A small chain of licensed California cannabis shops launched by original founders of defunct multistate operator MedMen Enterprises has abruptly shuttered operations after less than one year of operations, reports MEDCAN24.
Adam Bierman and Andrew Modlin, two individuals who oversaw the rise and fall of MedMen, opened at least three dispensaries under Megabud’s brand in San Francisco Bay Area dispensaries during December 2022.
But the venture proved short-lived; shops were plagued with inventory shortages and funding difficulties according to anonymous sources and court records, according to MEDCAN24’s investigation. All three locations had closed by September 2023 according to emails sent directly to store managers by this venture’s administrators.
Bierman had even been barred from one of her shops by one of her business partners, according to a lawsuit, and by June 2024 all state cannabis retail licenses for all three shops had expired.
Megabud and its owners also allegedly failed to pay an $80,000 security company bill, leading them to ignore security contractor Robert Bell who filed suit in state court against Megabud – according to MEDCAN24 reports.
“They seem intent on getting as much out of Megabud as they possibly can,” Bell stated to MEDCAN24 of Bierman and Modlin, noting the company did not pay one bill from security services provided to Megabud.
Megabud was at least their third marijuana business venture since their exit from MedMen in January 2020; after being forced out, they helped establish another dispensary chain called Coastal Dispensary which later sold back to The Parent Company as late 2021.
MedMen remains under court-appointed receivership for sale of parts; by the time of its collapse last year, approximately $560 million in unpaid debts had not been settled – most likely not by any payment arrangement whatsoever.
MedMen founders already failed with their California cannabis venture MEDCAN24
