This Company Was Once a Key Part of Tilray Brands' U.S. Strategy. It's Now Worthless.
The U.S. cannabis market is the largest and most promising one in the entire industry. It has so much potential that Canada-based cannabis producers such as Canopy Growth and Tilray Brands (NASDAQ: TLRY) have been looking for ways to penetrate the U.S. market even before it's legal to do so. The federal ban on pot in the U.S. prevents Canadian companies from entering the U.S. pot market while also trading on a top exchange such as the .
In Tilray's case, the company previously acquired a majority position in the convertible notes of multi-state operator (MSO) MedMen Enterprises. The convertible debt would have given Tilray a way to own a stake in the business at a later date, presumably when the U.S. legalizes marijuana. That day hasn't come, and even if it does, it may not matter. Today, MedMen has a market cap of just $150,000 and its shares are listed at $0.
Last month, MJBizDaily reported that MedMen was announcing layoffs, including at its corporate office, involving accounting and marketing departments. The layoffs caught many employees by surprise and also came as company CEO Ellen Deutsch Harrison resigned. Michael Serruya, the executive chairman of the company's board, has also stepped down.
Source Fool.com
