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   From: bankrupt@california.com   
      
   California’s first cannabis company valued at over a billion dollars   
   appears to have completed its long descent into failure. MedMen, once   
   hailed as the “Apple Store of weed,” declared bankruptcy last week,   
   according to a press release published by the company late Friday.   
      
   The Los Angeles-based company said it currently has $410 million in   
   debt, according to Law360, and has filed for bankruptcy in Canada. Its   
   California subsidiary has been placed in receivership in Los Angeles.   
      
   MedMen was once the golden child of California’s legal cannabis market,   
   opening sleek retail locations that mimicked the minimalism of Apple   
   Stores and promising that it could sell massive amounts of cannabis by   
   presenting the drug as a modern product without the baggage of   
   prohibition. National media outlets like Esquire and Vanity Fair   
   profiled the company, and it listed itself on a Canadian Securities   
   Exchange in 2018.   
      
   The company’s $1.6 billion valuation allowed MedMen’s executives to   
   spend lavishly, including purchasing luxury cars, expensive security   
   details and private jets. The retailer opened locations in Beverly Hills   
   and Fifth Avenue in New York City, one of the most expensive real estate   
   locations in the world, even though New York state had yet to fully   
   legalize cannabis. At its peak, it reported employed more than 1,300   
   people and had stores in seven states, including three in the Bay Area.   
      
   But the company quickly hit serious financial problems. By 2020, it was   
   struggling to pay its bills, CNN reported, and earlier this year its   
   stock dropped to $0, from a former high of more than $6. MedMen has   
   spent the past two years selling off assets in an attempt to become   
   profitable, but the sales do not appear to have been enough. The Friday   
   news release said that the company is anticipating some of its creditors   
   will take enforcement actions against it.   
      
   MedMen’s San Francisco and Oakland stores are both closed, according to   
   messages on the stores’ voicemail machines.   
      
   https://www.sfgate.com/cannabis/article/medmen-bankruptcy-19429105.php   
      
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