MedMen falls from $3 billion valuation to zero as shares pull cease-trade order and high executives give up marketwatch stories

On Wednesday, US hashish retailer MedMen Enterprises Inc. mentioned its chief government and government chairman had resigned, shortly after the inventory drew a buying and selling halt order because the high-flying hashish retailer fell from a $3 billion valuation in 2018 to zero.

The corporate, in a short assertion on Wednesday, mentioned Ellen Deutsch Harrison had left the function of chief government and board member on Friday. Michael Serruya, government chairman of the board, left on Wednesday, after serving till 2021.

MedMen additionally mentioned its board had appointed Richard Ormond as head of restructuring.

The transfer follows years of government upheaval on the firm. The departure for Harrison – a former Acreage Holdings Inc. ACRHF, +2.92% and Hain Celestial Group Inc. HANN, +4.17% government — comes shortly after she took on the function in July. MedMen mentioned in a submitting Wednesday that the exits of Harrison and Serruya “weren’t the results of any disagreements with the corporate on any matter associated to the corporate's operations, insurance policies or practices.”

Again in 2018, when the California leisure optics market was gearing up, MedMen Enterprises MMNFF, has attracted consideration for its open-plan dispensaries, furnished with show tables displaying edibles, buds and vapes and outfitted with touchscreen tablets. The corporate opened its flagship retailer on Midtown Manhattan's stylish fifth Avenue for promoting medical hashish on April 20 of that yr.

However the losses had been piling up. And so did questions on government compensation, authorized battles, layoffs and stiff competitors — from each the authorized and unlawful markets.

MedMen's inventory reached a excessive of $6.94 on October 16, 2018, with a market capitalization of $3 billion. However on January 12, the inventory fell to $0.0006, a tiny fraction of a penny. On Wednesday, the inventory worth was listed at $0.0000, in accordance with MarketWatch information.

MedMen was notified on January 11 by OTC Markets Group Inc. that the corporate's shares had been moved to the OTC Skilled Market from the OTCQB market as a result of it has not but filed a 2023 annual report or a 10-Q for the quarter ending September. 30, the corporate mentioned in a submitting.

MedMen mentioned it intends to reapply to the OTCQB as soon as it information with the Securities and Change Fee, in accordance with the submitting.

The OTC at the moment has a warning message hooked up to MedMen inventory resulting from its present standing as eligible for unsolicited quotations solely.

On January 5, the British Columbia Securities Fee and the Ontario Securities Fee issued a cease-and-desist order on MedMen's itemizing on the Canadian Inventory Change, resulting from an absence of monetary filings .

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