reported gross margins across retail operations of 51%.
“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,” interim MedMen CEO Ryan Lissack said in a statement.
“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.”
After the quarter ended, MedMen signed agreements to assign its rights to purchase cultivation and production facility in Illinois for total gross proceeds of $17 million. The company said it finalized documentation for changes to the terms of its $78 million senior secured term loan.
MedMen Price Action
The stock was down 21.04% at 25 cents at the time of publication Thursday.
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Photo courtesy of MedMen.
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