Marijuana Business Daily

Cannabis MSO MedMen warns about cash situation, ability to stay afloat

Published

2 years ago

February 7, 2023

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California-based cannabis multistate operator MedMen Enterprises is warning investors that it might not have enough money to “meet its obligations” for the next year and that there are questions about its ability to stay in business.

MedMen’s latest quarterly filing with securities regulators noted that the company has only $15.6 million in reserves and a working capital deficit of $137.4 million.

MedMen also said in the Feb. 2 filing that it has defaulted on some debt payments and is looking into refinancing or extensions.

“The conditions described above raise substantial doubt with respect to the company’s ability to meet its obligations for at least one year … and therefore, to continue as a going concern,” the company said in the report, which was filed without an accompanying news release.

MedMen also noted that “its cash needs are significant and not achievable with the current cash

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Eaze winding down cannabis delivery operations as new owners ponder future

Published

17 hours ago

October 7, 2024

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The CEO of California’s largest cannabis delivery service, Eaze Technologies, said its parent company is winding down operations and new ownership will determine if the business continues.

“Stache LLC will be winding down operations, with the full closure expected to take place on or around December 31, 2024,” Eaze CEO Cory Azzalino told employees last week in an internal memo he posted on his LinkedIn feed Sunday.

Eaze will provide employees an update on or before Nov. 15, he added.

The California-based marijuana delivery company came under new ownership in August after a public auction of its corporate assets.

A bundle of Eaze assets was purchased for $56 million by a firm owned by Netscape co-founder James Henry Clark.

The acquisition by Clark,

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Ohio recreational marijuana sales near $90 million in 7 weeks

Published

4 days ago

October 4, 2024

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Barely seven weeks since the launch of Ohio’s recreational marijuana market, sales have reached almost $90 million.

Between Aug. 6 – when adult-use sales began in Ohio – and Sept. 28, sales totaled $87.1 million, according to the latest report from the state’s Division of Cannabis Control.

The report also found that recreational retailers sold 10,213 pounds of recreational flower and 1,361,146 units of manufactured products.

The price per gram of recreational flower has fallen steadily from a high of $9.42 in mid-August to a low of $8.23 per gram the week ending Sept. 28.

Likewise, the average price of recreational manufactured products also has fallen steadily, from a high of $31.65 in mid-August to a low of $30.04.

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Marijuana delivery company Eaze has new owner after assets auctioned

Published

7 days ago

October 1, 2024

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California-based marijuana delivery company Eaze Technologies has a new owner after a public auction of corporate assets.

The bundle of Eaze assets were purchased for $56 million in August via a telephone auction by a firm owned by Netscape co-founder James Henry Clark, according to Green Market Report.

Though Clark now has ownership of Eaze, the company’s future is up in the air.

“The new ownership group is evaluating the status of each state’s operations and expects to make a decision prior to year end about what will continue to operate or be closed down,” Eaze CEO Cory Azzalino told Green Market Report via email.

Clark’s FoundersJT acquired the following assets from San Francisco-based Eaze:

Accounts. Chattel paper, which denotes a

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