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MedMen Q3 Revenue Increases 22%

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MedMen Enterprises Inc. (OTCQX: MMNFF)'s fiscal third-quarter results saw increased revenue by 22 percent to $36.6 million across operations in California, Nevada, New York, Arizona and Illinois.

MedMen continued to perform favorably in California with $24.9 million in retail revenue and retail gross margins increasing to 57 percent.

MedMen reported its revenue from pending acquisitions and pre-closing revenue from recently closed acquisitions, pro forma quarterly revenue was approximately $57 million.

MedMen decreased corporate selling, general and administrative expense by 9 percent quarter over quarter with a plan to achieve an overall 20 percent reduction from the previous quarter. The company also announced a $250 million financing commitment from Gotham Green Partners.

MedMen's stock traded around $2.37 per share at time of publication.

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