Cannabis company MedMen files for bankruptcy with about $411 million in liabilities, as its fortunes go up in smoke
The formerly high-flying cannabis company MedMen Enterprises Inc. filed for bankruptcy protection late Friday with about C$561.5 million ($411 million)
California's 'Apple Store of weed' declares bankruptcy with $410M in debt
California’s first cannabis company valued at over a billion dollars appears to have completed its long descent into failure. MedMen, once hailed as the “Apple Store of weed,” declared bankruptcy last week, according to a press release published by the company late Friday.
MedMen’s spectacular collapse is complete: Just five years after earning a whopping $3 billion valuation, the one-time legal cannabis darling has declared bankruptcy
Six years after an IPO that saw its valuation peak at over $3 billion, cannabis retailer MedMen is worth next to nothing. Its bankruptcy petition, filed in California court late on Friday, is the nail in the coffin for what’s been a stunning fall from grace for a company whose troubles speak to broader challenges in the legal cannabis industry.
‘Difficult decision’: Cannabis company files for bankruptcy, plans to shut down
MedMen and its subsidiaries operate in California, Nevada, Illinois, Massachusetts, and New York and sell cannabis for medical and recreational use under the MedMen and LuxLyte brands “The difficult decision to shut down operations and commence the Bankruptcy Proceedings and Receivership Proceedings was made after careful consideration of the current financial condition of the Company and its subsidiaries,
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