MedMen's Receiver Files Suit, Fixing the Lost Value of Federal Reform "in Excess of $1 Billion"

OG article by Adam Tschorn

January 12, 2026

A legal complaint filed December 31, 2025, in Los Angeles County Superior Court by MMIRF, LLC claims over $1 billion in damages from the collapse of MedMen, once a prominent cannabis chain. The suit targets Tilray Brands, Serruya Private Equity, Superhero entities, and individuals including Tilray CEO Irwin Simon and former MedMen chairman Michael Serruya. Allegations include breach of fiduciary duty, aiding breaches, and civil conspiracy after Tilray-linked investments and leadership changes post-2021 derailed recovery efforts. MedMen peaked at a $3 billion valuation in 2018 with multi-state operations but faced distress from debt and expansion. A planned turnaround involving asset sales and restructuring was allegedly undermined, leading to 2024 receivership and Tilray acquiring remnants. The complaint highlights lost "option value" from federal cannabis reform—linked to President Trump’s December 2025 executive order shifting marijuana to Schedule III—preventing banking access, uplisting, and growth. Damages exceed $1 billion, with punitive claims and a jury trial sought. A case conference is set for April 2026; the receivership estate gets 20% of any recovery.