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(Politico)   A look at how the "Apple of marijuana" collapsed   (politico.com) divider line
    More: Amusing, Legality of cannabis, Legality of cannabis by country, Hashish, Adam Bierman, Marijuana Control, Regulation, and Education Act, Hemp, cannabis business, MedMen's stock price  
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1913 clicks; posted to Business » on 24 May 2020 at 6:51 PM (6 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



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View Voting Results: Smartest and Funniest
 
2020-05-24 12:19:14 PM  
i.kym-cdn.comView Full Size
 
2020-05-24 12:27:26 PM  
So instead of spending money building supply chains, advertising, finding the best locations and selling weed they spent it on appearing to be successful. And then they failed.
 
2020-05-24 12:43:30 PM  
How?
 
2020-05-24 12:50:43 PM  
There was a place I went a couple times, Buddy's Cannabis. Nice open space, at least 8 budtender stations, a huge bead curtain dividing the front waiting area from the stations. Wait in the waiting area for a free budtender, then sit down and do your shopping.

Went back because it was cool and chill, but it had changed into a MedMen. I get why it's compared to Apple... It was a lot like an Apple store inside. What used to be a huge bead curtain was now a wall. Sales clerks circulate in the store. Large tables with iPads let you view product options. Tell a sales person what you want, they take their key and go through the door in the wall...
 
2020-05-24 1:12:11 PM  
They outsourced manufacturing to China?
 
2020-05-24 2:42:24 PM  
A startup that failed because they were more into style than substance?  Must have been the weed.

Also, I think subby accidentally the headline.
 
2020-05-24 3:50:40 PM  
I always saw ads for them, but never went. Any place advertising that much was bound to be expensive.
 
2020-05-24 4:15:38 PM  
They don't have the power that the liquor lobby has, so drink up, alkies!
 
2020-05-24 4:29:22 PM  
How can there be an "Apple" of marijuana?  There are no real innovations left to be made.  Everybody is using the latest growing techniques and producing strains which test out as high as 36.73% THC if the label on this "Orange Peel" is to be believed.

There are vapable and edible and even topical products.  There's wax and shatter and everybody sells it.  I haven't seen THC or CBD suppositories, but that's probably just because I haven't looked.

There are successful and not so successful businesses though.  One marijuana store near me seems to be doing it right and expanding their business.  Another seems to be just hanging on.  One grew to take over a whole 3-story office building and the other is still a hole in the wall in the run-down part of town and their marijuana may be cheap, but it's not nearly as good.

Life is too short not to smoke the best pot you can find.
 
2020-05-24 7:16:37 PM  

My Sober Alt: How can there be an "Apple" of marijuana?  There are no real innovations left to be made.  Everybody is using the latest growing techniques and producing strains which test out as high as 36.73% THC if the label on this "Orange Peel" is to be believed.

There are vapable and edible and even topical products.  There's wax and shatter and everybody sells it.  I haven't seen THC or CBD suppositories, but that's probably just because I haven't looked.

There are successful and not so successful businesses though.  One marijuana store near me seems to be doing it right and expanding their business.  Another seems to be just hanging on.  One grew to take over a whole 3-story office building and the other is still a hole in the wall in the run-down part of town and their marijuana may be cheap, but it's not nearly as good.

Life is too short not to smoke the best pot you can find.


Marijuana tampons are a thing. That's a sort of suppository, right?
 
2020-05-24 7:19:15 PM  
 
2020-05-24 7:55:09 PM  
New industry yields more players than market supports, not all players succeed.

I dnrtfa.
 
2020-05-24 7:59:13 PM  

anuran: So instead of spending money building supply chains, advertising, finding the best locations and selling weed they spent it on appearing to be successful. And then they failed.


Fark user imageView Full Size
 
2020-05-24 7:59:54 PM  

My Sober Alt: How can there be an "Apple" of marijuana?  There are no real innovations left to be made.


There's still plenty of room to be the "Apple of Marijuana". Actual innovation has never been Apple's strong suit..
 
2020-05-24 8:21:00 PM  

My Sober Alt: How can there be an "Apple" of marijuana?  There are no real innovations left to be made.  Everybody is using the latest growing techniques and producing strains which test out as high as 36.73% THC if the label on this "Orange Peel" is to be believed.

There are vapable and edible and even topical products.  There's wax and shatter and everybody sells it.  I haven't seen THC or CBD suppositories, but that's probably just because I haven't looked.

There are successful and not so successful businesses though.  One marijuana store near me seems to be doing it right and expanding their business.  Another seems to be just hanging on.  One grew to take over a whole 3-story office building and the other is still a hole in the wall in the run-down part of town and their marijuana may be cheap, but it's not nearly as good.

