Apr 29, 04:10 PM

MedMen Bankrupt, Liquidates U.S., Canada Assets; CFO Exited Earlier

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'.

#MedMen #California #United States #Canada

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