Today MedMen announced the resignation of their COO, Ben Cook, and their General Counsel, Lisa Sergi Trager, who also served on the board. Stating in the news release, the leaders of the operations group will now report directly to the CEO Adam Bierman.
Adam Bierman, CEO, MedMen
“We appreciate the contributions of all current and former MedMen team members as we work to build the world’s leading cannabis company, and I have the utmost confidence in the management team. Their expertise, skill set and experience sets the standard of excellence for the industry,”
In addition, a source familiar with the company has told CNBC Senior Vice President of Corporate Communications Daniel Yi has also resigned.
It is quite clear that MedMen has some operational issues and this news is another point in that direction. We believe this chart here tells a great deal of why shareholders have had their concerns.
Social Media is having a field day, with some of the long term naysayers happy to offer comment:
It is getting clear at this point that many shareholders who have been supporting this company in the past are beginning to wonder if there is “method to the madness,” or if it is just “madness.” When asked for comment, one shareholder who asked to not be identified said the following, “it’s starting to get pretty clear, Adam needs to go.”
As for the author of this post. Someone who is currently long the warrants, if this company doesn’t demonstrate some fiscal and operational control soon it may be time to throw in the towel.
The author of this post is currently long MedMen warrants (CSE: $MMEN.wt).
SmallCapSteve started blogging in the Winter of 2009. During that time, he was able to spot many take over candidates and pick a variety of stocks that generated returns in excess of 200%. Today he consults with microcap companies helping them with capital markets strategy and focuses on industries including cannabis, tech, and junior mining.