Multistate cannabis company MedMen leaves the industry by filing bankruptcy proceedings in Canada with about $411 million in liabilities.
MedMen announced on April 26 that it filed for bankruptcy under Canadas Bankruptcy and Insolvency Act on April 24. The business advisory firm B. Riley Farber Inc. was appointed as the companys bankruptcy trustee.
The company also announced that its American subsidiary based in California entered receivership in the Los Angeles Superior Court on April 23 for the organized dissolution and liquidation of its assets.
As a result of these receivership proceedings, MedMens subsidiaries will have their operations and assets dissolved or sold off in compliance with U.S. laws.
While MedMens Chief Financial…
Read the full article at: https://www.forbes.com/sites/dariosabaghi/2024/04/29/cannabis-company-medmen-goes-bankrupt-with-411-million-in-liabilities/