Source: MedMen
MedMen (MMNFF) is a turnaround cannabis story that investors may be wise to avoid. Its founders created a well-marketed retail cannabis brand that is able to generate significantly more revenue per store in the competitive California market, but they also ran the company and its stock into the ground through massive over-spending.
During 2018 and 2019, MedMen burned through a cumulative $560 million of cash through expansion and over-spending. Through this process, the company took on ~$230 million in debt, about two-thirds of which is with Gotham Green Partners. Wicklow Capital