However, on a sequential basis, sales dropped 5%.
Tom Lynch, MedMen's chairman and CEO, said that "despite sequential softening in the overall macro environment," the company was "able to deliver solid increases in year-over-year revenue."
Moreover, the company kicked off the fiscal year with its fifth consecutive quarter of positive retail adjusted EBITDA from continuing operations, which was 17.3% compared to 15.1% in the same period of 2020.
In his latest note, Cantor Fitzgerald's analyst Pablo Zuanic said that MedMen's management "continues to make progress turning around the business," highlighting that it is in a "stronger position" following the $100 million investment from Serruya Private Equity.
Zuanic increased a price target on MedMen's stock to $0.26 from $0.25 while maintaining a …