One of the nations most recognizable cannabis brands has closed the doors on all but three of its Florida locations.
The company offered no explanation other than “Temporarily Closed. MedMen (location) is temporarily closed effective Sunday May 3rd. Thank you for your patience and support, please check back for updates on MedMen.com.”
The closed locations are in Jacksonville Beach on 3rd St, Key West on Duval St, Orlando’s International Drive location, Sarasota on Main St.. The only locations remaining open are in Pensacola on Bayou Blvd, West Palm Beach on Clematis St, and St. Petersburg on 5th Ave.
While it’s not immediately clear whether the closures are due to business complications from the COVID-19 or further deterioration of business operations. The fact is Florida is a cash-cow for many operators within the state, but MedMen has a poor reputation of consistently being out of stock for its medical patients.
The company has not found success in Florida like it has in California and other markets, but it seems management is betting heavily on recreational cannabis becoming legalized in the sunshine state. MedMen spent $6.1 million in contributions to the PAC pushing for recreational used in Florida called Make it Legal Florida, with the last donation being made in February. That campaign has since been suspended due to COVID-19.
MedMen has one of the best brands in the industry, a great in-store experience, and was run into the ground by an arrogant incompetent management team that has since departed.
We expect to see several more road blocks for the company to overcome before they are in the clear and have the ability to grow properly. Hopefully 2021 will be better for MedMen, as we will avoid further investment in this company for the foreseeable future.
Written by: Brent Williams: The Highwater Chronicle
Disclosure: Some portfolios managed by Brent Williams Manages holds substantial position in MedMen.