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SF Gate LogoHearst Newspapers Logo Skip to main content Newsletters Home * About SFGATE * Contact SFGATE * Newsletters * Classifieds * Standards & Practices * Advertise With Us * Privacy Notice * Terms of Use * Ad Choices * Your Privacy Choices News * Bay Area * California Wildfires * Education * Weather * Health * Politics Local * SF History Los Angeles Best Of Sports * 49ers * Giants * A's * Warriors * How to Watch Culture * Movies * Streaming * Tech & Social Media * Cannabis * Senior Living * Comics Food + Drink Travel * Tahoe * California Parks * Disneyland * Hawaii * Wine Country * Monterey-Carmel Real Estate * New Homes * (Virtual) Open Homes * Luxury * Rentals * Mortgage Rates * Place a Real Estate Ad * Neighborhood Guides * Home & Garden Obits * Obituaries * Place an Obituary Shopping Puzzles Sponsor Content * Sponsor Content: Business SF Gate LogoNewslettersSign in Cannabis CALIFORNIA'S 'APPLE STORE OF WEED' DECLARES BANKRUPTCY WITH $410M IN DEBT By Lester Black, Cannabis editorApril 29, 2024 MedMen had expanded to seven states and was listed on the Canadian stock exchange. Business Wire/AP California’s first cannabis company valued at over a billion dollars appears to have completed its long descent into failure. MedMen, once hailed as the “Apple Store of weed,” declared bankruptcy last week, according to a press release published by the company late Friday. The Los Angeles-based company said it currently has $410 million in debt, according to Law360, and has filed for bankruptcy in Canada. Its California subsidiary has been placed in receivership in Los Angeles. MedMen was once the golden child of California’s legal cannabis market, opening sleek retail locations that mimicked the minimalism of Apple Stores and promising that it could sell massive amounts of cannabis by presenting the drug as a modern product without the baggage of prohibition. National media outlets like Esquire and Vanity Fair profiled the company, and it listed itself on a Canadian Securities Exchange in 2018. Advertisement Article continues below this ad The company’s $1.6 billion valuation allowed MedMen’s executives to spend lavishly, including purchasing luxury cars, expensive security details and private jets. The retailer opened locations in Beverly Hills and Fifth Avenue in New York City, one of the most expensive real estate locations in the world, even though New York state had yet to fully legalize cannabis. At its peak, it reported employed more than 1,300 people and had stores in seven states, including three in the Bay Area. MedMen's stores were designed to closely mimic the sleek minimalism of an Apple Store. Denise Truscello/Getty Images for MedMen But the company quickly hit serious financial problems. By 2020, it was struggling to pay its bills, CNN reported, and earlier this year its stock dropped to $0, from a former high of more than $6. MedMen has spent the past two years selling off assets in an attempt to become profitable, but the sales do not appear to have been enough. The Friday news release said that the company is anticipating some of its creditors will take enforcement actions against it. MedMen’s San Francisco and Oakland stores are both closed, according to messages on the stores’ voicemail machines. Advertisement Article continues below this ad More Cannabis Coverage — California rock star who reportedly smoked 20 blunts a day is now selling cannabis —Groundbreaking study cracks one of pot's greatest mysteries — 'F—CK 'EM': Meet the angriest weed CEO in California — ‘Broken system’: Banned pesticides keep showing up in California’s legal pot — Full SFGATE cannabis coverage April 29, 2024 Lester Black Cannabis editor LESTER BLACK IS SFGATE'S CANNABIS EDITOR. HE WAS BORN IN TORRANCE, RAISED IN SEATTLE, AND HAS WRITTEN FOR FIVETHIRTYEIGHT.COM, HIGH COUNTRY NEWS, THE GUARDIAN, THE ALBUQUERQUE JOURNAL, THE TENNESSEAN, AND MANY OTHER PUBLICATIONS. HE WAS PREVIOUSLY THE CANNABIS COLUMNIST FOR THE STRANGER. MOST POPULAR 1. MARK ZUCKERBERG IS BUILDING A SPRAWLING COMPOUND ON THE LAKE TAHOE SHORE 2. BAY AREA TECH ELITE ARE BUYING UP HOMES ON THIS EXCLUSIVE COASTAL CALIF. STRETCH 3. 'I'M STILL DISGUSTED': JANET JACKSON RAILS AGAINST 'INJUSTICE' AT SF CONCERT 4. THE CALIF. NEIGHBORHOOD GROCERY STORES THAT COULD REPLACE TRADER JOE'S 5. BAY AREA HOMEOWNER, 77, KILLS MAN DURING BREAK-IN ATTEMPT, POLICE SAY SHOPPING Shopping THE SF GIANTS JUST RELEASED THEIR MLB AT RICKWOOD FIELD MERCH The SF Giants and the St. Louis Cardinals play at Rickwood Field in Birmingham on June... Shopping STANLEY HAS SUMMERTIME STAPLES ON SALE FOR 25% OFF Take 25% off select Stanley items when you use code HELLOSUMMER at checkout. Shopping WHEN IS AMAZON PRIME DAY 2024? 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