NEWS - From Giant To Gone: Billion-Dollar Cannabis Company MedMen Sells-Off Its Property Under Receivership | Benzinga
MedMen’s properties in Illinois, Nevada, and New York are moving closer to sales, but the outlook is not so promising in California and Massachusetts. The slow but steady closing up shop for MedMen Enterprises is proceeding under California-based receiver Richard Ormond, who filed an update this month stating that sales are underway for most of former MedMen dispensaries, while some are being abandoned and four others in California are apparently still serving customers.
MedMen’s Downfall
MedMen officially declared bankruptcy earlier this year, but its downfall has been lingering for much longer than that. Its collapse included hundreds of laid-off workers, thousands of investors bailing and numerous landlords and suppliers left hanging. Although most were hung out to dry, some are now claiming what they say is rightfully theirs. The California cannabis chain, often dubbed the “Apple Store of Weed” due to its flashy storefronts and upscale interiors, is now being sold bit by bit.
And when we say collapse, we mean losses of millions of dollars. ...