MedMen
| Company type | Private (formerly publicly traded) |
|---|---|
| Industry | Cannabis |
| Founded | 2010 |
| Founder | Adam Bierman, Andrew Modlin |
| Defunct | 2024 |
| Fate | Bankruptcy and liquidation |
| Headquarters | Culver City, California , United States |
Area served | United States (California, Nevada, Arizona, Florida, Illinois, New York, Massachusetts) |
Key people | Tom Lynch (Interim CEO and Chief Restructuring Officer) |
| Products | Cannabis products, wellness-oriented cannabis offerings |
Number of employees | >1,000 (2019) |
| Website | www |
MedMen Enterprises was a cannabis company based in the United States, operating in states such as California, Nevada, Arizona, Florida, Illinois, New York, and Massachusetts. The company managed 29 retail outlets alongside 6 cultivation sites and held licenses permitting expansion to 65 retail stores. In 2018, MedMen's shares began trading on the Canadian Securities Exchange (CSE) under the symbol MMEN, achieving a market value of $1.6 billion. Trading of its shares was halted by the CSE in January 2024 following cease trade orders issued by Canadian regulators, with the stock ultimately being delisted in May 2024. Within the U.S., MedMen’s stock was traded over-the-counter under the ticker MMNFF.
Based in Culver City, California, MedMen employed more than 1,000 staff members. The firm was founded in 2010 by Adam Bierman and Andrew Modlin. MedMen branded itself as a high-end cannabis retailer emphasizing growth in both its physical presence and product range, including wellness-oriented offerings. The company’s financial results peaked with revenues of $130 million reported in 2019 before encountering regulatory hurdles and market difficulties that led to bankruptcy and liquidation.
History
Established in 2010 by entrepreneurs Adam Bierman and Andrew Modlin, MedMen emerged from their vision to transform society’s perception of cannabis. In 2018, the company opened one of California’s inaugural recreational cannabis stores located in West Hollywood and expanded its branded retail presence into New York and Nevada. The following year saw the launch of its first medical marijuana dispensary in Florida.
In April 2018, MedMen developed MedMen Mustang—a 45,000-square-foot greenhouse and production facility near Reno, Nevada—aiming for an annual cannabis yield of 10,000 pounds. Construction also began on a second cultivation site of similar size in Desert Hot Springs, California, planned to open in early 2019.
MedMen became publicly traded on the Canadian Securities Exchange through a reverse takeover, debuting under the ticker MMEN on May 29, 2018. The subsequent month, the company secured a nursery and retail license to establish 25 stores across Florida. Later that year, MedMen expanded further by acquiring dispensaries in Arizona, Northern California, and Illinois. It also announced a $682 million acquisition of PharmaCann—the largest planned cannabis acquisition in the U.S.—but eventually withdrew from this deal to prioritize organic growth.
In early 2019, MedMen collaborated with Treehouse Real Estate Investment Trust (REIT), which raised $133 million to purchase properties from MedMen as part of adopting an asset-light strategy. Despite these moves, internal issues surfaced: former CFO James Parker initiated a wrongful termination lawsuit; several senior executives resigned amid claims of financial instability; and MedMen was removed from the New York Medical Cannabis Industry Association membership.
By mid-2019, despite efforts to reduce costs by 20% compared to the previous year, MedMen’s quarterly cash burn escalated to $70 million. In February 2020, CEO and co-founder Adam Bierman stepped down and surrendered his Class A super voting shares. Ryan Lissack—then serving as COO and CTO—acted as interim CEO until March 2020 when Tom Lynch was appointed Interim CEO and Chief Restructuring Officer; Lynch brought extensive leadership experience from his roles at David's Bridal and Frederick's of Hollywood.
On April 26, 2024, MedMen commenced bankruptcy proceedings in Canada; shortly after this announcement, CFO Amit Pandey resigned. Simultaneously, MedMen USA filed for voluntary Chapter 7 bankruptcy liquidation and permanently ceased all business operations.
Funding
Prior to its listing on the Canadian Stock Exchange, MedMen secured approximately $110 million through a private placement, reflecting an estimated enterprise valuation of $1.65 billion. Between September and November 2018, the firm raised close to $200 million via debt and equity instruments, yet reported having only $80 million in liquid assets at the end of that year. In March 2019, MedMen unveiled a $250 million convertible financing agreement with Gotham Green Partners.
Retail stores and facilities
By the autumn of 2019, MedMen operated a network of 32 dispensaries catering to both medical and recreational cannabis consumers across states including Arizona, California, Illinois, Nevada, New York, and Florida.
As of March 11, 2024, it was reported that MedMen had shuttered all but two retail locations in Southern California following a dramatic decline in its stock price, which precipitated the departure of its CEO and executive chairman.
Domestic
MedMen West Hollywood was one of the pioneering licensed recreational cannabis dispensaries in the Greater Los Angeles area, commencing operations on January 2, 2018.
On January 19, 2018, MedMen Beverly Hills received the first state-issued cannabis license in Los Angeles. The company has also expanded its footprint in Florida’s medical marijuana market with eight operational stores and planned to open a ninth by the close of 2019.
International
In 2015, MedMen formed a partnership with Canadian cannabis producer MedReleaf (now Aurora Cannabis) aimed at joint product development and market expansion. Neil Closner, then CEO of MedReleaf, joined MedMen’s board of advisors as part of this collaboration.
On March 19, 2018, MedMen announced a cross-border joint venture named MedMen Canada with Canadian firm Cronos Group to broaden its international presence within the cannabis sector.
Marketing and branding
February 2019 saw MedMen release a promotional video directed by Spike Jonze and narrated by actor Jesse Williams. The advertisement sought to normalize cannabis consumption within American society by drawing historical parallels to founding father George Washington. It also offered criticism of prevailing anti-cannabis attitudes and U.S. drug policy.
On July 19, 2019, the animated series South Park debuted a satirical commercial endorsing its fictional "Tegridy Farms" cannabis brand. This campaign was frequently compared to MedMen’s Spike Jonze-directed advertisement due to both featuring scenes with America’s Founding Fathers cultivating hemp, underscoring MedMen’s impact on cultural marketing narratives.
See also
External links
- Cannabis in California
- Cannabis companies of the United States
- Cannabis companies of Canada
- 2010 in cannabis
- Companies formerly listed on the Canadian Securities Exchange
- American companies established in 2010
- American companies disestablished in 2024
- Companies that have filed for bankruptcy in Canada
- Companies that filed for Chapter 7 bankruptcy in 2024
- Retail companies established in 2010
- Retail companies disestablished in 2024
- Medicinal use of cannabis organizations based in the United States
- Companies of the United States by year of establishment