It didn’t seem like things could get much worse for MedMen, the onetime cannabis industry “unicorn” that rode a $3 billion valuation in 2018 all the way down to a present-day stock price of $0.
But the beleaguered company—which has seemingly collapsed in slow-motion—now owes nearly $2 million in back rent to billionaire New York real estate mogul Jack Cayre, who finally ran out of patience on Thursday, according to a default notice obtained by The Daily Beast.
“Please be advised that Tenant is in default of its obligations under the Lease and we hereby demand payment in the amount $1,870,499.52 by not later than February 21, 2024 for fixed rent and additional rent owed under the Lease in accordance with the attached statement,” it reads. “The undersigned may avail itself of all rights and remedies it has under law or equity, including, without limitation, terminating the Lease, and/or filing the applicable Confessed Judgments, copies of which are annexed hereto.”
On Feb. 22, lawyers for Midtown Equities, which is owned by the Cayre family, filed the default notice in New York State Supreme Court, demanding the money.