MedMen Enterprises (CSE:MMEN,OTCQX:MMNFF) released unaudited revenue estimates for its fiscal Q3 2019.
As quoted in the press release:
Across the Company’s operations in California, Nevada, New York, Arizona and Illinois, systemwide revenue was US$36.6 million (CA$48.8 million). This represents a 22 [percent] quarter-over-quarter increase over its fiscal 2019 second quarter ended December 29, 2018. Systemwide revenue, pro forma for pending acquisitions that have not yet closed, was US$54.9 million (CA$73.2 million) for the quarter. For the third quarter, gross margin across its retail operations was 51 [percent], compared to 53 [percent] in the previous quarter. The Company is expected to post its fiscal 2019 third quarter results in May 2019.
“We will continue to scale our retail footprint in the most strategic and desirable locations, providing us first mover advantage and contributing to MedMen’s top-line growth,” stated Michael Kramer, Chief Financial Officer. “The continued acceleration of sales in markets like Arizona and Nevada, as evidenced by the impressive sales at our Paradise location, demonstrates our ability to replicate the success we’ve achieved in our home state of California across the US.”