Creditors of cannabis operator MedMen Enterprises will meet in a few weeks as investors seek repayment for hundreds of millions of dollars in outstanding debt.
The cash-strapped company entered bankruptcy proceedings in Canada on Friday and placed its California retail assets in receivership, the first steps to unwind the business and sell off assets in liquidation.
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The developments usher in the end of the company’s days as a marijuana multistate operator and cement perhaps the most precipitous downfall in the marijuana industry to date.
With creditors reporting more than 560 million Canadian dollars ($410 million) in claims, MedMen likely represents the largest failure in U.S. and Canadian marijuana retail history.
At one point, the company operated more than 20 stores nationwide, including about
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