MedMen described as "a complex web of interconnected subsidiary entities, virtually all of which are directly managed and owned by CEO Adam Bierman and President Andrew Modlin, and all of which pursue their personal best interests, rather than the best interests of the company or shareholders.”
The company is laying off hundreds to boost long term growth. However, it's unclear if investors will buy this latest statement from CEO Adam Bierman, who has reportedly enriched himself at the expense of the company.
The clock is ticking for thousands of legal cannabis licenses set to expire over the coming months.
More than 10,000 licenses are due to lapse over the next six months, according to an analysis of state licensing data.
The anticipated expirations complicate the efforts of legal cannabis companies to follow the letter of state law, which requires all businesses touching the marijuana plant to have a valid license. Without a license, operators face a choice to either close their doors or slip into the black market.
California regulators awarded thousands of temporary licenses in 2018, each lasting 120 days plus additional 90-day extensions.
To transition the industry to a permanent licensing system, state rules prohibit the renewal of the temporary licenses in 2019. But the operators of cannabis companies t...