MedMen

The cannabis multistate operator MedMen filed for bankruptcy last week with the company’s Los Angeles-based subsidiary entering receivership with more than $410 million in liabilities owed.

The embattled multi-state cannabis operator MedMen announced this week it is selling off its Arizona- and Nevada-based assets as part of its strategic restructuring toward an “asset-light growth strategy” in the company’s core markets.

Ascend Wellness Holdings Inc. is calling off the deal to take over MedMen New York due to concerns about MedMen’s allegedly ‘deteriorating’ assets.

Ascend Wellness Holdings has reached an agreement for the acquisition of MedMen’s New York medical cannabis operations in a deal worth $88 million.

MedMen agreed to sell all of its Florida holdings including its license, dispensaries, inventory, and cultivation facilities.

MedMen has moved to withdraw its lawsuit alleging that Ascend Wellness improperly influenced New York Gov. Kathy Hochul (D) to approve a takeover deal between the two companies.

Ascend Wellness Holdings is countering MedMen’s claims that they held undue influence with New York’s Gov. Kathy Hochul’s administration during a legal fight about a company takeover.

MedMen is seeking to subpoena New York Gov. Kathy Hochul’s (D) office in a lawsuit alleging that officials used their influence to help a competitor purchase the company’s New York operations as a favor for political contributions.

The co-founders of MedMen Enterprises are suing the co-owners of Coastal Holding Company claiming the retail dispensary chain conspired to dump the company in a liquidation sale.

Tilray has acquired the majority of outstanding senior secured convertible notes of MedMen, setting the Canadian firm up to obtain a “significant equity position” in the U.S.-based MSO.

MedMen has filed suit against the city of Pasadena, California in an effort to block the city’s cannabis business licensing process after the company was removed from consideration following a major ownership/management shift.

MedMen’s embattled co-founders Andrew Modlin and Adam Bierman have stepped down from their roles on the company’s board of directors.

Protests over the police killing of George Floyd took place nationwide over the weekend; in California, cannabis dispensaries were wrecked and looted, including Cookies and several MedMen locations.

An early investor for MedMen is seeking deeds to the Los Angeles mansions of the company’s former CEO, co-founder, and current Chief Strategy Officer after repayment requests were allegedly ignored.

Adam Bierman — CEO and co-founder of MedMen Enterprises — is stepping down from his official duties starting tomorrow and has agreed to surrender his super-voting shares back to the company.

The CEO of MedMen went on Reddit Friday to answer questions from the general public. After about an hour, he ended the session, leaving numerous questions unanswered.

MedMen has proposed giving its vendors shares in the company instead of cash in an attempt to reduce overhead and conserve funds after its “restructuring” last year.

Medmen Enterprises has announced the cutting of more than 190 jobs; the company says it’s an effort to slim down and focus the cannabis retailer’s national footprint.

The acquisition deal between MedMen and PharmaCann has been called off; the companies announced the deal’s termination as “mutual.”

The spot, two minutes in length, highlights the history of cannabis in America, the ills of prohibition, and the “new normal” of the modern cannabis movement.