Life is too short not to smoke the best pot you can find.


https://merryjane.com/health/what-you​-​need-to-know-about-using-cannabis-supp​ositories
 
2020-05-24 8:35:57 PM  
It's a stupid concept, "the Apple of MJ".  The thing is, Apple products are expensive because Apple spends a ton of money on its ecosystem and pays more for the guts and design of their phones.  When it comes to pot, there is no design necessary, you can take an existing good strain and just propagate it.  So while price points exist in MJ, it's totally up to each grower how high-end they want to aim.  Nobody can capture the market on high quality pot.  And nobody can create a brand as a "luxury" pot dealer.  A luxury farmer, sure.  But not a store.
 
2020-05-24 8:36:19 PM  

snoopy2zero: anuran: So instead of spending money building supply chains, advertising, finding the best locations and selling weed they spent it on appearing to be successful. And then they failed.

[Fark user image 425x425]


Hah. First thing I thought of, too.

"They say you gotta spend money to make money, I don't know what went wrong. We spent *all* our money."
 
2020-05-24 9:10:02 PM  
FTFA:  "The company got hit with a class-action lawsuit from employees alleging labor law violations. Miffed investors sued the founders, accusing them of self-dealing and other underhanded tactics. A former chief financial officer filed a blockbuster complaint in a Los Angeles court accusing the founders of a slew of misdeeds, from manipulating MedMen's stock price, to bank fraud, to seeking private intelligence groups to get dirt on their enemies, to calling an L.A. city councilman a "midget negro" and making an illegal straw man contribution to a Nevada politician."

Exploiters, chiselers, racists, and bribers of politicians?  In the weed business?  Really?  I can't believe it.
 
2020-05-24 10:06:55 PM  
Apple of marijuana, you say....

Fark user imageView Full Size
 
2020-05-24 10:15:25 PM  
Anyone claiming to be the X of Y, isn't.
 
2020-05-24 10:20:11 PM  

Somaticasual: Actual innovation has never been Apple's strong suit..


Yeah, Apple's strong suit has always been integration, not innovation. Their innovation contains flops like OpenDoc, Newton, and ARM.

Well, maybe that last one wasn't a flop. It just took 20 years to really take off....
 
2020-05-24 10:53:42 PM  

Enigmamf: Somaticasual: Actual innovation has never been Apple's strong suit..

Yeah, Apple's strong suit has always been integration, not innovation. Their innovation contains flops like OpenDoc, Newton, and ARM.

Well, maybe that last one wasn't a flop. It just took 20 years to really take off....


I would say that, up until the iPod/iPad/iPhone era, Apple's strong suit was "Adobe".

For a LONG time, Adobe software was better on the Mac, and that was a huge deal. And then for a while, "Final Cut" was a huge deal. Now...there's no particular "killer app" for Macs.
 
2020-05-25 12:27:31 AM  
I need in a weed store: updated inventory available online, variety, clean store that feels safe as an average liquor store, entry level price point go-to weed strains in consistently ok test levels, lots of prerolls so I can try new strains to me without buying a shiat load, pleasant enough staff.

A knowledgeable staff is nice, but I saw much less of that as medical moved to recreational in WA. However, a kick-ass .75g cherry cookies preroll testing out over 36%THC never showed up in medical dispensaries. I did get a $90 ounce of amazing blue treat from a medical place that was ran by amazing growers with no business luck around the time recreational places were just starting to open. They had no online presence, and seemed to rely on a portable sandwich board as their sole advertising buy.

The big money recreational places may have had super top shelf shiat I never tried to afford, and loads of concentrate shiat I never bothered with, but the chain with the most expensive storefronts and retail space in and around Seattle sold overpriced junk.
Never messed with the monied large-scale growers and processors except when they gray marketed some killer weed to the illegal delivery services that popped up after recreational was legal to have but no or few dispensaries we're open. Some amazing stuff there at a regular $60-70 per quarter. Sure some of those folks got jail time but their weed was amazing.

The investor class of weed folks seemed like liars, MLMarketeers or just stupid rich people. Leafly and Weedmaps seemed awesome but fark me they hit up many recreational shops for $10-20k a month. I have no idea how profitable those companies are and their websites are getting harder to use. I won't add their apps to my phone as when I looked, those apps we're invasive AND shiatty to use.

I've legally bought weed in five states now. Might add Illinois to the mix post-Corona, along with DC. Miss my cheap local across from my cheap neighborhood tavern just north of Seattle. I'll be eligible for the AARP discount before such is legal in my new state.
 
2020-05-25 1:21:30 AM  
I like that the dispensaries near me now have order online. It saves time and you know what they have before you leave the house. Whenever I see a special on something I like, I can place an order.
 
