Cannabis Pioneer MedMen Names Fifth CEO In 3 Years As Company Teeters On Brink Of Collapse

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MedMen 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.

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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