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MedMen CEO, Board Chair Step Down

The struggling cannabis company has brought aboard a new chief restructuring officer.

I Stock 1189859356

MedMen CEO Ellen Deutsch Harrison has stepped down less than six months after assuming the chief executive position at the struggling cannabis company.

Harrison was appointed in July 2023 to succeed Interim CEO Edward Record, who shifted to become a non-executive member of MedMen’s board of directors. Following the latest CEO exit, MedMen has brought aboard Richard Ormond as chief restructuring officer.

Michael Serruya, executive chairman of the board, who has served on the MedMen's since August 2021, has also stepped down.

MedMen has been focused on restructuring efforts, including a recently completed sale of its wholly-owned operating subsidiary in Arizona and its two operating dispensaries located in Clark County, Nevada.

In February 2023, MedMen disclosed that it had cash and cash equivalents of $15.6 million and working capital deficit of $137.4 million. The company said it incurred net losses from continuing operations of $15.1 million for the six months ended December 24, 2022, compared to $8.2 million during the same period of 2021.

"The conditions described above raise substantial doubt with respect to the company’s ability to meet its obligations for at least one year from the issuance of these Condensed Consolidated Financial Statements, and therefore, to continue as a going concern," Medmen wrote in an SEC filing. "The company plans to continue to fund its operations through the implementation and expansion of its cost savings plan, and various strategic actions..."