Adam Bierman, the flamboyant co-founder of high-flying cannabis retailer MedMen Enterprises, has resigned as chief executive and surrendered his voting control.
The resignation, effective Feb. 1, comes at a time that the Los Angeles-based company haslaid off hundreds of employees, sold noncore assets and has been beset by questions about its financial health.
In the most recent worrisome turn of events for shareholders and a sign of a possible cash crunch, MedMen asked vendors to consider taking equity payments.
In a news release Friday, MedMen said co-founder Andrew Modlin also has agreed to give up his voting rights.
Such super voting shares provide holders with larger than proportionate voting rights.
In this case, Regan noted, the shares enabled Bierman and Modlin to control the company.
Adam Bierman
Lawsuits allege the two did so for their own personal benefit, rather than MedMen’s. Bierman and Modlin have denied the allegations.
Shareholders now will have a stronger say and, theoretically, the ability to change control of the company, Regan said.
The company’s board of directors appointed Ryan Lissack as interim CEO. He is the company’s chief operating officer and chief technology officer.
Jeff Smith can be reached at [email protected]
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Originally posted on Multistate cannabis operator MedMen's Bierman steps down as CEO, gives up voting control via Cannabis Industry News
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