MedMen Enterprises Inc. (CSE: MMEN) (OTC: MMNFF) reported fourth-quarter revenue of $42 million on Monday, up by 104% year-over-year, and record full-year revenue of $130 million, up by 227% year-over-year.
The cannabis company posted a fourth-quarter net loss of $82.9 million.
The gross margin for retail operations in the quarter was 50%.
The company's full-year adjusted EBITDA loss amounted to $172 million, more than triple the 2018 figure.
MedMen's net loss was $277 million for 2019; $79.1 million, or 75 cents per share, was attributable to the company’s shareholders, MedMen said.
The net loss in 2018 was $113.9 million.
“Fiscal 2019 was a transformative year for MedMen, with over 2 million completed retail transactions to date and revenues increasing 227% year-over-year,” Adam Bierman, MedMen's co-founder and CEO, said in a statement.
“Our success was due, largely in part, to our loyal customer base. Throughout the year, we served over 1 million customers from all 50 states and more than 100 countries. In California, the largest cannabis market in the world, MedMen surpassed a record $110 million in annualized run-rate retail revenue.”
MedMen detailed business developments including the launch of its delivery service in California and Nevada, the start of its new loyalty program, MedMen Buds; its continued Florida expansion and the termination of its merger with PharmaCann.
MedMen shares were down 17.27% at $1.15 at the time of publication.
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MedMen Opens Three New Florida Retail Locations, Bringing National Footprint To 29 Stores
Photo courtesy of MedMen.
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