MedMen Enterprises Inc., a Vancouver, British Columbia-based cannabis company with subsidiaries operating across the US, filed an assignment in bankruptcy on April 24, listing approximately $561.5 million in liabilities, including approximately $359.4 million to Superhero Acquisition Corp. and $100.8 million to Treehouse Real Estate Investment Trust, Inc.

The company, which was valued at a whopping $3 billion just five years ago, has been struggling over the last year. The company’s CEO and its executive chairman both resigned in January, and MedMen closed many of its California stores and discounted remaining inventory.

On April 23, MedMen’s subsidiary MM CAN USA, Inc. was placed into receivership in California to effect an orderly liquidation of its California-based assets. Ancillary receivership proceedings are expected to be commenced in other US states.

The decision to shut down operations and commence the bankruptcy and receivership proceedings was made after careful consideration of the current financial condition of MedMen and its subsidiaries, their inability to pay their liabilities as they become due and the anticipated enforcement actions of secured creditors.

B. Riley Farber is the bankruptcy trustee.

By: Dina Milivojevic