Adam Bierman is out as the chief executive of MedMen Enterprises, the embattled multi-state cannabis dispensary chain announced today. In addition to stepping down from his position as CEO, Bierman will also relinquish all of his Class A voting super shares, leaving him with little control over the company he co-founded with business partner Andrew Modlin in 2010.
Los Angeles-based MedMen Enterprises will continue its cost-cutting efforts in the new year as it moves to sell three medical marijuana licenses in Arizona and one cultivation and manufacturing license in Illinois. The transactions are expected to generate a combined $54 million as the company works to improve its financial position in fiscal year 2020.
In a drastic attempt to lower costs and boost profitability, embattled multi-state marijuana company MedMen will lay off 190 employees and sell its stake in a cannabis real estate investment trust (REIT), among other right-sizing maneuvers.
A blockbuster merger between two leading multi-state cannabis companies has been called off nearly one year after it was first announced. California-based MedMen Enterprises, which is licensed to operate 70 retail stores and currently has a presence in nine states, announced the termination of its combination with Chicago’s PharmaCann LLC on Tuesday.