Medmen Enterprises Inc (OTCMKTS:MMNFF) has posted revenues of $45.9 million (an increase of 41%) in Q3 2020. Tom Lynch, CEO of Medmen, said the company reduced corporate overheads and delivered top-line growth by achieving considerable progress in Q3.
Key achievements in Q3
The retail revenues in California increased by 19% to reach $29.6 million in Q3. Medmen has increased the store count by 5% in California when compared to the same period last year.
The retail revenues of Illinois based stores have surged by 282% from Q2 to reach $6.7 million in Q3. Medmen manages two stores in Evanston and Oak Park in Illinois.
Medmen operated retail stores at eight locations across Florida in Q3. The company has realized a sequential growth of 33% in Q3 over Q2 because of improved inventory levels at the Eustis facility.
The retail revenues in Nevada have improved to $4.7 million (up 5%) in Q3 compared to the same period last year. Medmen carries out business operations in New York by managing four medical dispensaries.
Medmen is awaiting regulatory nod for its Fenway location in Massachusetts. The company expects to commence construction at this location in 2020.
Medmen signed a definitive accord on February 25, 2020, to assign its rights for taking over Hillcrest, Illinois based licensed manufacturing and cultivation facility for $17 million.
Medmen mobilized funds of $12.5 million under the senior secured debt facility of $250 million. The company has received additional capital of $2.5 million from Gotham Green Partners under the debt facility after Q2.
Changes in the management
CEO and Co-founder of Medmen, Adam Bierman, has relinquished his position on February 1, 2020. The company has appointed the present CTO – Ryan Lissack as Interim CEO. However, Medmen has recruited Tom Lynch as CRO and Interim CEO on March 30, 2020. The company also appointed Tim Bossidy as interim COO. Medmen has inducted Errol Schweizer, Cameron Smith, and Mel Elias to its director board. Ms. Christoff will join the director board on May 26, 2020. Christoff previously held prominent roles at Uber as Senior Director (Public Policy) and Director (Global Communications) at Google.