Medmen Enterprises Inc OTCMKTS: MMNFF is a cannabis retailer with operations across the U.S. and flagship stores in Los Angeles, Las Vegas and New York. MedMens mission is to provide an unparalleled experience that invites the world to discover the remarkable benefits of cannabis because a world where cannabis is legal and regulated is a safer, healthier and happier world.
Medmen Enterprises Inc OTCMKTS: MMNFF On 25 April，2019 announce the opening of its Sorrento Valley store in San Diego, California. This is the second MedMen location in the San Diego area and the Company’s 11th operational MedMen location in California.
With a population of 1.4 million people, San Diego is the second largest city in California and ranks as one of the world’s most visited tourist destinations, with an average of 36 million visitors annually1. Sorrento Valley is known as a center for high-tech, biotech and scientific research and the MedMen store is in close proximity to the University of California, San Diego campus, as well as the headquarters for several prominent companies. The dispensary is strategically located to serve the neighborhoods of Torrey Pines, La Jolla, Del Mar, Rancho Santa Fe, Mira Mesa and Solana Beach.
The opening of MedMen Sorrento Valley continues the Company’s expansion within California, a potential $11 billion cannabis market, according to Cowen. The Company recently reported an approximate 7% market share2 and approximately $100 million in annualized sales within the state.
Based on implied market share from California Department of Tax and Fee Administration and actual system-wide in California revenue for fiscal Q2 2019。
Includes the pending acquisition of a Michigan license and two stores managed by MedMen that are not owned by the Company.
Includes licenses expected to be acquired through the announced PharmaCann transaction and other pending transactions, and those acquired in recently closed transactions. Through the acquisition of PharmaCann, MedMen will be licensed for an additional 23 retail licenses across 12 states. Those 12 states contain approximately half of the total U.S. population.
Medmen Enterprises Inc OTCMKTS: MMNFF announce that during its fiscal quarter ended March 30, 2019 the Company named Ryan Lissack Chief Technology Officer. Mr. Lissack is a seasoned technology executive with over 20 years of experience. In addition, the Company has accepted the resignations of Ben Cook, Chief Operating Officer, and Lisa Sergi, General Counsel and a member of the MedMen Board of Directors.
“We appreciate the contributions of all current and former MedMen team members as we work to build the world’s leading cannabis company, and I have the utmost confidence in the management team. Their expertise, skill set and experience sets the standard of excellence for the industry,” said Adam Bierman, MedMen CEO.
The operations and legal teams are comprised of experienced professionals. The leaders of the operations group will now report directly to the CEO. The leaders of the legal team include Dan Edwards, who will continue in his role of Senior Vice President of Legal Affairs, and report directly to the CEO.
MedMen Enterprises Inc. plans to release its financial results for the third quarter fiscal 2019 which ended on March 30th, 2019 after market close on May 29th, 2019.
Following the release of these financial results, MedMen Enterprises will host a conference call and audio webcast with Chief Executive Officer and Co-Founder, Adam Bierman and Chief Financial Officer, Michael Kramer at 5:00 PM Eastern the same day to discuss in further detail.
A live audio webcast of the call will be available on the Events and Presentations section of MedMen’s website at: https://investors.medmen.com/events-and-presentations/default.aspx and will be archived for replay.