MedMen Enterprises Inc. (OTC: MMNFF) released second-quarter results Wednesday that included a 39.1-percent quarter-over-quarter revenue gain to $29.9 million.
Gross profit margins were up seven points to 53 percent. The brand's eight California retail locations reported earning $23.7 million, a 28-percent quarter-over-quarter gain.
MedMen announced a $61.8-million operating loss for the quarter. In the past six months, the company's stock has experienced a 17-percent decline.
The second quarter saw MedMen make several acquisitions. A definitive agreement was signed with PharmaCann to double MedMen's reach to 12 states. Additional definitive agreements were signed to obtain licenses for operations in San Jose and Emeryville, California.
The acquisition of Omaha Management Services, LLC added a vertically integrated medical license and flagship location in Scottsdale, Arizona to the cannabis company's portfolio.
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“As we emphasized last quarter, we are in a new phase of growth, one focused on continuing to operationalize our industry-leading retail footprint and increasing our profitability," MedMen Chief Executive Officer and Co-Founder Adam Bierman said in a statemnt.
"We are confident in the team we’ve built to drive our success."
MedMen added new names to its masthead in the second quarter. Former Apple Retail Inc. and Forever 21 Chief Financial Officer Michael Kramer was appointed to the same position at MedMen. Ben Cook came on as chief operating officer. Prior to MedMen, Cook worked for Apple (NASDAQ: AAPL), Walmart Inc (NYSE: WMT)'s Sam's Club and Target Corporation (NYSE: TGT).
The company also touted a suite of new products in Nevada and announced an investment in the California cannabis flower producer Old Pal during the quarter.
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