From Dow Jones & Company:

U.S. cannabis retailer MedMen Enterprises Inc. announced the resignation of its CEO and executive chairman. The stock’s value plummeted from a $3 billion valuation in 2018 to zero. The departure of CEO Ellen Deutsch Harrison and executive chairman Michael Serruya comes after the stock drew a cease-trade order. MedMen’s stock hit an all-time high of $6.94 in 2018, but as of Wednesday, the stock’s value was listed at $0.0000. The company’s financial filings have been delayed, resulting in the British Columbia Securities Commission and the Ontario Securities Commission issuing a cease-trade order. MedMen said it intends to reapply to the OTCQB once it files the reports with the Securities and Exchange Commission. In addition to these troubles, the company has also incurred heavy losses, legal battles, layoffs, and competition from the legal and illicit markets. MedMen’s net loss for the three months ended March 25 increased to $31.5 million from $29.8 million in the year-ago quarter. MedMen has been struggling since 2018, after failing in its bid to acquire PharmaCann in a $682 million all-stock deal. One of its co-founders, Adam Bierman, left the company in 2020 and later won a $3.1 million arbitration settlement with MedMen in December 2022. The company has been selling assets to raise cash, selling off non-core business operations in Arizona and planning to sell two cannabis shops in Nevada, pending regulatory approval.



Read more: MedMen goes from height of $3 billion valuation to zero; top execs leave