MedMen Stores Outperform in California, Build Leading Market Share
MedMen Enterprises Inc. (“MedMen” or the “Company”) (CSE: MMEN) (OTCQB: MMNFF) (FSE: A2JM6N) announced today
that based on tax revenue numbers reported recently by the State of California, MedMen stores accounted for roughly six percent of
all legal retail sales of cannabis and cannabis products in the second quarter.
According to the California Bureau of Cannabis Control, there are currently more than 400 licensed marijuana dispensaries across
the state. MedMen’s eight stores represent about two percent of all retailers, meaning on average MedMen stores outperform
non-MedMen stores by a factor of three.
The California Department of Tax and Fee Administration (CDTFA) reported strong quarterly cannabis tax revenue growth in
California in a press release issued on August 15, 2018. California’s tax revenue from the cannabis industry totaled $74.2
million for the second quarter of 2018, including $43.5 million in excise taxes that were charged on all cannabis and cannabis
products sold by licensed retailers. Based on the 15 percent excise tax rate for marijuana, that equates to total sales of
approximately $290 million from April 1 to June 30 of this year. MedMen recently reported preliminary unaudited systemwide retail
revenue of $17.4 million during the same period for seven of its stores in California. MedMen Abbot Kinney, the company’s eighth
California store, opened June 9.
“The strong growth in tax revenue in the second quarter of the year shows that the legal cannabis industry is delivering on its
promise of economic activity and greater public resources to the people of California,” said Adam Bierman, MedMen chief executive
officer and co-founder. “We are proud of our contribution to the state and our brand’s phenomenal performance in the largest legal
cannabis market in the world.”
MedMen operates stores near Beverly Hills, Downtown Los Angeles, near LAX airport, West Hollywood, Venice Beach, Abbot
Kinney, Orange County and San Diego. The company also operates stores in Nevada and New York, and has plans to expand further in
California, Florida, Massachusetts and Canada.
ABOUT MEDMEN:
MedMen Enterprises is a leading cannabis company in the U.S. with assets and operations across the country. Based in Los
Angeles, MedMen brings expertise and capital to the cannabis industry and is one of the nation’s largest financial supporters of
progressive marijuana laws. Visit http://www.medmen.com.
SOURCE: MedMen Enterprises
MedMen Enterprises
MEDIA CONTACT:
Briana Chester
Senior Publicist
(424) 888-4260
briana.chester@medmen.com
or
INVESTOR RELATIONS CONTACT:
Stéphanie Van Hassel
Head of Investor Relations
(323) 705-3025
investors@medmen.com
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