MedMen CEO Adam Bierman steps down after juggernaut merger with cannabis operator PharmaCann falls apart, pays past-due vendor bills with stock to settle outstanding debts, and stock plunges nearly 90 in the past year on the ganjapreneur's watch.
On February 1, 2020 Bierman not only resigned as the CEO of the Apple store inspired dispensary brand he also surrendered all of his super-vote privileges over to the Company.
By Bierman surrendering his super-voting power, it allows the company board to reorganize MedMen's ownership structure as they grew worrisome over the power that Adam and co-founder Andrew Modlin held over the cannabis brand. Modlin has also surrendered his super-voting privileges over to board chairman Ben Rose, who is also the chief investment officer of investor Wicklow Capital. These shares are set to be turned over in December of this year officially.
"I continue to believe that MedMen is positioned to thrive," Bierman said in a statement included in the announcement. "It's time for our next iteration of leadership to capitalize on the opportunity we have created."
MedMen has moved forward with forming a select committee comprised of independent directors to work out the details of Bierman's compensation surrounding his transfer of shares and resignation.
Board chairman Ben Rose states in a press release:
"The Board supports both Adam's decision to step aside for a new CEO to lead the Company, and his and Andrew's decision to surrender their voting rights to give all shareholders a stronger voice. This evolution will provide Adam the space to contribute to the future of MedMen and extend his commitment to the industry that he has helped pioneer."
It is believed that Bierman's departure will allow the Company a fresh start with investors.
MedMen's company board has assigned an interim CEO position to Ryan Lissack, who is currently MedMen's chief operating officer and chief technology officer.
MedMen will release second-quarter earnings on February 26.
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