MedMen, the multistate cannabis operator (MSO) that once held the largest cannabis franchise footprint in the U.S., has shut down all but two of its California-based cannabis shops, MJBizDaily reports. The closures follow a years-long downward trend for the Los Angeles-based company, once considered a multi-billion dollar brand.
MedMen’s last remaining California dispensaries are located in San Diego and near the Los Angeles International Airport. The company has also seen its stock price plummet more than 90% in three years and laid off more than 100 workers since late January, the report said.
MedMen employees from around California confirmed the brand’s widespread closures, including the company’s last San Francisco store in the Cow Hollow neighborhood — that shop, which was its only remaining Bay Area location, had been open for just two years, SFist reported.
Meanwhile, the company announced in December it was selling off its assets in Arizona and Nevada a little over a year after selling its Florida-based assets. The company also attempted to sell its New York assets to fellow MSO Ascend Wellness last year but the deal ultimately fell through due to Ascend’s concerns about MedMen’s allegedly “deteriorating” assets.
The MedMen website is currently unavailable, displaying the message “We’ll Be Back Soon” and specifying that the website is “down for scheduled maintenance.” (Full Story)