One might do well to take notice of the fact that Medmen Enterprises Inc (OTCMKTS:MMNFF) just announced its consolidated financial results third quarter 2020 ended March 28, 2020. According to the release, the company saw systemwide revenue across MedMen’s operations in California, Nevada, New York, Illinois and Florida increased to $45.9 million for the quarter, up 41% year-over-year and corporate SG&A totaled $17.3 million, a 35% decrease from previous quarter, and 51% decrease from the prior year period.
Subsequent to the quarter end, the company further reduced corporate SG&A through an additional approximate 25% reduction in corporate headcount. In aggregate, the Company has reduced overall corporate SG&A by over $100 million on an annualized basis since the initial cost cutting efforts began in the fiscal second quarter of 2019.
Medmen Enterprises Inc (OTCMKTS:MMNFF) frames itself as a company that, together with its subsidiaries, operates in the cannabis space in the United States.
The company cultivates, produces, possesses, uses, and distributes/retails cannabis in the recreational and medicinal cannabis marketplace. As of June 6, 2018, it owned and operated 18 licensed cannabis facilities under the MedMen brand name in California, Nevada, and New York.
The company frames itself as “the preeminent cannabis company in the United States” with multiple assets and operations in California, Nevada, New York, and Florida. MedMen owns and operates licensed cannabis facilities in cultivation, manufacturing, and retail, and is one of the most well-recognized cannabis brands in the world today.
Headquartered in Los Angeles, MedMen employs more than 800 workers across the United States. It was founded in 2010 by Adam Bierman and Andrew Modlin, two visionary entrepreneurs who saw not just a tremendous business opportunity in the growing legalization of marijuana, but a chance to re-define our society’s relationship with cannabis. MedMen supports sensible, clear and just drug laws.
The Company is the single largest financial supporter of progressive marijuana laws at the local, state and federal levels, giving directly to pro-legalization groups, industry organizations and political candidates.
The company is headquartered in Culver City, California. MedMen Enterprises Inc. is a subsidiary of The Medmen Of Nevada 2 Llc.
According to company materials, “MedMen Enterprises is a leading cannabis company in the U.S. with assets and operations across the country. Based in Los Angeles, MedMen brings expertise and capital to the cannabis industry and is one of the nation’s largest financial supporters of progressive marijuana laws.”
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As noted above, MMNFF just announced its consolidated financial results third quarter 2020 ended March 28, 2020. According to the release, the company saw systemwide revenue across MedMen’s operations in California, Nevada, New York, Illinois and Florida increased to $45.9 million for the quarter, up 41% year-over-year and corporate SG&A totaled $17.3 million, a 35% decrease from previous quarter, and 51% decrease from the prior year period.
Traders will note 46% piled on for shareholders of the stock during the trailing month. Furthermore, the stock has registered increased average transaction volume recently, with the past month seeing 63% above the average volume levels in play in this stock over the longer term.
“We continued to make significant progress during the third quarter by delivering top-line growth, reducing our corporate overhead and attracting capital to support our strategic plan,” said MedMen Interim Chief Executive Officer Tom Lynch. “We are encouraged by the steps the business has taken to focus on disciplined growth and profitability amidst a challenging and unprecedented global environment. Through the strength of the MedMen brand and the capital partners that continue to support the Company, we are well-positioned to execute on our goal of being the leading cannabis retailer.”
Earning a current market cap value of $89.6M, MMNFF has about $34M in cash on the books, which stands against $115M in total current liabilities. The company pulled in over $44M last quarter, up 50% on a y/y basis. This may be a very interesting story and we will look forward to updating it again soon. Sign-up for continuing coverage on shares of $MMNFF stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $MMNFF, either long or short, and we have not been compensated for this article.