MedMen Announces Preliminary Fourth Quarter 2019 Systemwide Revenue Results and Provides Additional Corporate Updates

LOS ANGELES–(BUSINESS WIRE)–

  • Pro forma fourth quarter systemwide revenue, including pending acquisitions, of US$61 million, representing an annualized run rate of approximately US$245 million
  • Company is now on track to achieve an approximately 30% overall reduction in corporate SG&A from the December 2018 quarter, surpassing initial target reduction of 20%
  • Through the recent awarding of licenses and assuming completion of pending acquisitions, the Company is licensed for 92 retail stores across the U.S., including 17 retail stores in California
  • Completed previously announced amendments to US$250 million financing arranged by Gotham Green Partners
  • Signed definitive documentation for US$30 million equity financing with Wicklow Capital and Gotham Green Partners

    MedMen Enterprises Inc. (MMEN.CN) (MMNFF) (“MedMen” or the “Company”), a leading cannabis retailer with operations across the U.S., today announced unaudited systemwide revenue figures for the fiscal fourth quarter 2019, which ended on June 29, 2019. The Company also provided an update on several corporate initiatives, including efforts to optimize SG&A and raise capital, the status of the pending PharmaCann transaction and retail store expansion. The Company plans to announce financial results for Fiscal 2019 after market close on October

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