MedMen, California’s ‘Apple Store Of Weed,’ Is On The Verge Of Collapse
The company has over $137 million more in debt than assets
MedMen was the hottest cannabis store in California when the state’s recreational pot market opened in 2018.
The retail chain called itself the “Apple Store of weed” and national media outlets, from Esquire to Vanity Fair, hailed this California pot company as the upscale future of legal pot. Before long, MedMen had opened locations in seven states and even expanded to Manhattan.
But now MedMen’s empire is on the verge of financial failure.
The company has over $137 million more in debt than assets with only $15 million of cash on hand, according to a financial disclosure released last week. MedMen said in its disclosure that there was “substantial doubt” as to whether it can pay its bills for the next year.
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