Once a cannabis unicorn, MedMen’s fortunes go up in smoke
- MedMen’s stock draws cease-trade order
- Valuation drops from $3 billion to near zero
- MedMen’s shares moved to OTC Expert Market
- Cease-trade order issued on MedMen’s listing on Canadian Securities Exchange
- MedMen selling assets to raise cash
- Former Acreage Holdings executive named as new CEO
- Strong competition from illicit market in California
- Failed bid to acquire PharmaCann in 2018
- Co-founder Adam Bierman wins $3.1 million arbitration settlement
MedMen Enterprises Inc., once hailed as the first cannabis unicorn, has seen its stock draw a cease-trade order as its valuation plummeted from $3 billion to near zero. The company’s shares have been moved to the OTC Expert Market due to its failure to file necessary reports with the Securities and Exchange Commission. MedMen has also faced a cease-trade order on the Canadian Securities Exchange. To raise cash, the company has been selling assets and recently appointed a new CEO. However, it continues to face challenges from the illicit market in California and setbacks in the New York market. MedMen’s troubles began in 2018 when it failed to acquire PharmaCann in a multi-million dollar deal. Co-founder Adam Bierman, who left the company in 2020, recently won a $3.1 million arbitration settlement.
Public Companies: MedMen Enterprises Inc. (MMNFF), OTC Markets Group Inc. (OTCM), British Columbia Securities Commission (), Ontario Securities Commission (), Acreage Holdings Inc. (ACRHF), Hain Celestial Group Inc. (HAIN), PharmaCann (), Ascend Wellness Inc. (AAWH)
Private Companies:
Key People: Adam Bierman (Co-founder), Ellen Deutsch (Chief Executive)
Factuality Level: 7
Justification: The article provides information about MedMen Enterprises Inc.’s stock decline and the reasons behind it. It includes details about the company’s financial filings, cease-trade orders, and asset sales. The information seems to be based on factual events and statements from the company. However, the article lacks in-depth analysis and context about the broader cannabis industry and market conditions that may have contributed to MedMen’s decline.
Noise Level: 3
Justification: The article provides relevant information about the decline of MedMen Enterprises Inc.’s stock and the reasons behind it. However, it contains some filler content, such as the mention of text-to-speech technology and the request for feedback. Additionally, the article lacks in-depth analysis and does not provide actionable insights or solutions.
Financial Relevance: Yes
Financial Markets Impacted: The article pertains to the financial market impact on MedMen Enterprises Inc., a cannabis company.
Presence of Extreme Event: No
Nature of Extreme Event: No
Impact Rating of the Extreme Event: No
Justification: The article discusses the decline of MedMen Enterprises Inc.’s stock and its financial difficulties, but there is no mention of an extreme event.
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