MedMen filed for bankruptcy on April 24, 2024 and B. Riley Farber Inc. was appointed as the company's bankruptcy trustee. The company's Chief Financial Officer, Amit Pandey, resigned effective as of February 13, 2024 and each of the Company's directors resigned effective immediately prior to the commencement of the bankruptcy proceedings.
Also on April 23, 2024, the company's wholly owned subsidiary, MM CAN USA, Inc., a California corporation, was placed into receivership in the Los Angeles Superior Court, Santa Monica Division (LASC) to effectuate an orderly dissolution and liquidation of its California based assets. The Company's current Chief Restructuring Officer formally resigned and is now appointed by LASC as the Receiver of MM CAN USA, Inc. It is contemplated that ancillary receivership proceedings will be sought in those U.S. states where MM CAN USA, Inc. controls or owns assets. As a result of such receivership proceedings, the operations and assets of MedMen's subsidiaries will be dissolved or liquidated pursuant to applicable laws in the United States.
The decision to shut down operations and commence the bankruptcy proceedings and receivership proceedings was made after considering 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.
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MedMen
www.medmen.com