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The U.S.-based cannabis retailer MedMen Enterprises (OTC:MMNFF) has filed for bankruptcy in Canada on Wednesday, citing the current financial conditions, including its inability to pay debt. Los Angeles, California-based MedMen (OTC:MMNFF) said late Friday that its chief financial officer, Amit Pandey, and its director board also resigned before bankruptcy proceedings began. On Tuesday, the company placed its U.S. unit, MM CAN USA, Inc., into receivership in the Los Angeles Superior Court to facilitate the liquidation of its California-based assets. The decision to close operations and start bankruptcy and receivership proceedings “was made after careful consideration of the current financial condition of the company and its subsidiaries, their inability to pay their liabilities as they become due, and the anticipated enforcement actions of secured creditors,” MedMen (OTC:MMNFF) said. More on Medmen Enterprises
