Med Men: Call The Doctor – Social Media Bankruptcy Rumours Abound

Med Men: Call The Doctor – Social Media Bankruptcy Rumours Abound

Grizzle sum it up in one succinct sentence… “They spent like drunken sailors in pursuit of market dominance but severely miscalculated.”

 

Here’s their report….

They write..

Rumours are swirling around Twitter and Facebook Friday night that MedMen is reaching out to debtholders and service providers to negotiate a restructuring of the company.

 

The company is rumoured to be offering $0.50 on the dollar to owners of MedMen debt and telling certain service providers that they aren’t able to pay outstanding bills.

On the other hand, the rumors could simply be related to Medmen’s attempt to save as much working capital as possible by stretching out payments with vendors.

We will likely hear more in the coming days as rumors in potstocks rarely stay rumors for long.

Read the full story .  https://grizzle.com/did-medmen-just-go-bankrupt/

 

The comments section  is  even more enlightening

  •  

    MedMen hasn’t paid us for the last 6 months and owes us $300k. We finally stopped supplying to them but they’ve been dodging our phone calls. When we finally got someone on the phone, some low level jackass named Ben Shultz offered us $30k to go away. When I told him the offer was unacceptable, he laughed and said we’re gonna end up with zero as the ship sinks. This is gonna likely put us near bankruptcy as well and it’s painful to bear when you hear about the private jets, the exorbitant bonuses and the other ways these guys have enriched themselves.

        • Avatar
           

          Thats brutal. So MedMen guys got rich with investors money and now a bunch of people will lose it all. Why is it still legal for managers of public companies to pay thenselves millions of dollars whil their company bleeds to death?

          Executive compensation should be legally capped to $300k per year if a corporation is unprofitable. What a joke.

        •  

          Yes, I would imagine that MedMen is on the verge of bankruptcy….but of course any cannabis touching business cannot file bankruptcy in federal court…so what do they do? Management should have hired a team like our company (Nevium) that would have given them a professional road map to prevent bankruptcy and increased the value of their companies respectively. I am well versed in 280E issues and the impacts it has on any cannabis touching business…but who quarterbacks after the game is finished?

            Avatar

            How do you think they’re doing paying the legal fees associated with their CFO lawsuit defense and the antitrust review? Those fees have to be in the millions.

             

          Pot Stock news reports 20 January

          MedMen Stock Tanks as Bankruptcy Rumors Swirl Online

          MedMen stock is sinking on Monday morning after rumors that MedMen Enterprises (CSE:MMEN) (OTCQX:MMNFF) had filed for bankruptcy were circulated on social media over the weekend. 

          Damning Claims Against MedMen

          According to messages posted by prominent pot stock investor Jason Stapafora, MedMen Enterprises has reportedly notified certain service providers that it is no longer in a position to pay its bills and has also begun offering 50% payment to certain creditors. Another message reshared by Stapafora was from Ben Schultz, a senior director at the firm, which appears to show him notifying a creditor that the company is unlikely to pay off certain invoices until a cash fusion in February or March. MedMen stock has dropped nearly 10% today. 

          While all the claims made on the thread are as yet unverified, it does make for a damning reading list for the cannabis firm, which already had a less than perfect reputation. MedMen stock took a major hit in the early part of 2019 as the activities of the company’s management, under the leadership of founder and CEO Adam Biermen, came in for considerable scrutiny. In January, deposed CFO James Parker sued for wrongful dismissal, alleging a culture of financial mismanagement, which he described as a “spending addiction.”

          Read full report at

          https://potstocknews.com/medmen-stock-bankruptcy-rumors/

           

           

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