It was a year of highs and lows for MedMen Enterprises Inc.

At first, the Culver City-based cannabis retailer grew rapidly through both acquisitions and forays into new markets. It bought both growers and licensed sellers, including Long Beach-based MattnJeremy Inc., doing business as One Love Beach Club, and Echo Park-based Old Pal Group. New markets it entered included Florida, Illinois and Nevada.

But the results led it to retrench. While revenues grew 227% from the year before, its losses increased 500% to $277 million. By the time MedMen reported its fiscal 2019 earnings on Oct. 27, it had announced a retrenching aimed at raising roughly $40 million. The plan called for laying off 190 staffers as well as selling under-performing stores and brands. It had 33 stores in nine states — 11 in California — with as many as 70 licenses.

MedMen said it will only open new stores in 2020 that it believes will produce more than $10 million in revenue during the first year of operation.

MedMen’s traditionally high technology and marketing budgets will also be scaled back in an attempt to save an additional $20 million annually.

“We believe this decision is in the best interest of our Company as we position ourselves for growth in the years ahead,” Chief Executive Adam Bierman stated at the time of the November layoff announcement. “We will now set our sights on achieving positive EBITDA by the end of calendar year 2020.”

Keep Reading: 2019 Year in Review Special Report