Epic Cannabis Fails You Should Know About: MedMen, Eaze And Others Go Down In California Meltdowns
As California’s cannabis market expanded after legalization, several leading companies seemed poised for dominance. However, due to mismanagement, regulatory pressures and market saturation, many of these giants have collapsed. Here’s a closer look at the industry’s most notable failures.
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MedMen: From Unicorn To Bankruptcy
MedMen, once celebrated as the “Apple Store of Weed,” reached a $2 billion valuation. However, rapid expansion, failed acquisitions, and leadership turnover created financial turmoil. By April 2024, MedMen had filed for bankruptcy with $411 million in liabilities.
Eaze: The Uber Of Weed Falls
Eaze, once California’s largest cannabis delivery service, defaulted on a $36.9 million loan and was later acquired by billionaire James Henry Clark. Despite the change in ownership, Eaze could not recover from high operating costs, …