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MedMen founder Adam Bierman steps down as CEO.
The company announced Friday that COO and CTO Ryan Lissack will serve as interim CEO. Bierman will remain on the company’s board. Also, Bierman and his co-founder Andrew Modlin have both surrendered their super voting shares, leaving the company with only subordinate voting shares.
The company’s executive chairman Ben Rose said in the announcement, “The Board supports both Adam’s decision to step aside for a new CEO to lead the Company, and his and Andrew’s decision to surrender their voting rights to give all shareholders a stronger voice.”
As the company floundered throughout 2019, there were ongoing calls for Bierman to step down. In October, the company killed its $682 million merger with PharmaCann, as Cannabis Wire reported. Later that month the company reported its earnings, which showed that while the company’s revenue more than doubled from 2018 to 2019, to $130 million, its losses remained staggering: the company’s net loss in 2019 was $277 million, up from $113.9 million in 2018. Since then, the company has been shedding employees and assets, including state licenses, in order to try to pave a path toward profitability.
New York State Bar Association says “yes” to adult use legalization.
The New York State Bar Association House of Delegates met last week to approve the support for adult use cannabis legalization outlined in a report by its Committee on Cannabis Law. One noteworthy aspect of the report: there is no existing “model cannabis regulation” that the state should adopt, but the committee recommends commissioning the help of the RAND Corporation, which has helped other states craft regulations.
Here are some recommendations in the report, which you can read here, most of which already exist in the legislation included in Governor Andrew Cuomo’s budget (read Cannabis Wire’s coverage of the budget legislation here):
- “USDA mandated cannabis testing
- A comprehensive state Office of Cannabis Management
- Provisions for local municipality ‘opt-out’
- Social equity provisions
- State tax
- Advertising and marketing guidelines
- State environmental protections”
“The New York State Bar Association’s Cannabis Law Committee supports the legalization of adult use cannabis in New York State,” said Aleece Burgio (of Barclay Damon), who co-chairs the cannabis committee with Brian J. Malkin (of Arent Fox).
“The committee believes that a comprehensive cannabis proposal that includes hemp, medical marijuana and adult use is the most effective way to navigate this complex issue while policy continues to evolve at the federal level.”
The Parkinson’s Foundation will partner with Australian medical cannabis company.
Could cannabis be an effective treatment for those with Parkinson’s disease? Australian medical cannabis company Zelira Therapeutics wants to help the Parkinson’s Foundation find out. The process begins with learning more about what people with PD know about cannabis therapies and how they see the potential benefits.
The two will conduct a survey to learn whether and how individuals with PD use cannabis products, and then will use the results to consider clinical trials.
John Lehr, president and CEO of the Parkinson’s Foundation, said in the announcement, “Many people with Parkinson’s disease are seeking help with their symptoms by trying various forms of medical cannabis. The volume and frequency of questions Parkinson’s Foundation receive from people with Parkinson’s regarding the safety and impact of medical cannabis and CBD has led us to examine this public health issue more fully, and to seek collaborations with leaders in the field from academia, government, advocacy groups and industry to provide the most accurate information possible.”
Charlotte’s Web reshuffles its executives.
The Colorado-based company, which was founded by a group of brothers nearly a decade ago, is often credited with bringing CBD into the mainstream. One of those brothers, Jared Stanley, who is currently VP of cultivation operations, will be promoted to the new role of chief cultivation officer, and will report to CEO Deanie Elsner.
Also, Kelly Shea has joined in yet another new role, SVP of government affairs and corporate communications. Shea was formerly in a similar role with Danone North America, a food company behind well known dairy brands like Dannon, Silk, and Activia.
Also, COO Stephen Lermer is leaving the company.
