MedMen Closes Majority of California Stores Amid Business Decline

Recent reports indicate that MedMen has shuttered all but two of its stores in California, marking a significant downsizing for the company.

As per MJBizDaily’s report, only MedMen stores in San Diego and near Los Angeles International Airport are still operational. The closure of multiple locations follows a series of setbacks for the company, including the shutdown of flagship stores in key areas such as West Hollywood, San Jose, Emeryville, and San Francisco.

The company’s decline has been further underscored by the departure of several key executives, including former CEO Ellen Deutsch Harrison, who resigned after less than seven months in the role.

According to MJBizDaily, MedMen has laid off over 100 employees since January, with store closures affecting more than a dozen locations across California. The recent closure of the San Francisco store, which opened just two years ago, signals a significant setback for the company in the Bay Area market.

The closure of the Long Beach location, confirmed by MJBizDaily, resulted in the loss of approximately 10 jobs. The company’s official website has been inaccessible since last week, and its social media accounts have not been updated in months.

MedMen’s struggles come in the wake of a failed acquisition deal with PharmaCann, which was scrapped in 2019 due to plummeting cannabis stocks. The deal, valued at $682 million, was intended to position MedMen as a dominant player in the U.S. cannabis market.

Former CEO Adam Bierman touted the acquisition as transformative, but the company’s fortunes took a downturn amid industry-wide challenges and a steep decline in cannabis stocks.

As MedMen grapples with ongoing financial pressures and operational setbacks, its future remains uncertain in an increasingly competitive cannabis market.