US multi-state operator MedMen Enterprises Inc. (CSE: MMEN; OTCQX: MMNFF; FSE: A2JM6N) today announced a trio of upper management changes, including two resignations and a new senior management appointment.
General Counsel and board member Lisa Sergi officially stepped down from both roles, while the company’s Chief Operating Officer Ben Cook also tendered his resignation. At this time, neither of those positions have been filled by either internal or external hires.
Under this upper management restructuring, the operational side of the company will now report directly to Chief Executive Officer Adam Bierman, while the legal side will be headed by SVP of Legal Affairs Dan Edwards.
On the hiring side, MedMen just announced Ryan Lissack will now serve as the company’s Chief Technical Officer.
Discussing the senior management shakeup, Bierman issued this brief statement this morning:
Last month, MedMen received a $100 million influx of capital from Gotham Green Partners to continue operations and facilitate new retail store rollouts. Gotham Green has the option to increase that amount to a full $250 million in two separate tranches if MedMen meets a series of company milestones laid down by the investment deal.
MedMen is additionally gearing up to release the company’s third quarter fiscal 2019 financial results next month. Those results will be made available after the close of business on May 29, with MedMen set to host a webcast and conference call that evening with both Chief Financial Officer Michael Kramer and CEO Adam Bierman.
Ahead of those full results being released, earlier this week MedMen posted preliminary, unaudited numbers showing revenue of $36.6 million across Arizona, California, Illinois, Nevada, and New York operations.
That number represents a more than 20% increase over the previous quarter’s revenues. Including pending acquisitions, MedMen currently has 32 operational stores in the US, with 82 retail licenses currently in hand as new stores get up and running.