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MedMen Opens New Florida Store After Closing 5 Dispensaries

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MedMen Opens New Florida Store After Closing 5 Dispensaries

Cannabis retailer MedMen Enterprises Inc. (CSE: MMEN) (OTCQB: MMNFF) is cutting the ribbon on its fifth location in Florida.

The new store, dubbed Coral Shores, is located at 2949 North Federal Highway, near Fort Lauderdale.

Coral Shores. It spans 1,668 square-feet and will offer a variety of cannabis products, including MedMen and Luxlyte brands, the retailer .

MedMen operates within Los Angeles, Las Vegas, Chicago, and New York.

In May, MedMen temporarily closed five of its eight dispensaries in Florida due to financial struggles it has been experiencing in recent months.

In November, MedMen disclosed a 90-day plan to achieve positive EBITDA by the end of the calendar 2020. Part of that plan was slashing the MedMen workforce by 20%, CEO Adam Bierman said.

"At the end of the day, MedMen comes before everything," continued Bierman. "I think that the people that have been part of this family bought into that, and I think it's hard to deny that we've done what's best for the long-term health of the organization."

Its second-quarter earnings report, released in February, showed a year-over-year revenue increase. However, the company posted an adjusted EBITDA loss of $35.1 million and a net loss of $74.78 million.

A month later, MedMen sought support from Gotham Green Partners through a $250 million senior secured convertible debt facility led by the investment firm.

In addition, the cannabis retailer secured $12.5 million in financing as part of the debt facility.

Courtesy photo

 

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