MedMen Sees CEO, Chairman Exit, Appoints Restructuring Officer

MedMen Enterprises (CSE: MMEN) appears to be near the end of the line, with the company this evening reporting the loss of two key executives.

Ellen Harrison, CEO of the company, has left the company as of Friday, with no reason for her departure provided. Harrison originally joined the company in July, signing on with an initial base salary of $416,000 a year. Her employment was to be carried out under single year terms, however she evidently failed to complete even one full term.

The company has not named anyone to take on the role in her place, however board member Richard Ormond has instead been named as Chief Restructuring Officer.

To add to the mess, Michael Serruya, Executive Chairman of MedMen, has left the board effective today. No replacement was named for the role of Chair of the board.

READ: US Gov’t Confirms Schedule III For Cannabis

The leadership exits follow the company earlier this month completing the sale of its Arizona subsidiary to Mint Cannabis under an arrangement initially announced in late December. The sale amounted to an operating dispensary in Scottsdale as well as a cultivation facility in Mesa. The company has also agreed to sell its two operating dispensaries in Nevada to Mint Cannabis as well, however regulatory approval for that transaction remains pending.

MedMen is currently delinquent on its quarterly and annual financing statements, last filing its results for the period ended March 25, 2023. At the time, they reported a cash balance of $7.6 million and total current assets of $91.1 million, while current liabilities amounted to $474.3 million. The company meanwhile reported a net loss of $31.5 million for the period.

MedMen Enterprises last traded at $0.015 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.

Video Articles

Tudor Gold x American Creek: Consolidating A Massive Gold Project

Aura Minerals: The Era Dorada Underground PEA

Gold Is Now Smart Money’s End Game | Doug Casey

Recommended

Goliath Resources Closes Out Funding Round With Total Gross Proceeds Of $27.1 Million

Silver47 Kickstarts 4,000 Metre Drill Campaign At Red Mountain Project

Related News

Medmen: Canaccord Drops Price Target To $0.35 After Q1 Results

On November 9th, Medmen Enterprises (CSE: MMEN) reported their fiscal first-quarter financial results. The company...

Sunday, November 14, 2021, 10:03:00 AM

MedMen Reports Pro-Forma Preliminary Revenue of US$61.3M for Fourth Quarter

MedMen Enterprises (CSE: MMEN) released preliminary financials for the fourth quarter of FY2019, stating system-wide...

Tuesday, August 13, 2019, 10:31:36 AM

Medmen Announces Layoffs, Divestment of Assets, Focus on SG&A Reduction

Medmen Enterprises (CSE: MMEN) will be the next cannabis firm to conduct layoffs in the...

Friday, November 15, 2019, 04:38:02 PM

MedMen Secures Further Funding From Gotham Green Partners

MedMen Enterprises Inc. (CSE:MMEN) has returned to the trough with Gotham Green Partners as expected,...

Wednesday, July 10, 2019, 10:44:27 AM

Adam Bierman Resigns As CEO of Medmen Enterprises

It appears to be the end of an era. Medmen Enterprises (CSE: MMEN) this morning...

Friday, January 31, 2020, 08:40:35 AM