A California-based chain of cannabis dispensaries is in a period of upheaval after its stock became essentially worthless, prompting the ouster of its CEO and executive chairman.
Culver City-based MedMen, which has locations in California, Illinois, New York, Nevada and Massachusetts, was once valued at $3 billion. But that was 2018; now, that valuation is zero, according to multiple reports .
MarketWatch explained that MedMen was hit with a cease-trade order for its stock, and several required financial reports have not been filed with authorities.
CEO Ellen Deutsch Harrison and the board’s Executive Chairman Michael Serruya departed last week, though the company “clarified that the resignations were not due to disagreements on operational matters,” according to the WeHo Times .
While MedMen stock is no longer being traded on the Canadian Securities Exchange, stores remain open, SFGate explained .
In the L.A. area alone, MedMen has eight locations, including spots in Long Beach , Orange County, West Hollywood and near LAX.