Once the cannabis industry’s darling, the mighty Med Men’s fall from grace continues its grim collusion course with its likely demise. The latest news: the company lost $96 million in the second quarter of last year.
The report from MJBizDaily says this year’s second quarter–but that’s a physical impossibility–and the company’s financial summary details this fact in full. This hit comes just a couple weeks after embattled CEO Adam Bierman stepped down from his pole.
MedMen’s demise is somewhat old news but still a good microcosm for the cannabis industry’s bubble bursting. How a company could lose that amount of money (nearly $100 million) in a 3 month span and still even exist is baffling.
Though when you hire Spike Jonze to create a 15 minute video that few watch and fly across the country on private planes, well, that’s when South Park prophecies become reality.