MedMen's Epic Bankruptcy: The Bigger They Come ($1.7B), The Harder They Fall
MedMen's Epic Bankruptcy: The Bigger They Come ($1.7B), The Harder They Fall
Was anyone surprised that MedMen declared bankruptcy in Canada last week? The hundreds of laid-off workers, thousands of investors, stiffed landlords and suppliers, no doubt, had a few clues.
有人對MedMen上週在加拿大宣佈破產感到驚訝嗎？毫無疑問，數百名下崗員工、成千上萬的投資者、僵硬的房東和供應商有一些線索。
The California cannabis chain, with its ostentatious red awning on the outside and looking like the corporate clone of a French perfume shop on the inside, which likely earned it the "Apple Store of weed" appellation, made the bankruptcy announcement this past Friday.
這家加州大麻連鎖店在上週五宣佈破產，外面有炫耀的紅色遮陽篷，內部看起來像一家法國香水店的企業克隆體，這很可能爲其贏得了 “大麻類蘋果商店” 的稱號。
Here Are A Few Hints
這裏有一些提示
Once celebrated as a cannabis industry titan valued as high as $1.7 billion as a public company, MedMen was near financial collapse over a year ago according to a December 2022 regulatory filing with the Securities and Exchange Commission when it showed only $15.6 million in cash versus $137.4 million in debt.
根據2022年12月向美國證券交易委員會提交的監管文件，MedMen曾被譽爲上市公司價值高達17億美元的大麻行業巨頭，但一年多前已接近財務崩潰，當時該公司僅顯示1,560萬美元的現金，而債務爲1.374億美元。
Then, shortly thereafter, store closures and inventory clearance followed in California, amid severed ties with major brands over nonpayment issues. Landlords clamored for back rent. Underscoring the tumult, C-suite and board members also began jumping ship, noted Green Market Report.
然後，不久之後，由於不付款問題與主要品牌斷絕關係，加利福尼亞的門店關閉和庫存清理隨之而來。房東們大聲疾呼要退租。《綠色市場報告》指出，高管和董事會成員也開始跳船，這凸顯了這場動盪。
Dramatic Fall From Grace
戲劇性的失寵
The now-broke, self-proclaimed unicorn of the cannabis industry has assets worth $1 dollar (you read that right – a dollar) and $410 million in liabilities according to the Creditors Package in the company's bankruptcy documents. Obviously, MedMen's shares, dormant for weeks, are poised for delisting following its breathless downward spiral in 2024, at the beginning of which time the OTC Marketplace downgraded the company to zero value in January.
根據該公司破產文件中的債權人一攬子計劃，這家現已破產、自封爲大麻行業獨角獸的資產價值1美元（你沒看錯——一美元）和4.1億美元的負債。顯然，MedMen的股票在休眠了數週之後，在2024年氣喘吁吁的螺旋式下降之後，有望退市，當時場外交易市場在1月份將該公司的評級下調至零值。
What Went Wrong?
出了什麼問題？
The shortest, kindest and the most obvious answer likely has to do with the company's rapid expansion fueled by the initial euphoria of the 2018 legalization of cannabis in California. As has been, still is, the case across the country, legalization is just the first step that soon tends to collide with the complicated realities of an industry fraught with regulatory hurdles, high taxes and endlessly encumbered by federal law. Despite MedMen's early success, it also faced numerous challenges in the form of legal battles, failed acquisitions and competition from both the legal and illicit cannabis markets.
最短、最親切和最明顯的答案可能與公司的快速擴張有關，這得益於加利福尼亞州2018年大麻合法化最初的欣快感。與全國各地的情況一樣，合法化只是第一步，很快就會與這個充滿監管障礙、高稅收和無休止地受到聯邦法律阻礙的行業的複雜現實發生衝突。儘管MedMen在早期取得了成功，但它也面臨着許多挑戰，包括法律鬥爭、收購失敗以及來自合法和非法大麻市場的競爭。
MedMen's now complete demise serves as a cautionary tale in an evolving cannabis landscape where the rug, once it starts to fray, can fall apart at any moment.
在不斷演變的大麻格局中，MedMen現在的徹底消亡是一個警示故事，在這種格局中，地毯一旦開始磨損，隨時可能分崩離析。
Courtesy photo
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譯文內容由第三人軟體翻譯。