MedMen, the multistate hashish operator (MSO) that after held the biggest hashish franchise footprint within the U.S., has shut down all however two of its California-based hashish outlets, MJBizDaily studies. The closures observe a years-long downward pattern for the Los Angeles-based firm, as soon as thought-about a multi-billion greenback model.
MedMen’s final remaining California dispensaries are situated in San Diego and close to the Los Angeles Worldwide Airport. The corporate has additionally seen its inventory worth plummet greater than 90% in three years and laid off greater than 100 staff since late January, the report mentioned.
MedMen staff from round California confirmed the model’s widespread closures, together with the corporate’s final San Francisco retailer within the Cow Hole neighborhood — that store, which was its solely remaining Bay Space location, had been open for simply two years, SFist reported.
In the meantime, the corporate introduced in December it was promoting off its belongings in Arizona and Nevada a little bit over a 12 months after promoting its Florida-based belongings. The corporate additionally tried to promote its New York belongings to fellow MSO Ascend Wellness final 12 months however the deal finally fell by means of as a consequence of Ascend’s considerations about MedMen’s allegedly “deteriorating” belongings.
The MedMen web site is presently unavailable, displaying the message “We’ll Be Again Quickly” and specifying that the web site is “down for scheduled upkeep.”
Get day by day hashish enterprise information updates. Subscribe