Rolling Stone published a skeptical feature on high profile L.A. retailer MedMen.

  • The retailer now has almost 40 stores and more than 2,200 employees. It lost $65M in Q4 2018 on $30M in revenue.
  • While the company claims to control 7% of California retail sales, the story argues its success depends on its future looking bets in New York and Florida.
  • CEO Adam Bierman and President Andrew Modlin deny charges, made in a lawsuit by former CFO James Parker, that they permitted casual bigotry.
  • The company also faces a class action suit from former employees claiming they worked unpaid hours. (MedMen has declined to comment.)

Quick hit

  1. Vitamin Shoppe is the latest big retailer to say it will stock CBD products.