its fifth CEO since 2020 with the appointment of Ellen Deutsch, who will be tasked with turning around the once-industry-leading company that now stands on the verge of a financial collapse fueled by high debt....
[+]Deutsch’s appointment is effective immediately, with former CEO and board chairman Michael Serruya saying Deutsch will oversee a restructuring plan that will bring it “into a new phase of growth,” though no specific growth strategies were shared in the announcement of her appointment.revealed MedMen—which in 2018 became the first marijuana company to achieve a $1 billion valuation—had $137.4 million in debt and just $15.6 million in cash remaining on hand.
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Cannabis Pioneer MedMen Names Fifth CEO In 3 Years As Company Teeters On Brink Of CollapseMedMen in 2018 became the first marijuana company to achieve a $1 billion valuation, but the company is now short on cash and is nearing collapse.
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