Jeepers - turns out the ‘jewel’ of the cannabis sector, Medmen's store on 5th Avenue HASNT paid its rent either. The landlord is suing for $1.8 million in back rent.
I told Ventura several months ago that Medmen did not apply for it's available recreational licence - because they didn't have the cash to pay the application fee.
Of course, Ventura said I was wrong.
Apparently I'm also wrong when I say Tikray wasted $225 million of investors money out the window when Simon bought Medmen debt.
Now that they're writing the $225 million off - Ministry of Tilray officials say it's old news and therefore a non issue.
I thought other religious cults were bad.
Beyond the finaciers
It’s not just the direct investors taking a hit from MedMen’s demise.
There’s the landlord for the company’s store with the high-priced rent on 5th Avenue in New York City. In February, Daily Beast wrote that New York real estate mogul Jack Cayre filed a default notice in the New York State Supreme Court demanding money for unpaid rent to the tune of $1.8 million.
The store is still open, but MedMen did not apply for an adult-use license in the state and remains only a medical operator.
And that landlord isn’t alone.
MJBiz Daily wrote that “one California distributor that’s owed tens of thousands of dollars is planning to file a lawsuit against the Los Angeles-based company… Other contractors – some owed upward of five figures – are contemplating legal action against MedMen as well.”