Tuesday, November 28, 2023

MedMen’s First Quarterly California Return Puts Apple To Shame

When retailers measure success, one of their most important tools is the revenue per square foot equation. While Apple topped the world again last year, clocking in at $5,546 per square foot, and, according to the Motley Fool, the fine jewelry retailer Tiffany & Co. came in at a snazzy $2,951 per square foot, MedMen beat them both with their recent revenue report.

The quarter ended for MedMen on June 30, 2018 and their revenue per square foot came in at an astounding $6,541. Meaning, in one stretched sense of the takeaway, that cannabis is more precious than high end tech or perfectly cut diamonds. The more fathomable takeaway is that this was the grand opening of California’s recreational marijuana market and MedMen managed to scored bigtime.

Another takeaway could potentially be that pot for profit is cozying into the once compassionate market. While we’d never begrudge a woman or man their living, cannabis was always about, and for, the people. Perhaps with this new era of big business and towering revenues, cannabis is becoming the cash crop we always said it would be, and now we have to swallow a bitter, expensive pill.

On the other hand, that pill is not so bitter for the millions of people who now have access to legal cannabis and will no longer fear jail time, job loss or a fast fading stigma that, not so long ago, held people back in big ways. It’s also a rather sweet pill for those who rode the wild west showdown to the finale, invested early and big and are now reaping the benefits.

Two sides of the same coin are a given, and let’s just hope that no matter heads or tails, that there are multiple winners with most tosses. Every toss can’t be an across the board winner, but the hope is thrilling.

MedMen has six strategically located stores in California and for them it’s all about branding, ease of transaction and access to the best medicines. That’s a winning combo in cannabis and it’s working for this brand that also has locations in New York, Nevada and soon to be Massachusetts and possibly Florida.

They all resonate as smart moves — and that revenue per square foot is certainly impressive — but as was also pointed out, the shares for MedMen are ridiculously high, even for a showboat brand that makes more per square footage than other, non-cannabis, iconic money-generators. It may not be time to invest, but it’s high time to keep an enthusiastic eye on MedMen, their impressive revenues and what comes next.


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