MedMen ($CNSX:MMEN) has a problem that many college sophomores have come up against, and conquered: how to sell pot, and stay profitable.
CEO Adam Bierman is out of a job as of this weekend, after he took a heady valuation and turned it into a sticky situation, making him the latest in a string of senior execs to go up in smoke with the ganja retailer.
There's no way to extract a happy narrative from this chart. At MedMen, stock declined a shocking 93% from its October peak - right around when job postings peaked. Since then, job postings are down even more than MedMen shares - and 94% of the jobs it had listed online went offline, in the last few months. For MedMen, 2020 is starting off on the same sour note they tasted in 2019.
MedMen is continuing to rack up Twitter ($TWTR) followers, adding 34% in a little under a year's time, according to our chart above. But, the one below - its Facebook ($FB) Talking About Count - signals slipping engagement, which is perplexing across 2020 as more states allowed legalized marijuana businesses to launch.
There are still other challenges for other marijuana companies - among them, the declining commodity value of the chronic, which is crimping growers' margins. MedMen has long ago shed its' 'unicorn' status - and begun to shed staff too - and other companies in the space, like Tilray, are showing serious signals of strain, as well.
About the Data:
Thinknum tracks companies using the information they post online - jobs, social and web traffic, product sales, and app ratings - and creates data sets that measure factors like hiring, revenue, and foot traffic. Data sets may not be fully comprehensive (they only account for what is available on the web), but they can be used to gauge performance factors like staffing and sales.