Wednesday, May 22, 2024

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MedMen is in big financial trouble

Okay this is the last story about financial woes in this Cannabis Winter.

MedMen was once on top of the world. It was valued at $1.7 billion and was nicknamed the Apple Store of weed. Since then, the company has plunged is about to collapse.

According to a recent regulatory filing, MedMen only has $15.6 million cash in hand with $137.4 million in debt. It’s looking unlikely it’ll be able to make it out of this situation without bankruptcy in the cards.

“The conditions described above raise substantial doubt with respect to the company’s ability to meet its obligations for at least one year,” MedMen says in the filing.

We had just reported on a story in which Tilray had quietly abandoned its mission to make $4 billion in annual income, and there are many other marijuana companies in similar positions.

When MedMen went public on the Canada Stock Exchange, they were trading up at around $8. Now, they’re stock trades for 4 cents.

Read the original story at Fortune.

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