The unicorn of cannabis. The ‘Apple’ store of cannabis. The nationwide string of stores.
Investors once bought into the hype around MedMen Enterprises Inc. (OTC: MMNFF), but in the end, they got burned like a bad blunt.
MedMen is now in the process of winding down, an effort led by Richard Ormond, who is getting paid $180,000 to close down properties and sell assets. Ormond, who was brought on as the “chief restructuring officer,” is the co-founder and chairman of Ejudicate, which operates as Brief.com, an online dispute resolution company, and the principal of Stone Blossom Capital LLC, which provides receivership and restructuring services to the cannabis industry.
Ormond did not respond to requests for comments.
The company has already shuttered most of its locations in California and Chicago. It’s difficult to know what remains open, as the company’s website has been “down for maintenance” since on Friday, when news of the California closures hit the media.
Who’s been burned?
Gotham Green
Gotham Green was one of the biggest believers in MedMen, and the two have a long history.
In March 2019, MedMen signed a binding term sheet for a senior secured convertible credit facility of up to $250 million from
