- Advertisement -
More
    - Advertisement -
    - Advertisement -
    HomeNewsMedMen CEO and Executive Chair Resign After Stock Plummets to Zero

    MedMen CEO and Executive Chair Resign After Stock Plummets to Zero

    U.S. cannabis retailer MedMen Enterprises Inc. announced the resignation of its chief executive and executive chairman amidst a turbulent period for the company. Market Watch reports that the stock recently received a cease-trade order, plummeting from a $3 billion valuation in 2018 to zero.

    In a statement on Wednesday, MedMen disclosed that Ellen Deutsch Harrison had departed as chief executive and board member on Friday, while Michael Serruya, the board’s executive chairman since 2021, stepped down on Wednesday. Richard Ormond was appointed as chief restructuring officer by the board.

    Harrison, previously associated with Acreage Holdings Inc. and Hain Celestial Group Inc., took on the role in July but departed shortly after. MedMen clarified that the resignations were not due to disagreements on operational matters.

    MedMen garnered attention in 2018 for its open-plan dispensaries, but faced losses, legal battles, and stiff competition, leading to executive shakeups. Its stock reached an all-time high in 2018 but plummeted to fractions of a penny by January 2024.

    The company’s shares were moved to the OTC Expert Market due to a lack of financial filings, prompting cease-trade orders from Canadian regulators. MedMen intends to reapply to the OTCQB once it files required reports.

    Facing strong competition from the illicit market in California and challenges in New York, MedMen also grappled with failed acquisition attempts, legal disputes, and asset sales to raise cash.

    Despite these difficulties, MedMen remains active in restructuring its operations to navigate the challenging landscape of the cannabis industry.

    MedMen was founded with the vision to de-stigmatize cannabis by offering an accessible and welcoming shopping environment because a world where cannabis is legal and regulated is safer, healthier and happier. Their mission is to provide high-quality products to all, with education, curation and transparency. As the premium cannabis retailer of the United States, we have been leading with new developments for over a decade. Our team of product experts offer an unparalleled shopping experience at all of our 25+ stores across 6 states — California, Nevada, Illinois, Arizona, New York & Florida.

    The West Hollywood branch is located at 8208 Santa Monica Boulevard.

    5 3 votes
    Article Rating
    Paulo Murillo
    Paulo Murillohttps://wehotimes.com
    Paulo Murillo is Editor in Chief and Publisher of WEHO TIMES. He brings over 20 years of experience as a columnist, reporter, and photo journalist. Murillo began his professional writing career as the author of “Love Ya, Mean It,” an irreverent and sometimes controversial West Hollywood lifestyle column for FAB! newspaper. His work has appeared in numerous print and online publications, which include the “Hot Topic” column in Frontiers magazine, where he covered breaking news and local events in West Hollywood. He can be reached at [email protected]

    2 COMMENTS

    Subscribe
    Notify of
    guest
    2 Comments: We Want to Hear from You!
    newest
    oldest most voted
    Inline Feedbacks
    View all comments
    David
    David
    Offline
    2 months ago

    Something stinks here.

    Interesting...
    Interesting...
    Offline
    2 months ago

    Empty everytime I walk by lately. To many staff just standing around and appears to be dwindling items for sale.

    Last edited 2 months ago by Interesting...
    RELATED ARTICLES
    - Advertisment -

    Recent Comments On WEHO TIMES

    Latest Articles

    2
    0
    Would love your thoughts, please comment.x