MedMen was well on their way to becoming the Walmart of Weed. How did it all come crashing down? Find out in this video!
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MedMen Roller Coaster
Getting into the business of Marijuana in the US is much like a roller coaster. MedMen was once the largest Marijuana company in North America, and they once sat in the front row of this roller coaster ride.
US Marijuana History
For the US’s history with marijuana, it all starts with hemp, which is quite a miracle plant. Yielding 220% more fiber than cotton, weed’s first cousin was a crucial part of US agriculture from the 17th century to the 1910s.
MedMen Beginnings
MedMen was born in 2010 when Adam Bierman and Andrew Modlin joined forces and joined their names. The company was initially called ModMen, and the company wasn’t in marijuana at all.
Flagship Store
They opened their flagship store in West Hollywood. The customer experience was simple. It was modeled to resemble an Apple store, except only if that store sold Marijuana.
First Unicorn
MedMen exploded after going public on the Canadian Securities Exchange in 2018. The legal limbo in the US forced them to operate on the Canadian market. And after going public in Canada, MedMen got a valuation of $1.6 Billion.
Founder Lifestyle
After creating a billion dollar company, Bierman and Modlin wanted to enjoy the fruits of their labor. Bierman bought himself a $4.7 Million water-front home in Marina Del Rey. Meanwhile, Modlin spent just a bit less on a West Hollywood mansion for $3.9 Million.
Security Spending
But it was just the sheer amount of security spending that raised the most eyebrows. Medmen reportedly spent more than $4 Million a year at one point for Bierman and Modlin’s private security details.
MedMen Expansion
Bierman and Modlin didn’t only spend on themselves. They spent even more on advertising, activism, and lobbying. They were aggressively expanding, without paying attention to the ROI for investor money.
Meteoric Fall
MedMen’s blockbuster rise was short-lived. As of the release of the video, since going public, MedMen has yet to have a year where they aren’t operating on multimillion dollar losses. For Fiscal year 2020, MedMen operated on a loss of $192.7 Million.
FBI
Legal weed is still a dangerous game. As states legalized marijuana at a rapid pace, the FBI wondered how much corruption was taking place. They began looking into politicians who were taking bribes in exchange for new Marijuana laws.
MedMen 2021
MedMen just narrowly missed the boat. Had they been much more careful with investor money, they may have finally capitalized on New York’s legalization of recreational Marijuana in 2021.
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