Former Billion-Dollar California Marijuana Company Files for Bankruptcy

MedMen faces $410 million in debt. Its demise shows how the state’s cannabis projections were wrong, one expert says.

Customers shop for marijuana products at a cannabis dispensary in Santa Ana, Calif., on Feb. 18, 2021. John Fredricks/The Epoch Times

MedMen–California’s first cannabis company to be valued at over a billion dollars–has filed for bankruptcy in Canada, the company announced April 26.

Mounting debt buried the Los Angeles-based cannabis retailer three years after it was valued at over $3 billion, according to its filing.