Cannabis retailer MedMen Enterprises Inc. (CSE: MMEN) (OTCQX: MMNFF) reported its consolidated financial results Thursday for its fourth quarter and for the fiscal year ended June 26, revealing a 55.4% year-over-year and 18.5% sequential increase in revenue to $42 million in the last three months of 2021.
Tom Lynch, chairman and CEO of MedMen, said that the Los Angeles-based company "set a new record for quarterly revenue at MedMen, driven by broad-based increases in traffic and frequency of transactions across nearly all of our retail locations."
Over the quarter, MedMed managed to raise $10 million in additional gross proceeds via a private placement transaction with an institutional investor.
In August, the company revealed it had secured $100 million in financing through a private placement of its units. Investors, led by Serruya Private Equity, agreed to purchase $100 million of the Los Angeles-based company's units at a purchase price of $0.24 per unit.
Concurrently, MedMen disclosed that Tilray, …