A chain of cannabis stores that was once described as the “Apple store of weed” and valued as high as $1.7 billion as a public company, is near financial collapse, according to a regulatory filing.

The company, MedMen, said that it has only $15.6 million in cash remaining versus $137.4 million in debt.

“The conditions described above raise substantial doubt with respect to the company’s ability to meet its obligations for at least one year,” the company said in its filing last week.

MedMen is just the latest of the onetime cannabis darlings to face a reckoning as the industry bubble of five years ago deflates due to excessive debt, falling marijuana prices, competition from illegal sellers, and high taxes. The reality, as in any retail business, is that opening stores is expensive and taking on debt is risky—even as an increasing number of states legalize pot sales.

MedMen, based near Los Angeles, operates 23 stores including in California, New York, and Illinois. In an effort to cut costs, it sold its stores in Florida last year, is trying to sell its New York stores, and is also attempting to renegotiate leases for the stores that remain.

The company has already defaulted on some of its debt, the filing said, and it needs to obtain an extension or to refinance it.

In 2018, MedMen went public on the Canada Stock Exchange through a reverse merger amid a wave of cannabis businesses. Early on, its shares rose to over $8, but today its stock trades for just 4 cents.

Shares in other pot-related companies have also suffered as the cannabis business lost its luster with investors. Stock of Tilray Brands, a cannabis producer that is among the industry’s largest companies, is down more than 90% from its all-time high, for example, while Canopy Growth, another major player, is down a similar amount.


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A 5 gallon smart pot is 5 bucks, a clone is 25 to 30 from a dispensary and a small bag of Fox Farm or Roots Organic is 20$. You water once a week, twice if it's over 95 for a few consecutive days. You'll have a qp in 4 months, 5 with drying and some curing. It's not a sustainable business... they aren't exactly turning hops to beer.

More and more dispensaries and growers are blooming by the day. Ohio alone has like 13 different brands and Klutch, Amplify and Rise are spread thru out Ohio. No one store or chain will remain dominate as weed continues to be readily available. Also you have to have exclusivity on certain brands like Klutch has with Josh D. Since Klutch opened their own stores I see them growing across America and shops like that will make it hard as hell for other up and coming dispensaries and stores.

I’m so proud my fu*k weed movement is going strong. I’ve been working hard since 2011 pushing this sh*t. I’m single-handedly destroying the weed industry with one phrase. fu*k weed

Im heavy into the legal market and sooooo many huge farms are going under, getting taking over or merging with other bigger farms..

huge transaction going on right now

SoFi said Until cannabis is legalized on the federal level, I don’t think any weed stock is a buy.

Long game ? It might be worth a small investment cause of the potential returns. Thing is you don’t know which company is here to last

I'd love to buy one of those locations

Taxes got weed too high

PolloFrito said A 5 gallon smart pot is 5 bucks, a clone is 25 to 30 from a dispensary and a small bag of Fox Farm or Roots Organic is 20$. You water once a week, twice if it's over 95 for a few consecutive days. You'll have a qp in 4 months, 5 with drying and some curing. It's not a sustainable business... they aren't exactly turning hops to beer.

I read a take where someone compared weed to tomatoes

Anyone can grow a tomatoes, and get them for free but 99% don't. I know there is more of a incentive to grow ur own plant/more fun but most consumers won't

SoFi said Until cannabis is legalized on the federal level, I don’t think any weed stock is a buy.

Weed is a never a stock to buy I think, to up and down and it’s all depending on product results. You could invest a billion but all the weed sucks, then some guy can invest a few thousands and have way better weed or maybe even the next new strain. Weed isn’t like tobacco or corn, people aren’t just gonna accept it bc it is what it is. Weeds is like the liquor store, they got hundreds of products but only sell x amount of brands consistently.

Medmen is one of the more expensive stores here in the Chicago area

Their prices suck, their products are iffy (had two disposable vapes that didn’t work and it was a hassle getting my money back), and the one out in oak park made me enter through the fu*king alley like the druggie I am. I need front door service please and thank you

Medmen gotta couple spots in florida but their reputation is so bad that I’ve never even tried it… they let 8ths go for as low as 12 dollars and still no one goes there.

awww said I’m so proud my fu*k weed movement is going strong. I’ve been working hard since 2011 pushing this sh*t. I’m single-handedly destroying the weed industry with one phrase. fu*k weed

I dont think this has anything to do with weed lol.

fu*k MedMen.

There are several legal dispensaries I support because I value lab testing, but it's ALWAYS been fu*k MedMen.

They're a marketing company first and a cannabis company second.

Overregulation. Biden.

What happened to @Blafy

view video

All these companies that went public early on are failing. Their entire business plans were built around pounds going for 2500 and now they are lucky to get 400 for the boof they are cranking out. They took money and built out way too fast and will never financially recover. Only a matter of time before all the big public companies fail.

Love to see it.

itsamefabio said i get zips of AAAA for like 50 bucks canadian if i buy a qp at a time you guys are getting violated

I’m in a medical state. patients are only allotted 2.5 ozs every 35 days… you’re legally allowed to ride with a Qp but you wouldn’t be allowed to buy one at one time

I recall seeing their Hollywood location on the news the day it first opened, it literally did look like an Apple store, which was cool . I’ve never shopped with them only browsed MedMens menu which was expensive before taxes would’ve even kicked in!

This is one of those industries where you don’t want to be first out. Government was winging it on what to do with this industry creating rules and regulations on the fly. Most of the future planning was based on speculative ideas on what they thought the government would do and over exaggerating the growth of the industry as well.

And as others have said, the “product”.. how can you be innovative with weed? Especially when you can grow it in any location and have it readily available.

Goes back to what I was saying, it’s best not to be first in this industry when everyone can use you as a measuring stick on what not to do.

The most successful companies in Washington been out less than 4-5 years. A lot of the first wave marijuana companies have folded or fu*ked the money up in some way where they’re non existent.

Acebit said Taxes got weed too high

Medmen got medmen weed too high. They expensive for no damn reason, store incentives be weak

Medmen is in Florida. It's super trash weed over priced. They deserve ut

SoFi said Until cannabis is legalized on the federal level, I don’t think any weed stock is a buy.

whoever controls california controls the market

Its the only place on the planet where you can have 2 outdoor harvests and grow under the $1 per gram if done right you can grow for $.50 a gram outdoors


the problem is that the government doesnt really know what its doing despite being the 1st in the country to legalize medical weed.

Indoor produces great weed but it also incurs great debt

Sun and soil produces better flavor profiles

Icee said I recall seeing their Hollywood location on the news the day it first opened, it literally did look like an Apple store, which was cool . I’ve never shopped with them only browsed MedMens menu which was expensive before taxes would’ve even kicked in!

This.

Damn... gotta short. Them mfers charge waaaay to much for weed.

Like $300 for a 3.5 too much haha