U.S. Marijuana producer MedMen sales grow 1,094% as losses widen
U.S.-based marijuana producer MedMen Enterprises Inc. reported earnings late Thursday. The pot maker reported fiscal first-quarter net losses of $12.5 million, or $1.42 a share, compared with $5.3 million in the year-ago period, though the company did not release a per-share earnings figure; MedMen said it lost $1.95 a share in in last year’s fiscal fourth quarter. Revenue rose to $21.5 million from $1.8 million in the year-ago period. There are not enough analysts covering MedMen to form a FactSet consensus. MedMen stock, which trades on the pink sheets, has gained 6.6% since June, as the S&P 500 index rose 1.3%. MedMen stock also trades on the Canadian Securities Exchange under the ticker MMEN. Marijuana is illegal under U.S. federal law, which prevents pot producers such as MedMen from listing on the NYSE and the Nasdaq. Roughly 10 states have legalized recreational pot and more than 30 have medical marijuana laws on the books.
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