Marijuana Firm MedMens Fiscal Q2 Sales Grow Losses Shrink From Previous Quarter

(This story has been updated to include results from the fiscal second quarter of 2017.)

Los Angeles-based MedMen reported revenue of $29.9 million and a net loss of $64.6 million for its fiscal second quarter ended Dec. 29, as the multistate cannabis company saw its sales grow and red ink recede versus the previous quarter.

The retailer reported a net loss of $11 million on sales of $3 million for the same period a year ago.

The latest revenue figure for the newly public company – it debuted on the Canadian Securities Exchange last May – is up 39% from $21.5 million in MedMen’s first fiscal quarter ended Sept. 30, 2018.

The company’s latest net loss, meanwhile, narrowed from $66.5 million in the first quarter.

The retailer, which last week enjoyed a reprieve on closing its flagship store in West Hollywood, is a defendant in three separate lawsuits.

MedMen trades on the CSE under the ticker symbol MMEN.

More details on the fiscal second quarter results are available here.

Original Article Source: https://mjbizdaily.com/marijuana-firm-medmens-fiscal-q2-sales-grow-losses-shrink-from-previous-quarter/

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