(This article has been updated to include details of the cost-cutting measures being undertaken by the company, including a reduction of executive salaries.)
Los Angeles-based MedMen reported revenue of $36.6 million and a net loss of $63.1 million for its fiscal third quarter, ended March 30, 2019.
As part of a broader “profitability initiative” aimed at curbing administrative expenses, MedMen CEO Adam Bierman and President Andrew Modlin have entered into revised employment agreements with annual salaries of $50,000, the company said in a news release.
Bierman had been earning a reported $1.5 million annually.
The retailer reported revenue of $29.9 million and a net loss of $64.6 million in the previous quarter.
Year-over-year, revenue was up 156% – though the company’s recorded loss was significantly higher than the $16.8 million reported for the fiscal third quarter of 2018.
During the current quarter, sales rose sequentially by 22%, with retail operations in California contributing $24.9 million.
Results were also boosted by a 9% reduction in corporate selling as well as general and administrative costs from the second quarter.
More details on the fiscal third quarter results can be found here.
For more analysis and in-depth looks at the investment trends and deals driving the cannabis industry forward, sign up for our premium subscription service, Investor Intelligence.