In November, California-primarily based cannabis retailer MedMen started marketing for a crisis management arranging manager.
According to the job posting, the position was intended to help the company’s “employees and enterprise units in developing, sustaining and enhancing MedMen’s capability to prepare for, mitigate against, respond to and recover from all hazards.”
In hindsight, the posting seemed rather prescient.
More than the ensuing 3 months, the enterprise was hit with 3 lawsuits that, combined, seek hundreds of millions of dollars in damages.
MedMen has considering that been asked to relinquish its membership in the New York Healthcare Cannabis Market Association due to the fact of allegations contained in a single of the suits.
And if that is not sufficient, the vertically integrated enterprise is facing the attainable loss of its flagship retailer in West Hollywood.
Market observers think MedMen can climate the most recent string of damaging headlines from a monetary standpoint.Just before the current setbacks, the enterprise had enjoyed a spate of fantastic news, namely going public in Canada and executing a number of acquisitions created to produce millions of dollars in income.
But the sudden turn of events – like a breach-of-contract lawsuit filed final month by the company’s former chief monetary officer – has raised inquiries about MedMen’s path and leadership.
“This could go in a lot of directions,” mentioned Mitch Baruchowitz, a principal at New York-primarily based Merida Capital. “None of this essentially in any way touches on the core enterprise.
“So, their enterprise may well not be in crisis, but their corporation could be in crisis. But I can not say if it is or not.”
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Published: February 14, 2019