Shares of MedMen Enterprises Inc.
tumbled 21% toward a record low in active afternoon trading Monday, in the wake of the California-based cannabis retailer’s announcement of job cuts and plans to sell assets in an effort to cut spending. The stock, which went public in May 2018, had broken the buck on a closing basis for the first time on Friday, when it closed at 99 cents. It has now plummeted 60% over the past three months, while the ETFMG Alternative Harvest ETF
has dropped 38% and the S&P 500
has gained 8%. Late Friday, the company said it was cutting more than 20% of its staff, scale back marketing and outsource some operations.
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