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Trust and fiduciary services are provided by Bank of America, N.A. MLPF&S makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation.īank of America Private Bank is a division of Bank of America, N.A., Member FDIC and a wholly owned subsidiary of Bank of America Corporation. Securities products are provided by Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as "MLPF&S", or "Merrill"), a registered broker-dealer, registered investment adviser, Member SIPC layer, and a wholly-owned subsidiary of Bank of America Corporation. You should review any planned financial transactions that may have tax or legal implications with your personal tax or legal advisor. Gelfand said he was actually optimistic about 2023, because now most of the bad operators have already gone under or others are teetering on the verge of a collapse.Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. One insider told Green Market Report that he estimated that half of California’s cannabis retailers will go out of business this year because of debt problems. Those are the debtors that are going to get weeded out this year, they’re going out of business all the time.” “They're probably going to go out of business, they have big egos, and they’re not going to pay their bills.
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“In California, with the problem children, getting paid in full has become uncommon, very rare,” Gelfand said. He said it can be almost impossible for companies to get fully repaid by retailers who have run up high levels of debt, whom he called “problem children.” Gelfand estimated that 80% of his business comes from California and “the last 6 to 9 months are the busiest times ever we’ve seen” in the state. MedMen has expanded to six states and is listed on the Canadian stock exchange. Sometimes we have 20 different clients submitting their claims against the same debtor, so the debtor is drowning in debt,” Gelfand said. “We’re seeing the same debtors over and over again. But many retailers are not paying these debts, according to Brett Gelfand, the managing partner of CannaBiz Collects, a cannabis-focused debt collection agency. California law allows distributors and retailers to buy cannabis on credit with an agreement to pay the supplier back in the future. Expensive regulations and high taxes are combining with crashing wholesale prices to make it almost impossible to make a profit in the legal industry.ĭebt has become a particularly big problem for the state’s industry. MedMen’s financial disclosure is only the latest warning sign that California’s cannabis economy is struggling, with many companies close to out of business. “In many ways I think we’re seeing the consequences of those valuations from years ago.” “I think there was significant disagreement as to whether or not MedMen was worth what MedMen said it was worth,” Sopori told SFGATE. Priya Sopori, a cannabis attorney based in Los Angeles, said MedMen’s value as a business has been “hotly disputed” for many years. The stock was trading at more than $6 a share in 2018, but it’s now worth less than $0.04.
MedMen went public on the Canadian stock exchange in 2018, raising $110 million at an evaluation of $1.65 billion. Travel | The best hikes and day trips in the Bay Area we covered in 2022įood | Only 3 people know this Bay Area secret sauce recipe Local | ‘Why is there so much poop?’: What tourists ask about SF Culture | Why 'Star Trek' made San Francisco the center of the universe
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