NEWS BRIEF

Marijuana firm MedMen’s fiscal Q2 sales grow, losses shrink from previous quarter

(This story has been updated to include results from the second quarter of fiscal 2018.)

Los Angeles-based MedMen reported revenue of $29.9 million and a net loss of $64.6 million for its fiscal second quarter ended Dec. 29, as the multistate cannabis company saw its sales grow and red ink recede versus the previous quarter.

The retailer reported a net loss of $11 million on sales of $3 million for the same period a year ago.

The latest revenue figure for the newly public company – it debuted on the Canadian Securities Exchange last May – is up 39% from $21.5 million in MedMen’s first fiscal quarter ended Sept. 30, 2018.

The company’s latest net loss, meanwhile, narrowed from $66.5 million in the first quarter.

The retailer, which last week enjoyed a reprieve on closing its flagship store in West Hollywood, is a defendant in three separate lawsuits.

MedMen trades on the CSE under the ticker symbol MMEN.

More details on the fiscal second quarter results are available here.

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