Former Billion-Dollar California Marijuana Company Files for Bankruptcy

Published on May 2, 2024

MedMen–California’s first cannabis company to be valued at over a billion dollars–has filed for bankruptcy in Canada, the company announced April 26. Mounting debt buried the Los Angeles-based cannabis retailer three years after it was valued at over $3 billion, according to its filing. “The difficult decision to shut down operations and commence the Bankruptcy Proceedings and Receivership Proceedings was made after careful consideration of the current financial condition of the Company and its subsidiaries, their inability to pay their liabilities as they become due and the anticipated enforcement actions of secured creditors,” the company said in a news release Friday....

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