Having been allowed to fail for an almost comical amount of time, MedMen co-founders Adam Bierman and Andrew Modlin were asked to step down from the company’s board of directors.
As slo-mo dumpster fires go, none is more watchable than an over-indulged slo-mo dumpster fire of a cannabis kind. But what does this most iconic public fail say about the industry that Bierman and Modlin felt orbited them?
Green Market Report/Forbes
- “MedMen is both the logical outcome and the confluence of two major themes in the cannabis industry,” says cannabis attorney Matt Kumin. He says those themes are crime and capitalism. Ouch.
- The argument here is the legalization movement promoted an “uneasy marriage” of underground smuggler attitudes and naive venture capitalism. The premise is that cannabiz sought returns reminiscent of both smuggling and Silicon Valley salad days.
Quick Hits
- Barring compromise, November’s West Hollywood election will feature an initiative battle over dispensary regulation. Pitting original owners against newbies, one initiative would significantly rewrite local rules.
WeHoville - A Pomona man who helped a Temple City Sheriff’s Department deputy fake a raid and rob a grower of 1,200 pounds of bud and $600,000 was given probation this week.
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