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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