LOS ANGELES--(BUSINESS WIRE)--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.
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