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.
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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.
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