After a recent bout of uncertainty and the departure of its longstanding CEO, US cannabis operator MedMen Enterprises (CSE:MMEN,OTCQX:MMNFF) issued its latest quarterly financial report, experiencing heavy losses.
The company posted an adjusted earnings before interest, tax, depreciation and amortization loss of US$35.1 million for its second fiscal quarter of 2020, alongside a net loss attributable to shareholders of US$40.6 million.
Amid the losses, the company’s share price took a hit in Thursday’s (February 27) trading session. The company dropped 11.11 percent as the markets closed, slipping to C$0.36.
“We feel positive about the progress made while remaining aware there is still substantial work to be done,” Ben Rose, executive chairman of the board, said in a statement.
At the end of January, MedMen confirmed the departure of Adam Bierman, its co-founder and CEO. The former leading executive said at the time that he was still a believer in the path ahead for the company.
Following the Q2 quarterly results release, Ryan Lissack, the firm’s newly appointed interim CEO, said MedMen’s next phase “will be defined by financial discipline and strategic growth.”
Across the company’s core assets in California, Nevada, New York, Illinois and Florida, it reported a revenue uptick of 11 percent from the previous quarter for a number of US$44.1 million.
Lissack added that the company’s current timeline includes an assessment of all its operations in order to “narrow the focus on what (it does) best” — which, according to the interim leader, is retail.
MedMen has embarked on a journey to let go of some of its non-core assets, as the firm has accepted that some of its spending was extravagant.
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Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.
Pineapple Express Delivery Partners with CannTrust to Offer Same-Day and Next-Day Delivery for estoraTM Medical Cannabis Patients in Ontario
Ensuring estoraTMpatients have seamless access to their high-quality medical cannabis products
World-Class Extractions Inc. (CSE:PUMP)(FRA:WCF)(OTCQB:WCEXF) (the “Company” or “World-Class”) is pleased to announce that its subsidiary Pineapple Express Delivery Inc. (“Pineapple Express Delivery” or “PED”), a leading logistics technology company offering compliant and secure delivery of controlled substances and regulated products, has partnered with CannTrust Inc. to bring same-day and next-day delivery to estoraTM medical cannabis patients in Ontario
American cannabis sales hit US$17.5 billion in 2020, a research group’s new study shows.
Meanwhile, a Canadian cannabis producer began offering CBD beverages in the US, another move that shows how interested Canadians are in the overall US cannabis market at the moment.
Some pretty important news out of health and wellness; beverage and natural products company BevCanna Enterprises Inc. (CSE:BEV, Q:BVNNF, FSE:7BC) this week. For those of you following the Company with us, stay tuned.
As investors continue to prioritize cannabis opportunities in the US, market watchers expect mergers and acquisitions (M&A) to play a role in the future for Canadian companies.
A consolidation trend has been expected in the Canadian cannabis space for some time now based on the size of the market compared to the number of operations in the country.
BioHarvest Sciences Inc. Unveils the Unique Polyphenolic Content of Its Upcoming Olive-Based Nutraceutical
The product will include polyphenols known to have significant health benefits.
BioHarvest Sciences Inc. (CSE: BHSC) (“BioHarvest” or the “Company”) has reached an important milestone in its development program of additional Nutraceuticals. The olive-based Nutraceutical product scheduled for market availability in the second half of 2022 will contain the following unique matrix of polyphenols: hydroxytyrosol, trosol, and verbascoside. These compounds are the major polyphenols in naturally grown olives and are responsible for the high antioxidant activity of olives and olive oil. Importantly, the BioHarvest olive-based Nutraceutical product will provide all the benefits of olives and olive oil with a low calorie count per serving.