John Schroyer
Embattled marijuana multistate operator MedMen Enterprises Inc. (CSE: MMEN) (OTCQX: MMNFF) announced new company leadership on Wednesday, with former Acreage Holdings executive Ellen Deutsch appointed CEO by the MedMen board of directors, and Amit Pandey named CFO.
The move comes as MedMen has been struggling to shed its status as a going concern, given that it had just $7.6 million in the bank as of March 25 and a working capital deficit of $383 million. The MSO sold assets in Florida, tried to sell its medical marijuana assets in New York, and has been attempting to find a way out from its downward financial spiral for months.
The company also has churned through C-suite executives on a nearly annual basis, with none being able to find a way forward. Deutsch replaces interim CEO Ed Record, who was put in the job in April last year following the departure of Michael Serruya, who lasted only five months. Serruya came after the quick tenure of Tom Lynch, who held the top job from March 2020 to November 2021.
The CFO position has seen just as much turnover; Pandey will be the seventh chief financial officer at MedMen since February 2018.
Serruya, who is still executive chairman of the MedMen board, said in a press release that Deutsch’s “leadership and strong operational experience in the public cannabis sector will prove invaluable as we complete our restructuring plan and transition into a new phase of growth for the company.”
“With the addition of Ellen and Amit, MedMen has completed the buildout of its go-forward management team,” Serruya said in a release.
He also noted that outgoing CEO Record will maintain a seat on the board of directors.
Prior to joining MedMen, Deutsch served as senior vice president of market development at Acreage Holdings (CSE: ACRG.A.U, ACRG.B.U) (OTCQX: ACRHF, ACRDF) and as executive vice president and chief operating officer for Stem Holdings Inc. (OTCQB: STMH, CSE: STEM).
Pandey comes to MedMen from Clever Leaves International Inc. (Nasdaq: CLVR, CLVRW) where he served as executive vice president and interim CFO.
