MedMen Enterprises (CSE: MMEN) is down a member of management. The firm announced late Friday night that it has seen a member of its executive team hand in their resignation, which is effective at the beginning of March.
Tracy McCourt, the firms Chief Revenue Officer since December 2020, has tendered her resignation with the company. Her departure is said to be effective as of March 4.
The irony of the situation, is that just a month ago the company proudly proclaimed that McCourt had been appointed as President of Emerald Village West Hollywood. Emerald Village is said to be the “official marketing organization for licensed cannabis businesses in West Hollywood.” Founded in 2021, the organization is made up of six members currently that operate in the West Hollywood region, one of which includes MedMen.
It is however unclear whether she’ll be continuing in her role at Emerald Village following her resignation with MedMen. Presently, she does not list the role on her LinkedIn profile.
Further, the “About Us” page on the Emerald Village website lists her as being from MedMen, with only one member of the executive team not belonging to a member organization. The organization also states that it is “governed for and by its members to promote the cannabis industry in the City of West Hollywood,” suggesting that she may have effectively resigned from that role as well, although this remains uncertain.
Details on the justification for McCourt’s departure were not provided by the company, nor was a replacement, either interim or permanent, named. The resignation comes just three days after the company filed its financial results for the period ended December 25, 2021. The company recorded revenues of $39.1 million for the three month period, along with a gross profit of $19.2 million. The firm however posted a net loss of $20.4 million.
MedMen Enterprises last traded at $0.17 on the CSE.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
