Grow, Gift, Repair

MedMen Reports First Quarter Fiscal Year 2021 Financial Results

  • First quarter revenue of $35.6 million, up 31% from the previous quarter
  • Gross margin improved from 40% to 47% sequentially and retail gross margin improved from 49% to 54% sequentially
  • Reduced total SG&A expenses by 21% sequentially and corporate SG&A by 29% sequentially
  • Secured financing commitments of over $20 million during the quarter
  • Named Tracy McCourt, formerly in a senior management role at Zappos, as Chief Revenue Officer

“This past quarter was a transformational one for the Company as we grew revenue, improved profitability across our retail footprint and strengthened our balance sheet,” said MedMen Interim Chief Executive Officer Tom Lynch. “With the strength of our team and support of our capital partners, we are ahead of schedule with respect to our turnaround plan. As we get closer to achieving company-wide profitability, we remain committed to growing the MedMen brand and maintaining our position as the leading cannabis retailer in the U.S.”