Marijuana producer MedMen which just went public this past May, reported first quarter fiscal year 2019 financial results this week that showed an increase of over 1,000% in sales.
“Our first quarter performance underlines the successful execution of our growth strategy and ongoing commitment to provide mainstream cannabis consumers a wide breadth of products for their lifestyle and wellness needs,” said Adam Bierman, MedMen chief executive and co-founder.
He added, “Our four-pillars strategy – built around a quality team, superior assets, strong balance sheet and the ability to efficiently and effectively raise and deploy capital – has set us up to successfully achieve our vision. We are now entering a new phase focused on fully operationalizing our vast footprint.”
The company reported fiscal first-quarter net losses of $12.5 million, or $1.42 a share, compared with $5.3 million in the year-ago period. Revenue climbed to $21.5 million from $1.8 million in the year-ago period. This was an increase of 1,094%.
It was earlier this month that the company’s CFO James Parker quit and the company said it planned to reduce the size of its latest round of financing by roughly 40% to $75 million, from the $120 million it had announced Nov. 9.
The company did not comment on the CFO’s departure and appointed the company’s vice president of accounting, Jim Miller, as interim CFO.
Disclaimer: We have no position in Medmen Enterprises Inc. (OTCMKTS: MMNFF) and have not been compensated for this article.