2020-05-25 3:18:57 AM  
Did they make their own, third type of weed (Indica, Sativa and now, iStrain), make only 3 substrains of it and then sell it for 50% more than the competition?
 
2020-05-25 6:46:14 AM  
When did weed turn into Starbucks on steroids?
 
2020-05-25 8:04:34 AM  

Pinnacle Point: [i.kym-cdn.com image 625x564]


Every time I see this pic, I wonder if it's Quentin Tarantino in his college dorm room.
 
2020-05-25 8:35:05 AM  

tirob: FTFA:  "The company got hit with a class-action lawsuit from employees alleging labor law violations. Miffed investors sued the founders, accusing them of self-dealing and other underhanded tactics. A former chief financial officer filed a blockbuster complaint in a Los Angeles court accusing the founders of a slew of misdeeds, from manipulating MedMen's stock price, to bank fraud, to seeking private intelligence groups to get dirt on their enemies, to calling an L.A. city councilman a "midget negro" and making an illegal straw man contribution to a Nevada politician."

Exploiters, chiselers, racists, and bribers of politicians?  In the weed business?  Really?  I can't believe it.


I guess you haven't paid attention to the real estate industry.
 
2020-05-25 8:35:54 AM  

Enigmamf: Anyone claiming to be the X of Y, isn't.


Kingom Death is the Dark Souls of board games.
 
2020-05-25 8:39:07 AM  

realmolo: Enigmamf: Somaticasual: Actual innovation has never been Apple's strong suit..

Yeah, Apple's strong suit has always been integration, not innovation. Their innovation contains flops like OpenDoc, Newton, and ARM.

Well, maybe that last one wasn't a flop. It just took 20 years to really take off....

I would say that, up until the iPod/iPad/iPhone era, Apple's strong suit was "Adobe".

For a LONG time, Adobe software was better on the Mac, and that was a huge deal. And then for a while, "Final Cut" was a huge deal. Now...there's no particular "killer app" for Macs.


From tech news, Apple's betting their next killer "app" will be AR glasses. I'm guessing they won't do any better than Google or Microsoft. But Apple fans are a "special" group, so it might work.
 
2020-05-25 8:54:56 AM  

My Sober Alt: How can there be an "Apple" of marijuana?


Was the weed far from top of the line, but sold in a trendily designed store inside a pretty package, and for a lot more than the premium stuff next door, so you were buying the brand name and advertising rather than anything decent? If so it sounds like they nailed the Apple part.
 
2020-05-25 9:43:04 AM  

Tyrone Slothrop: tirob: FTFA:  "The company got hit with a class-action lawsuit from employees alleging labor law violations. Miffed investors sued the founders, accusing them of self-dealing and other underhanded tactics. A former chief financial officer filed a blockbuster complaint in a Los Angeles court accusing the founders of a slew of misdeeds, from manipulating MedMen's stock price, to bank fraud, to seeking private intelligence groups to get dirt on their enemies, to calling an L.A. city councilman a "midget negro" and making an illegal straw man contribution to a Nevada politician."

Exploiters, chiselers, racists, and bribers of politicians?  In the weed business?  Really?  I can't believe it.

I guess you haven't paid attention to the real estate industry.


If you're arguing that the people discussed in TFA are on the same moral level with, say, Donald Trump, I don't disagree.

But reports like this do tend to contradict the idea, so frequently uttered by legalization advocates, that we need to legalize the trade in weed for reasons of social justice.
 
2020-05-25 10:11:34 AM  

tirob: Tyrone Slothrop: tirob: FTFA:  "The company got hit with a class-action lawsuit from employees alleging labor law violations. Miffed investors sued the founders, accusing them of self-dealing and other underhanded tactics. A former chief financial officer filed a blockbuster complaint in a Los Angeles court accusing the founders of a slew of misdeeds, from manipulating MedMen's stock price, to bank fraud, to seeking private intelligence groups to get dirt on their enemies, to calling an L.A. city councilman a "midget negro" and making an illegal straw man contribution to a Nevada politician."

Exploiters, chiselers, racists, and bribers of politicians?  In the weed business?  Really?  I can't believe it.

I guess you haven't paid attention to the real estate industry.

If you're arguing that the people discussed in TFA are on the same moral level with, say, Donald Trump, I don't disagree.

But reports like this do tend to contradict the idea, so frequently uttered by legalization advocates, that we need to legalize the trade in weed for reasons of social justice.


We should keep it illegal because you don't like it.
 
2020-05-25 10:49:43 AM  
Farker Soze:

We should keep it illegal because you don't like it.

If you have any pro-legalization arguments to make, let's hear 'em.  Maybe you'll make one that I can't refute.
 
