Marijuana MSO MedMen delays filing 2023 financials

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Marijuana multistate operator MedMen Enterprises says it will be late to file its annual financial report for its 2023 fiscal year ended July 1.

The Los Angeles-based company said in a late Thursday news release that it needs more time “to compile and analyze supporting documentation in order to complete the Form 10-K.”

MedMen cited previously identified “errors that resulted in misstatements of certain assets and liabilities” as of June 2022 that required it to restate its financial statements for the 2022 fiscal year.

That restatement will require subsequent financial statements to be restated, the company said.

MedMen said it plans to file its 2023 financial report on or before Nov. 29.

In the meantime, MedMen also applied for and received a management cease trade order that prevents company insiders from trading shares.

MedMen has had a tumultuous year in which it appointed a new CEO and chief financial officer in July.

In February, MedMen warned about its cash reserves and said it was considering divesting assets in three states.

Shares of MedMen trade as MMEN on the Canadian Securities Exchange and MMNFF on U.S. over-the-counter markets.