Cannabis Professional’s daily roundup of industry news. View archive here.
MedMen’s Adam Bierman stepping down as CEO
MedMen Enterprises Inc.’s Adam Bierman is stepping down as CEO, the U.S. cannabis retailer announced Friday. As part of the move, Mr. Bierman will surrender all of his Class A supervoting shares, which had previously given him significant personal control over the company. Co-founder Andrew Mondlin has also agreed to give up his super voting shares, the company said.
The shares will be replaced by subordinate voting shares, giving Mr. Bierman and Mr. Mondlin control of 4.8 and 4.9 per cent of company votes respectively. MedMen will compensate them for the loss of control, although it did not say how much the payout would be worth. MedMen has named its chief operating officer Ryan Lissack interim CEO.
Mr. Bierman’s departure comes as the company continues to burn cash and struggle to pay its bills. In October, the company pulled the plug on a US$682 million takeover of PharmaCann; a month later, it announced that it was laying off 190 employees as part of restructuring effort to get costs under control.
This is just the latest in a string of CEO departures from pot companies. This week alone saw Torsten Kuenzlen step down as CEO of Sundial Growers Inc., and Michael Nashat step down as CEO of TerrAscend Corp. Earlier in the month, Navdeep Dhaliwal departed as CEO of The Supreme Cannabis Company.
– Mark Rendell
MediPharm’s Australian subsidiary receives import licence
An Australian subsidiary of MediPharm Labs Corp. has received a licence from the Australian government to import Schedule 4 drugs, including cannabis, into the country. The receipt of the licence is a step towards MediPharm being able to ship medical cannabis to Australia, the company said Friday. However, several more steps need to be taken before this can happen. MediPharm’s Australian subsidiary still needs to get Good Manufacturing Practices certification. Any shipment would also require import and export permits from the Canadian and Australian governments respectively.
- Mark Rendell