Has MedMen stopped paying rents?
I have MedMen as a tenant in a state where they are an essential business and have been observed with brisk and steady traffic in the store.  However, the store manager explained they’ve been directed to stop paying rent, explaining they can’t grow enough product to meet demand.

I know of one other landlord of theirs in the same situation, but deals with the same store manager. 

Are there any other landlords (or their brokers/agents) of MedMen in this situation on this sub?
[{"id": "fnvo67f", "text": "That\u2019s bs. They are still open making money. A lot of it.", "replies": [], "depth": 1}, {"id": "fnvomgm", "text": "Landlords are just putting these tenants in default of their lease. The tenant won\u2019t just get out of paying rent, they will have to pay it back over the next 12 months.", "replies": [{"id": "fnvpilr", "text": "The non-essential ones that have had their businesses impacted, yes. We are asking our tenants who cannot pay rent to provide information, such as book numbers for P&amp;L and affirmation they\u2019ve applied for the PPP (the point of that is they would have to risk jail time for lying about their situation).  Each tenant will then be given a different approach depending on their situation so as to best ensure they remain solvent. \n\nBut for the few that are not impacted, they are expected to pay rent like normal.  Where this property is located, the courts have decided to treat commercial evictions like residential ones for the time being.  \n\nSo the question I am wondering is should I bring the hammer down on them when the courts return back to enforcing the law because they a belligerent tenant impairing the property\u2019s value, or are they really facing financial trouble and need to negotiated with to maximize the property\u2019s profitability.", "replies": [{"id": "fnvpq8q", "text": "Exactly, mom and pops we give a pass because of course they need help. RFIs sent to larger tenants, and the ones that refuse to communicate and just say they won\u2019t be paying rent we put in default of their lease. This crisis is exposing who the truly reliable tenants are. Clearly not gyms and the Cheesecake Factory.", "replies": [], "depth": 3}, {"id": "fnw5yze", "text": "You should bring the hammer down assuming you're allowed to file for eviction. In NJ residential at least, you can still file for eviction to get in line for when courts reopen.", "replies": [{"id": "fnwukpp", "text": "Commercial?  There\u2019s a good chance he can just change the locks, depending on the state.", "replies": [], "depth": 4}], "depth": 3}, {"id": "fnwi1nr", "text": "What state?  Don't deal with the manager. They're idiots.  Send a certified letter to MM corporate and tell them you might not get an eviction, but you're going to get a judgement on the amount owed and then you're going to have a distributor licensee seize their product in a VERY PUBLIC manner.  Somewhere in the regs in Cali, and I can't remember where, if something is seized by the state for failure to pay taxes, it gets destroyed.  It might have been the old regs between MAUCRSA and current regs.......", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "fnvp2cq", "text": "I don't have any MedMen but have a MMJ (not recreational) grow tenant in Colorado. They're going full out, can't keep inventory in their storefront right now.", "replies": [{"id": "fnvpcct", "text": "Sorry I just re-read your post. Sounds like they had a crop failure, mold/pest infestation etc. Nothing to do with pandemic. Agree with others, put them in default.", "replies": [], "depth": 2}], "depth": 1}, {"id": "fnw04qz", "text": "Well there stock is at zero and they have been in a chapter 11 bankruptcy like situation for months.  They can't go BK since that's a federal statute so they are trying to pay vendors and employees with stock.  Now the founders homes are being siezed as collateral by their loan shark lender they took money from.\n\nThis has been going on since pre covid so they are probably going to start closing down operations and liquidating where they can.  If it's a successful store like LAX I would start reaching out so a company better capitalized so see if they would want to backfill this Medmen location with a new dispensary... They would probably need to buy medmens license though", "replies": [{"id": "fnw4hqn", "text": "Do you have a link to give more info on the homes being seized?", "replies": [{"id": "fp37hwo", "text": "Better late than never! \n\n [https://mjbizdaily.com/medmen-creditor-seeks-to-seize-cannabis-firms-former-execs-homes/](https://mjbizdaily.com/medmen-creditor-seeks-to-seize-cannabis-firms-former-execs-homes/)", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "fnwe5gy", "text": "For background I am an Investment Sales Broker in South Florida (strictly IS), so I do not deal with TT/LL Rep work. However, I have some good insider info directly relating to your issue with MedMen, as this is something I have been working on pre-Covid-19\n\nI am not sure exactly which market you operate in but I have personally been connecting with a lot of LLs specifically in the Broward Country and Miami-Dade major MSAs with pending MedMen locations where leases have been signed and stores have not yet been opened for operation with already approved permits &amp; licensing.\n\nFor some insider info, this payment issue is not a Covid-19 problem with MedMen but rather a business issue in my opinion. A mutual friend through my girlfriend (that I personally speak with) has been a District Manager with MedMen for the last two years spearheading the opening of new store fronts on the East Coast, and more recently just prior to Covid-19 in California (even traveling to and from during the pandemic). \n\nOn this Friday afternoon, him and many other employees including his boss had a conference call where they were all laid off together. He was promised many things to be sold on his travels to and from CA during the pandemic for this to ultimately be the result. \n\nFor my two cents in summary, based on the issues I\u2019ve seen from other LLs prior to Covid &amp; the fact that they have no issue lying to their employees, I think they will only cause greater issues for you to come. \n\nWe are seeing $65-$100+/SF leases in these Majors MSAs that have roped in many clients of ours, but at the end of the day, I would advise on a $45-50/SF lease on that space with a stable 10-20 Year tenant that will preform and express options for years to come. \n\nThis isn\u2019t the same for other Dispensary Tenants as no two are made equal and I happen to think Curaleaf is an excellent example of a tenant that has increased value for many LLs. They are bullish in my market at the moment actively seeking space with no payment issues across the board. \n\nIn summary, my input is run and run fast from MedMen spaces within your portfolios. \n\nHope this sheds some light and helps and I would be happy to share more on the topic with other examples if you would like to shoot me a PM.", "replies": [{"id": "fnwidgx", "text": "It's a dispensary. It's retail.", "replies": [{"id": "fnwk66h", "text": "Right. A retail tenant I\u2019d advise to stay far away from.", "replies": [], "depth": 3}], "depth": 2}, {"id": "fnwrdk8", "text": "This was greatly appreciated. Thank you.", "replies": [{"id": "fnxptgk", "text": "Absolutely, glad to be able to offer some assistance and input.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "fnxf7bj", "text": "Well they probably stopped paying rent because they don\u2019t plan on paying it at all....have you seen their stock price? They are insolvent.", "replies": [], "depth": 1}]