MedMen

History and Growth:

• MedMen co-founded in 2010 by Adam Bierman and Andrew Modlin.
• Opened first branded retail outlets in New York and Nevada in 2018.
• First medical marijuana dispensary in Florida opened in 2019.
• Went public on the Canadian Stock Exchange in May 2018.
• Raised approximately $110 million before the Canadian Stock Exchange listing.
• Raised nearly $200 million from September to November 2018.
• Reported $80 million in cash on hand by year-end 2018.
• Announced a $250 million convertible financing facility with Gotham Green Partners in March 2019.

Retail Stores and Expansion:

• Operated 32 dispensaries in various states by fall 2019.
• MedMen West Hollywood was one of the first licensed dispensaries for recreational use in Greater Los Angeles in 2018.
• Opened eight stores in Florida for the medical marijuana market by 2019.
• Plans to have nine stores open by the end of 2019.
• Opened state-of-the-art marijuana cultivation facility outside Reno.
• Announced fifth Florida store opening in Jacksonville Beach.

Financial Performance and Business Ventures:

• Faces lawsuit by former insider.
• CFO slashes costs.
• Closes senior secured convertible financing.
• Reports financial results for the second quarter fiscal year 2019.
• $682 million marijuana buyout with PharmaCann is canceled.
• Partners with MedReleaf to expand medical marijuana services.
• Leaps into the Canadian cannabis market with Cronos Group joint venture.
• High-end marijuana retailing and expansion into different markets.

Marketing and Branding:

• Released a video ad directed by Spike Jonze in February 2019.
• The ad linked cannabis usage to historical figures and criticized anti-cannabis sentiment and American drug war policy.
• South Park released a satirical video in July 2019.
• Need for federal regulation of marijuana marketing highlighted.

Leadership Changes and Industry Impact:

• CEO departs.
• Top executives quit amid claims of financial duress.
• Co-founder’s departure.
• MedMen’s financial troubles as a warning for the marijuana industry.
• Rise of big weed and MedMen’s growing pains.
• First billion-dollar marijuana startup.
• South Park’s satirical jab at MedMen in a weed ad.

MedMen Data Sources