Embattled MedMen CEO Adam Bierman has stepped down from the top job. He will relinquish his voting shares but will remain on the company board. A MedMen co-founder, Bierman leaves a mixed legacy: Nationally, MedMen is arguably the best known brand of the legalization era, but like many prominent plant-touching companies it has struggled to reach profitability.
- A wrongful dismissal lawsuit filed by former CFO James Parker in 2019 alleges financial mismanagement and a hostile work environment. MedMen has called the suit baseless.
- MedMen recently had to back out of the promising Arizona market and scrap a deal to acquire Illinois player PharmaCann.
Phoenix New Times, Motley Fool
- Under Bierman the company has had to borrow money under “onerous terms.”
- Vivien Azer, Cowen’s influential pot stock analyst called Bierman’s departure “welcome.”
- With typical brutality, Equity Guru writes, “In a sector rife with terrible CEOs, … none come close to Bierman in terms of self enrichment, entitlement, and outward facing douchery.”