Sometimes we have 20 different clients submitting their claims against the same debtor, so the debtor is drowning in debt,” Gelfand said. “We’re seeing the same debtors over and over again. But many retailers are not paying these debts, according to Brett Gelfand, the managing partner of CannaBiz Collects, a cannabis-focused debt collection agency. California law allows distributors and retailers to buy cannabis on credit with an agreement to pay the supplier back in the future. Expensive regulations and high taxes are combining with crashing wholesale prices to make it almost impossible to make a profit in the legal industry.ĭebt has become a particularly big problem for the state’s industry. MedMen’s financial disclosure is only the latest warning sign that California’s cannabis economy is struggling, with many companies close to out of business. “In many ways I think we’re seeing the consequences of those valuations from years ago.” “I think there was significant disagreement as to whether or not MedMen was worth what MedMen said it was worth,” Sopori told SFGATE. Priya Sopori, a cannabis attorney based in Los Angeles, said MedMen’s value as a business has been “hotly disputed” for many years. The stock was trading at more than $6 a share in 2018, but it’s now worth less than $0.04. MedMen went public on the Canadian stock exchange in 2018, raising $110 million at an evaluation of $1.65 billion. Tech | Get an Echo Dot bundle for less than $23 ahead of Prime Day
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