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MedMen’s Finances for 2019: Over a Million Customers

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LOS ANGELES — MedMen Enterprises Inc. has released its consolidated financial results for the fourth quarter and fiscal year ended June 29, 2019.

“Fiscal 2019 was a transformative year for MedMen, with over two million completed retail transactions to date and revenues increasing 227% year-over-year,” said Adam Bierman, MedMen co-founder and chief executive officer.

“Our success was due, largely in part, to our loyal customer base. Throughout the year, we served over one million customers from all 50 states and more than 100 countries. In California, the largest cannabis market in the world, MedMen surpassed a record $110 million in annualized run-rate retail revenue.”

Mr. Bierman continued, “While industry tailwinds propelled us forward over the past twelve months, changing macroeconomic conditions have led us to refocus our strategy, to reevaluate our assets and to determine where it makes most sense to allocate capital going forward.

As we progress into the next fiscal year, our go-forward strategy will therefore focus on three key objectives: optimizing our current retail assets, unlocking the further potential of our factories, and leveraging our omnichannel strategy. As we bring all of our factories online and up to full capacity, and simultaneously optimize our current retail assets across our core geographic markets, we continue on our path toward profitability.”

Local Retail Highlights:

  • California: California retail revenue totaled $27.5 million for the fourth quarter. MedMen increased its total California retail license count to 17. Of these 17 retail licenses, 13 are operational as MedMen stores, including the recently opened MedMen Sorrento Valley location. The Company was also recently awarded a commercial retail license in Pasadena, California. MedMen expects to have a total of 30 operating retail locations in California by the end of calendar year 2020.
  • Southern California: Following the close of a previously announced acquisition, MedMen added a flagship retail location in Long Beach situated strategically between its Santa Ana and LAX stores. The Company also opened a second San Diego retail location in Sorrento Valley. During the quarter, MedMen was also awarded one of six retail licenses available in the City of Pasadena.
  • West Hollywood: The City Council of West Hollywood passed an ordinance to extend the Company’s temporary recreational retail license until January 1, 2021, unless otherwise determined. MedMen continues to work with West Hollywood City Council and various community groups on a long-term resolution.

    Of note: The Company appointed Zeeshan Hyder as Chief Financial Officer, succeeding Michael Kramer on October 7, 2019. Mr. Kramer signed a consulting agreement with MedMen for the remainder of the calendar year.
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Business

21 Workers Test Positive for Coronavirus at Rock n Roll Ralphs

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Workers protest outside Ralphs in Hollywood where 21 have tested positive for coronavirus

HOLLYWOOD (KTLA) — Workers rallied Friday outside a Ralphs store in Hollywood where 21 people have tested positive for the coronavirus.

The group called on the store to take more aggressive action when staff test positive for the virus, and to ramp up efforts to protect the grocery store employees, who are considered essential workers on the front lines of the pandemic.

They said they speak for thousands of workers who are afraid they aren’t getting enough protection as the virus continues to spread countywide, infecting more than 24,000 as of Friday.

The Ralphs at 7257 W. Sunset Blvd. has had an outbreak involving several workers who tested positive for the virus, according to the Los Angeles Department of Public Health, which lists businesses and […]

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Business

‘Stay Put, Order In’ and Dine With Friends on Zoom, Says Mayor

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WEST HOLLYWOOD — WeHo is home to some of the best restaurants in the world and our community members are used to gathering around restaurant tables and enjoying meals together. Now, there’s an opportunity to, instead, gather around kitchen tables at home and enjoy a meal (or many!) while supporting our local restaurants.

“One of the worst things about the Safer At Home directive is being disconnected from friends, neighbors, and the city around us,” said City of West Hollywood Mayor John D’Amico. “Don’t be alone if you don’t have to be – take advantage of the technology out there and invite a friend to Zoom in for Ziti or share some Farfalle over FaceTime.”

Mealtime is a wonderful opportunity to connect with friends, family, and loved ones using virtual teleconferencing technology, while partaking in your favorite delivered or takeout food.

City Encourages Residents to Support Local Restaurants During Safer At Home Orders

Many West Hollywood restaurants remain open and are offering takeout, curbside, and delivery meals, which are sensitive to social distancing during the emergency. The City of West Hollywood and the West Hollywood Chamber of Commerce have teamed up to offer a directory of “Stay Put, Order In” eateries in West Hollywood, which is accessible by visitingwww.weho.org/coronavirus (click the “Stay Put, Order In” link!) or www.wehochamber.com/dinein. This list is updated daily.

“We need to start hanging out together, and talking, and seeing each other again. So, why not plan to #WeHoDinnerConnect this week – maybe Saturday at 8 p.m.? Or Sunday at 7 p.m.? Or even just 15 minutes of screen-to-screen gossip,” said Mayor D’Amico. “And you don’t have to cook a thing… local restaurants have meals and menus tailored to take-away choices and they’re ready to send food over to your house or make arrangements for you to pick it up.”

If picking up food, remember to wear face coverings, which are required to enter essential businesses.

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Business

Amoeba Music Won’t Reopen Original Sunset Boulevard Store

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Amoeba Music won’t be reopening its original Sunset Boulevard store

HOLLYWOOD (TimeOut) — In a statement posted to its Instagram account on Monday, Amoeba announced that it would not be reopening its nearly two-decade-old flagship on Sunset Boulevard. Instead, the indie record shop will divert all of its resources to opening its new shop on Hollywood Boulevard, which they still hope to have ready in the fall.

“There are so many unknowns and uncertainties for a business like ours right now,” the statement reads. “The only way we can keep Amoeba Hollywood alive in the future is to make this difficult decision now.”

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It is with a very heavy heart that we announce that the massive impact from COVID-19 has forced Amoeba Hollywood to remain closed until we can hopefully move to our new location this fall. We are devastated. We know you are too. We never envisioned not being able to give the store the send-off it deserves, to give you all a chance to say goodbye. But we are facing too many mitigating circumstances. This is not the end of Amoeba! We are moving to a new location at 6200 Hollywood Blvd in the fall and we feel fortunate that this plan was set into motion long before COVID-19. There are so many unknowns and uncertainties for a business like ours right now. The only thing we do know for certain is that we intend to survive. We want to continue to be there for our amazing customers and our incredible staff in our new location long after this pandemic disappears. The only way we can keep Amoeba Hollywood alive in the future is to make this difficult decision now. Thank you ALL so much for your support during this time and over the years. We have the best customers in the world, as evidenced by the tremendous outpouring of support for our GoFundMe. Your generosity is going to help cover health care for our employees at all three stores, and generally help Amoeba continue while we all must remain closed. We miss you all and cannot wait until we can be together again. Please read our full statement online at https://amoeba.com/moveupdate

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Our original story about the store’s GoFundMe campaign appears below.

It’s become a pit stop on music-lover’s tours of Hollywood, it’s hosted concerts from Patti Smith and Paul McCartney, and it’s weathered the Great Recession and the transition from CDs to MP3s to all things streaming. But with Amoeba Music’s future more uncertain now than ever, the massive independent record store is turning to its devotees for nearly half a million dollars to try to stay afloat.

In an essay on GoFundMe, Amoeba cofounders Dave Prinz and Marc Weinstein recount […]

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