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Founders of Cannabis Giant MedMen Are Officially Out

Founders of Cannabis Giant MedMen Are Officially Out
Aubry Bracco
By Aubry BraccoJun 18, 2020
Aubry Bracco
A seasoned small town journalist and digital marketer originally from New Hampshire, Aubry has an eclectic background in storytelling - from small town journalism (she once went undercover with the Salem, Mass. police on Halloween night) to social media marketing for big brands like Visa, the NFL, Liberty Mutual and scrappy start-ups like "Shark Tank's" Cousins Maine Lobster. She's appeared on CBS's longest running reality television show, SURVIVOR three times and will now respectfully decline any offers of coconut or coconut-infused food or drink offered to her. Currently the VP of Social Media and Digital Marketing at Wise Public Relations, Aubry loves finding those stories small moments of humanity that connect people, encourage them to stop, listen and find common ground in the chaos that is the digital jungle. When she’s not crafting social posts or writing, Aubry enjoys taking care of her cavalry of houseplants, studying intuitive healing and astrology, exploring National Parks.
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Co-founders of cannabis retail giant MedMen, have officially left their position on the company’s board, this according to a report by THC Net.

Effective Wednesday, Co-founder and former CEO Adam Bierman and Former president Andrew Modlin, who was a co-founder and Bierman’s partner, stepped down from the Board of Directors, according to Green Market Report.

Bierman stepped down as CEO in February 2020, according to the publication.

The company, which has or plans to have stores in seven legal states, has endured a number of company-wide set-backs, including forced closures as a result of recent break-ins.

Additionally, according to Green Market Report: “MedMen has been heavily criticized in the past for its extreme spending habits and the bottomless need for more capital. Bierman and Modlin have been personally accused of handling money disproportionately to benefit themselves.”

Other missteps cited by the publication include:

- Fiscal losses
- Workforce cuts
- Rumors of unpaid vendor bills

According to THC Net, the company has also taken extreme steps among these missteps to make improvements, including divestment.

In March 2019, "MedMen appointed SierraConstellation Partners senior managing director Tom Lynch and SierraConstellation director Tim Bossidy as interim CEO and interim COO, respectively" in an attempt to turn the company around, the publication reported.

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