MedMen Negotiations Update
February 24, 2021
UFCW locals representing MedMen shops in Los Angeles, Orange, and San Diego counties began negotiations for a new collective bargaining agreement earlier this month. We have met with the company three times and presented proposals designed to address members’ concerns around issues including workplace safety and health, discrimination and harassment, as well as wages, tips, and health care. To date, little progress has been made towards a new agreement, though we have additional negotiations dates scheduled.
While MedMen continues to stress its precarious financial position with our negotiating committee, it tells a different story to investors. On its recent call reporting quarterly results, the company described its turnaround efforts and improving balance sheet. Quarterly revenues were $33.8 million and were largely driven by its California retail operations. Sales increased, cash flow improved, gross profit increased to $17.9 million, and the company received a $10 million investment from Gotham Green Partners.
MedMen is poised for future growth with new stores planned in California as it moves forward from its tumultuous past. UFCW will continue to press your demands at the bargaining table but we will need to show the company a united front to achieve your objectives. If you have not already done so, please take a few minutes to complete our bargaining survey to ensure that your voice is heard at the negotiating table. Our next meeting with the company will be on Thursday, March 11. We will provide another update shortly thereafter.