MJ Biz tried to get Bierman to talk to them as he’s on his book tour but unsurprisingly the didn’t return their calls
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The latest foray into the legal marijuana industry by MedMen Enterprises co-founders Adam Bierman and Andrew Modlin rapidly collapsed amid lawsuits alleging unpaid bills and a dispute with a business partner, court records and public licensing information show.
Megabud – described as a “chain of cannabis convenience stores” – launched in December 2022 with three locations in the San Francisco Bay Area.
The chain, which had ambitious expansion plans, represented at least the third legal cannabis venture for Bierman and Modlin, whose infamous tenure as MedMen executives saw the marijuana multistate operator go public on the Canadian Securities Exchange with an implied valuation of $2 billion before an equally spectacular implosion.
A second cannabis retail chain in which Bierman and Modlin owned a minority stake, Coastal Holding Co., was sold to The Parent Co. in late 2021 – a sale the pair briefly attempted to block.
Megabud emerged about a year later, and the chain appears to have struggled to maintain inventory and pay vendors within six months, lawsuits and interviews show.
According to text messages included in a lawsuit, Megabud was “closed indefinitely” by mid-September 2023, after less than a year in business.
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The rapid collapse of MedMen co-founders’ latest marijuana venture
