Marijuana Firm MedMens Fiscal Q3 Sales Climb Losses Narrow

Los Angeles-based MedMen reported revenue of $36.6 million and a net loss of $63.1 million for its fiscal third quarter, ended March 30, 2019.

The performance marks the second quarter in a row that the multistate cannabis operator saw its sales climb and losses scale back.

The retailer reported revenue of $29.9 million and a net loss of $64.6 million in the previous quarter.

Year-over-year, revenue was up 156% – though the company’s recorded loss was significantly higher than the $16.8 million reported for the fiscal third quarter of 2018.

During the current quarter, sales rose sequentially by 22%, with retail operations in California contributing $24.9 million.

Results were also boosted by a 9% reduction in corporate selling as well as general and administrative costs from the second quarter.

The retailer, which is a defendant in three separate lawsuits, trades on the Canadian Securities Exchange under the ticker symbol MMEN.

More details on the fiscal third quarter results can be found here.

For more analysis and in-depth looks at the investment trends and deals driving the cannabis industry forward, sign up for our premium subscription service, Investor Intelligence.

Original Article Source: https://mjbizdaily.com/marijuana-firm-medmens-fiscal-q3-sales-climb-losses-narrow/

Comments

New York City Adds More Exceptions To Pre-Employment Marijuana Testing Ban

An ambitious campaign to decriminalize psychedelics in Washington, D.C., is one step closer to placing their measure on the November ballot with the formal submission of tens of thousands of voter signatures. Organizers have been scrambling for weeks to collect enough signatures from D.C. voters by Monday’s deadline amid historically difficult circumstances: a global pandemic, months of stay-at-home orders and protests over racism and police violence that filled the streets of the nation’s capital. But with the help of innovative signature-gathering techniques and allies flown in from across the country, advocates said they had successfully submitted upwards of 35,000 signatures—more than enough to qualify the initiative. If approved by voters, Initiative 81 would make enforcement of laws against plant- and fungus-based psychedelics among the “lowest law enforcement priorities” for the Metropolitan Police Department. It would not, however, legalize or reduce penalties for the subs...

Charlotte Figi The Girl Who Inspired A CBD Movement Has Died At Age 13

Charlotte had recently been hospitalized due to pneumonia, breathing problems and seizures. She was treated as a likely case of Covid-19, her mother, Paige Figi, said Wednesday, although she tested negative for the virus. “Charlotte is no longer suffering. She is seizure-free forever,” a family friend wrote on Paige Figi’s Facebook page, announcing Charlotte’s death. “Thank you so much for all of your love.” Charlotte became a symbol of the possibilities of CBD after CNN Chief Medical Correspondent Dr. Sanjay Gupta told her story in the documentary “Weed.” In the film, Charlotte was shown to be a playful child who was overcome by horrific seizures, which were quelled with Charlotte’s Web, a marijuana strain named in her honor. Charlotte had Dravet syndrome, a rare form of epilepsy which was not controlled by medication. The Stanley brothers, marijuana growers in Colorado, were crossbreeding a strain of marijuana high in CBD and low in THC, its psychoactive ingredient. After Charlo...

Cannabis Has Its Sundance Premiere At Wellhaus The Festival's First-Ever CBD Lounge

Wellhaus set up shop in Park City’s Crystal Park Cantina on Main Street during the opening weekend of the 2019 Sundance Film Festival. Miguel Mendoza Nestled amid the notorious madness up and down Main Street during the Sundance Film Festival, this year’s attendees could duck into a dedicated space to take a chill pill, literally. Wellhaus, billed as the festival’s first-ever “fully integrated health and wellness and CBD-focused concept house” was sponsored by Charlotte’s Web in partnership with Axcess Entertainment . For the record, Wellhaus is not the first-ever cannabis-related pop-up Park City, Utah has seen during the annual event. The Arcview Group hosted a “Future of Cannabis Summit” featuring three days of programming with investor-focused panel presentations, receptions and dinners over the opening weekend of Sundance in 2017. But at Wellhaus, which set up shop in Crystal Park Cantina from January 25-27, guests were able to experience the products and panel prese...

Susan Duggan

Search This Blog