DD Support Board and Research Team

[bar1080]

Love it! "MedMen’s spectacular collapse is complete: Just six years after earning a whopping $3 billion valuation, the onetime 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."

“MedMen has been ‘DeadMen’ to most investors for a long time,” cannabis industry analyst Alan Brochstein told Fortune. “The world should have seen this coming, but not everybody did.”

"is it a one-off thing? No, unfortunately, it’s not,” Brochstein said. “I think what it tells you is that people can get overly enamored of stores, or products, or things like that, without doing the due diligence. This company has been a disaster from day one.”

MedMen’s bankruptcy filing, where it disclosed over $400 million in liabilities, is the final chapter in the company’s spectacular collapse. High interest rates and bitter investor sentiment prevented it from refinancing its debt obligations, and the company even stopped filing disclosures with the SEC."

"This story was originally featured on Fortune.com"