MedMen Enterprises Inc. MMNFF, -1.10% MMEN, +0.00% reported Tuesday preliminary fourth-quarter revenue excluding acquisitions of $42.0 million, up 14.8% from the third quarter’s $36.6 million. Pro forma fourth-quarter revenue, including acquisitions, was $61 million. Gross margins fell to 50% from 51% in the third quarter. The California-based cannabis retailer said it is on track to lower selling, general and administrative (SG&A) costs by 30% from the December 2018 quarter, which would surpass its target of a 20% SG&A reduction, through general corporate savings, headcount reductions and the elimination of non-core functions and overhead. MedMen said it expects the PharmaCann LLC acquisition announced in December 2018 to be completed by the end of 2019. “Following the closing of pending acquisitions, we will be licensed for up to 92 retail locations across 12 states, and there is tremendous opportunity ahead to turn the balance of our retail licenses into revenue-generating storefronts,” said Chief Executive Adam Bierman. The U.S.-listed stock, which is still inactive in premarket trading, has tumbled 26.2% over the past three months, while the AdvisorShares Pure Cannabis ETF YOLO, -1.66% has lost 15.8% and the S&P 500 SPX, -1.22% has tacked on 2.5%.