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MedMen Enterprises Inc. (OTCQX: MMNFF) reported its consolidated monetary outcomes for the third-quarter fiscal 2021 ending March 27, 2021. Web income throughout MedMen’s operations was $32 million, which dropped from final 12 months’s $44.1 million. This additionally missed the common analyst estimates by Yahoo Finance for income of $37.3 million. The earnings per share for the quarter had been ($0.04), which beat the estimate for ($0.05). The corporate mentioned the revenues elevated 3.8% from the earlier quarter adjusting for removing of MedMen NY Inc. from persevering with operations. Web losses had been trimmed to $13.7 million from final 12 months’s $24.9 million for a similar time interval.
“The previous quarter was outlined by the reopening of retail shops, accelerated momentum in our turnaround plan and a shift in the direction of progress,” mentioned Tom Lynch, Chairman and Chief Government Officer of MedMen. “As predicted, California started to rebound strongly as capability restrictions in California fell away, with identical retailer gross sales up 2.3% quarter-over-quarter and April identical retailer gross sales up 11.9% over March. Moreover, we achieved one of the best bottom-line end in MedMen’s historical past. I’m happy with the large progress we now have made. MedMen’s mission is to be the best-in-class cannabis retailer, and we’re positioning ourselves to attain that purpose via focus, expertise, improved financials and persevering with to ship the business’s premier in-store expertise. Over the following a number of quarters we plan to each speed up our progress and transfer nearer to profitability as we leverage our nationwide model recognition into opening new shops in Florida, California, Massachusetts and Illinois.”
For the quarter ending in March, the corporate has money of $21 million. Throughout the third quarter, MedMen raised $18.9 million in further gross proceeds via non-brokered non-public placement transactions with sure institutional buyers. Additionally through the quarter, MedMen closed on $10 million in further gross proceeds underneath its senior secured convertible debt facility led by funds affiliated with Gotham Inexperienced Companions. On February 25, 2021, the corporate introduced an funding, topic to regulatory approval, of as much as $73.0 million in MedMen NY Inc., which can predominantly be used to pay down the Firm’s senior secured lender.
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