Still no word from Medmen - not a peep. You mar recall Medmen - the 'Amazon' of cannabis or some such thing - they were to release their oft delayed financials on Dec 14.
Significant Tilray investors - as Tikray purchased Memdmen debt in the amount of $225 million CDN. The plan was that when the YS legalized, Tilray would convert the debt to shares and acquire Medmen - giving Tikray a gateway to the US.
Problem is twofold, one the YS HASNT federally legalized and Tilray is not allowed to buy Medmen. Two - if Medmen declares bankruptcy - Tikray also loses its $225 million cash investment.
Why Simple Simon invested that kind of cash into a company everyone already knew was in trouble at the time of the deal Aug/2021 is another story - but again, one of incompetence, utilizing the failed 'growth by acquisition' - at any cost - strategy.
Some suggest that Tikray has already written some of this off as a loss - not sure how already admitting the mistake makes it better, at the end of the day - no matter how it's twisted - Tilray investors got ZERO out of the mistake.
$225 million CASH flushed down the toilet - must be fun to be able to spend other people's money.
Look for Medmen to make an announcement tonight after close - a typical Hexo trick to report bad news in the hope it will lessen the impact at opening on Monday