Letter From America
Marion McKeone: Will a change to cannabis laws in the US trigger a new potcom boom?
The Biden administration has announced the biggest change to US drug laws in 50 years, and pharma companies are ready to take advantage of it
In cannabis as in comedy, timing is everything. On April 26, MedMen, one of the first and best-funded cannabis start-ups in the US, announced it was filing for bankruptcy in Canada.
Three days earlier, its US subsidiary was ordered into receivership by the Los Angeles Superior Court. Shortly after its 2018 initial public offering, MedMen was valued at $3 billion. Within six years it had crashed and burned, with more than $400 million in debt.
