Cannabis company MedMen has declared bankruptcy, marking a significant downturn for a business once valued at $3 billion. The company filed for bankruptcy in California and announced the liquidation of all its assets in the United States and Canada. This decision follows financial struggles, including accumulating about $411 million in liabilities. The company's CFO, who left two months ago, and several directors have resigned in the wake of the financial turmoil. MedMen's journey from a high valuation to bankruptcy has been described as a 'long fall', with criticisms pointing to its initial public offering as a 'share selling scheme'.