MedMen has one location in Michigan.
“California-based MedMen Enterprises, a once-thriving multistate marijuana retailer, released a “grim” quarterly financial report that detailed a whopping $96.4 million net loss in its fiscal 2020 second quarter.
That loss was 49.3% greater than the $64.6 million loss the company reported during the same period in 2018. Its most recent quarter ended Dec. 28, 2019.
On a brighter note, the company, which has marijuana stores in five states, reported that its second-quarter revenues of $44.1 million rose 49.8% from $29.42 million a year earlier.
Still, Craig Behnke, an equity analyst at Marijuana Business Daily’s Investor Intelligence, described both the company’s quarterly results and its outlook as “grim.””