BREAKING 🚨 MedMen is dead in WeHo

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UPDATE 1/31/2024: The front doors were locked and the shelves were empty at noon Wednesday at the MedMen in West Hollywood, an unceremonious end to one of the OG cannabis dispensaries in the city — and at one point, one of its most popular and successful. Two employees who did not wish to be identified said they were told the night before to come clean out their lockers. One had just finished a pet photo board that was still leaning up agains the wall.

Once valued at a staggering $3 billion, cannabis company MedMen has fallen on hard times, with its valuation plummeting to zero.

This sharp downturn in the Culver City-based company’s fortunes prompted significant changes in its leadership. CEO Ellen Deutsch Harrison and Executive Chairman Michael Serruya recently stepped down from their positions, according to MarketWatch. 

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MedMen’s operations span several states, including California, Illinois, New York, Nevada, and Massachusetts. Despite the financial turmoil and the cessation of its stock trading on the Canadian Securities Exchange, MedMen’s retail outlets remain operational, including its West Hollywood location on Santa Monica Boulevard, as well as its seven other L.A. stores.

The company’s expansive network of stores might be a contributing factor to its current difficulties. A 2019 Los Angeles Business Journal report suggested that the large number of stores could be problematic for the company’s financial health. This expansion strategy was highlighted when MedMen began selling cannabis products for recreational use under the new California marijuana law in January 2018, with MedMen being one of the first in the Los Angeles area to do so.

However, MedMen’s aggressive expansion has led to significant financial strain. MarketWatch reports that the company faced a cease-trade order and has failed to submit several essential financial reports. Efforts to stabilize the company, including the appointment of Chief Financial Officer Michael Kramer, were not successful. Kramer was terminated only four months after his hiring, as indicated in the Business Journal report.

To address its financial issues, MedMen has resorted to selling assets. Recently, the company divested its non-core business operations in Arizona and is awaiting regulatory approval to sell two cannabis shops in Nevada. Despite these efforts and the ongoing crisis, attempts by KTLA 5 News to obtain a comment from MedMen have remained unanswered. This situation underscores the volatile nature of the cannabis industry and the challenges faced by companies seeking rapid expansion in this sector.

 
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C Moore
C Moore
21 days ago

I used to work for them when cannabis was first started to be recreational. Wow what a horrible place to work. Bad management, co workers at each others throat. it was a Shit show

Dave Di
Dave Di
25 days ago

Oh boy…maybe now we can turn it into a heroin shop with free needle exchanges.

Joshua88
Joshua88
23 days ago
Reply to  Dave Di

I’ll pay for the needles in exchange for free heroin.

ctc
ctc
25 days ago

Despite a hot start, the cannabis industry hasn’t held up well in general. The initial gold rush mentality surrounding the industry resulted in too many weak business models and want-to-be entrepreneurs, who weren’t equipped with the proper business acumen.

Oh naur
Oh naur
28 days ago

Oh no what will Weho do with only 399 weed shops instead of 400???

WehoQueen
WehoQueen
1 month ago

Maybe all the local drug addicts just prefer alcohol or meth.

greeneyedguy
greeneyedguy
30 days ago
Reply to  WehoQueen

The other newer dispensaries are very popular. I think MedMen is just overpriced/outdated. The first generation of dispensaries have been replaced.

Dave Di
Dave Di
25 days ago
Reply to  WehoQueen

Or they just hate doing anything the legal way. Maybe they need to rebrand themselves. Set up a card table in the alley behind 7-11 and lure them in “psssssst….want some drugs?”

:dpb
:dpb
1 month ago

Combination, paying taxes in cash and massive expansion. What’s amazing is the City of West Hollywood has made major commitments to the cannabis industry and its expansion throughout our city. This is a good warning to Weho that things are not as they seem.

Uron
Uron
1 month ago
Reply to  :dpb

Another example of WeHo council jumping on every fad (i.e, scooters/bikes, outzones, etc) thinking that they are smarter and more progressive than any other city. We used to be innovative and creative. Now we are a city of FOMO prostitutes catering to non-residents and the expense of the real stakeholders.

Weho Canna
Weho Canna
1 month ago

The one on Santa Monica BLVD is always empty lately (used to be a line out the door). Staff are just standing around with no customers to help and shelves are looking quite empty! Are their suppliers cutting ties? How long till they close? Before the holidays when I asked one of their security why the shelves are so empty they made is sound like closing is imminent.

Jeff
Jeff
1 month ago
Reply to  Weho Canna

I think all the WeHo marijuana businesses have one foot in the grave. I remember the lines from 2018- early 2020, but now that there’s a dispensary in every mini mall in most of LA county there’s no way they can last. I walk past Canva and the marijuana restaurant on LA Brea, both places used to be packed, now they’re always empty.

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