“We’re seeing the same debtors over and over again. But many retailers are not paying these debts, according to Brett Gelfand, the managing partner of CannaBiz Collects, a cannabis-focused debt collection agency. California law allows distributors and retailers to buy cannabis on credit with an agreement to pay the supplier back in the future. Expensive regulations and high taxes are combining with crashing wholesale prices to make it almost impossible to make a profit in the legal industry.ĭebt has become a particularly big problem for the state’s industry. MedMen’s financial disclosure is only the latest warning sign that California’s cannabis economy is struggling, with many companies close to out of business. “In many ways I think we’re seeing the consequences of those valuations from years ago.” “I think there was significant disagreement as to whether or not MedMen was worth what MedMen said it was worth,” Sopori told SFGATE. Priya Sopori, a cannabis attorney based in Los Angeles, said MedMen’s value as a business has been “hotly disputed” for many years. The stock was trading at more than $6 a share in 2018, but it’s now worth less than $0.04. MedMen went public on the Canadian stock exchange in 2018, raising $110 million at an evaluation of $1.65 billion. Travel | The best hikes and day trips in the Bay Area we covered in 2022įood | Only 3 people know this Bay Area secret sauce recipe Local | ‘Why is there so much poop?’: What tourists ask about SF iPadOS 16.Culture | Why 'Star Trek' made San Francisco the center of the universe.Apple is forcing Vision Pro to be the next big thing.Apple is already testing a faster 15-inch MacBook Air with an M3 chip.Best Mac 2023: Every Apple Mac and MacBook compared.15-inch MacBook Air review: Apple’s best laptop, but bigger.Mac Studio (M2 Max) review: Re-filling the need for speed.3 Reasons to Watch: Platonic on Apple TV+.Get more than half off top-rated JBL Bluetooth headphones for Father’s Day.Apple TV+ produces best-reviewed content of any streaming service.Take hundreds off 1TB of secure cloud storage for Father’s Day.Apple’s M2 Ultra Mac Pro is twice as fast as the Intel Mac Pro at half the price.Reddit’s Hoped-For IPO and Pipe Dream of Cashing in on OpenAI’s Hype.15-inch MacBook Air review roundup: Big screen, big value.2023 Mac Studio vs 2022 Mac Studio - compared.
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