2020-05-25 10:52:29 AM  
The -concept- behind becoming "The Apple of Marijuana" was the idea that Apple has a distinct and vivid brand identity. You may not like Apple but you have a very clear mental picture of who they are and specific expectations for an Apple product. You know that (justified or not) it is a premium price product.

The problem for marijuana retailers is that marijuana is actually a commodity product, like butter. It's very hard to find a reason for people to choose a particular brand of butter except for the price, or perceived quality.  What makes "LandOLakes" butter worth more than Sam's butter?  If you can't give a reason, then you're going to have to lower your price.

Competing on price is a race to a dangerous bottom of razor thin profits. Surviving  requires huge volume; hard to obtain in a developing market. So, the preferred route is try to create a belief  that your brand offers a special Image that is easily perceived by customer, and especially by their friends who will note that the buyer has purchased a premium product.  Then you can charge more for your commodity product. Vodka is an example of where this idea has been successfully employed. Marketing (and hence perception) is largely the reason one bottle of Vodka is worth $40 while another of the same proof is worth $7.

So, not Apple technology or innovation, but Apple Store purchasing experience and Apple-style identifiability of product to justify a premium price.  The company was trying to create an illusion of success for the press, along the lines of the idea that while you want your account to drive a cheap car to shop he is cautious, you wouldn't want a lawyer who drives a cheap car because you'd suspect he wasn't very successful.

But, having said all that, it probably really just comes down to the old rule:

If you're dealing, never use your own stuff; you'll just smoke/snort/shoot up all the profits.....
 
2020-05-25 10:59:32 AM  

mybluemake: The investor class of weed folks seemed like liars, MLMarketeers or just stupid rich people.


This.  With few exceptions the Os of the larger weed concerns seem like typical sociopathic sharks, no different from any other industry.  I remember an early film about the advent of legal weed in Colorado in which the MedMen honcho detailed their plans for becoming the Walmart of weed.

Whoops.

"Until you treat cannabis and regulate cannabis like every other business is regulated in the United States today," said Steve DeAngelo, a longtime cannabis activist-turned-investor, who has watched the MedMen saga unfold up close, "you will be creating opportunities for mischief."
 
2020-05-25 11:06:38 AM  

knobmaker: "Until you treat cannabis and regulate cannabis like every other business is regulated in the United States today," said Steve DeAngelo, a longtime cannabis activist-turned-investor, who has watched the MedMen saga unfold up close, "you will be creating opportunities for mischief."


Rot.  That's an excuse for the kind of sh*t that MedMen pulls, not a reason for it.
 
2020-05-25 3:28:15 PM  

TheGreatGazoo: When did weed turn into Starbucks on steroids?


It hasn't, though not for lack of trying.  Seems that pot buyers would rather see the product in Mason jars than artistic backlit display cases.
 
2020-05-25 7:12:47 PM  

tirob: Farker Soze:

We should keep it illegal because you don't like it.

If you have any pro-legalization arguments to make, let's hear 'em.  Maybe you'll make one that I can't refute.


Given you refute anything pro-marijuana regardless of the facts, that's a pointless exercise.
 
2020-05-25 9:27:42 PM  

tirob: Farker Soze:

We should keep it illegal because you don't like it.

If you have any pro-legalization arguments to make, let's hear 'em.  Maybe you'll make one that I can't refute.


You're whole schtick is "I don't like it so don't legalize it".  I'm just agreeing with you, dood.
 
2020-05-25 9:29:11 PM  

Farker Soze: tirob: Farker Soze:

We should keep it illegal because you don't like it.

If you have any pro-legalization arguments to make, let's hear 'em.  Maybe you'll make one that I can't refute.

You're whole schtick is "I don't like it so don't legalize it".  I'm just agreeing with you, dood.


Your.  Although You are whole schtick does sound funny.
 
2020-05-26 4:40:32 AM  

Tyrone Slothrop: tirob: Farker Soze:

We should keep it illegal because you don't like it.

If you have any pro-legalization arguments to make, let's hear 'em.  Maybe you'll make one that I can't refute.

Given you refute anything pro-marijuana regardless of the facts, that's a pointless exercise.


You may want to look up the word "refute."

Farker Soze: tirob: Farker Soze:

We should keep it illegal because you don't like it.

If you have any pro-legalization arguments to make, let's hear 'em.  Maybe you'll make one that I can't refute.

You're whole schtick is "I don't like it so don't legalize it".


Have never uttered this or anything like it.  My anti-legalization arguments are all over these threads.  I'd repeat them here, but it's clear as crystal that you either aren't interested in debating this topic or that you're incapable of doing so.

Thank you for playing.
 
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