MedMen WeHo has closed its doors after approximately six years in West Hollywood. Situated at 8208 Santa Monica Boulevard, the cannabis dispensary now sits vacant. Throughout the day, several individuals were observed approaching the storefront before ultimately walking away.
Confirmation of the closure came from the manager at the Beverly Hills location on Robertson Boulevard, stating that the WeHo branch had permanently shuttered. Given its proximity, MedMen Beverly Hills has experienced an influx of calls and an increase in foot traffic.
This closure follows closely on the heels of significant changes within MedMen Enterprises Inc., including the resignation of its chief executive and executive chairman amid a tumultuous period for the company. Market Watch notes that the stock recently received a cease-trade order, plunging from a $3 billion valuation in 2018 to zero.
According to a statement from MedMen, Ellen Deutsch Harrison departed as chief executive and board member on Friday, while Michael Serruya, the board’s executive chairman since 2021, stepped down on Wednesday. Richard Ormond was appointed as chief restructuring officer by the board.
Harrison, previously associated with Acreage Holdings Inc. and Hain Celestial Group Inc., assumed the role in July but departed shortly after. MedMen clarified that the resignations were not due to disagreements on operational matters.
MedMen gained attention in 2018 for its open-plan dispensaries but faced losses, legal battles, and stiff competition, resulting in executive shakeups. Its stock reached an all-time high in 2018 but plummeted to fractions of a penny by January 2024.
Founded in 2010 by Adam Bierman and Andrew Modlin, MedMen aimed to reshape society’s perception of cannabis. Its West Hollywood store was among California’s first post-legalization, followed by expansions in New York, Nevada, and Florida. The company’s plans for greenhouse facilities in Nevada and California made headlines, but challenges arose in 2019, including lawsuits and financial scrutiny.
MJBizDaily reported that MedMen Enterprises initiated corporate layoffs on January 26, with affected departments including accounting and marketing. The extent of the layoffs remains undisclosed.
Despite the recent shakeup, employees at MedMen Beverly Hills say they are not concerned. They are open for business and anticipate being busy.