Medmen Lines Up Massachusetts Entry, Florida Expansion
October 20, 2020Medmen is plotting expansion in the Florida market and an entry into Massachusetts in the months ahead. The company opened its fourth Florida location in Coral Shores in the Ft. Lauderdale area in July and says it hopes to double its number of stores in the Sunshine State by the end of next year. In Massachusetts, Medmen has received a provisional license for a flagship retail outlet in Boston near Fenway Park, as well as a second license in Newton.
In its fiscal year ended in June, Medmen posted a 31% revenue increase to $157 million across its markets of California, Nevada, New York, Illinois and Florida. California accounts for roughly two-thirds of sales. Medmen’s fourth-quarter revenue fell 40% sequentially owing to the pandemic’s effect on its retail operations, but the company says its July-September sales—marking the first quarter of its new fiscal year—are up about 37%. Losses at the bottom line continue to hamper the business, however, with adjusted EBITDA showing a $116.1 million loss for the fiscal year.—Daniel Marsteller
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