Six Years, Six CFOs At MedMen As Bowman Becomes Latest To Leave

June 19, 2023 · Green Market Report

After the markets closed on Friday, MedMen Enterprises Inc.  (CSE: MMEN) (OTCQX: MMNFF) announced the resignation of Ana Bowman as Chief Financial Officer, effective June 29, 2023. Bowman has served as CFO since 2022 and MedMen has begun a formal search for a new CFO.

“We thank Ana for her leadership and guidance during MedMen’s restructuring. Ana was instrumental in helping us achieve positive adjusted EBITDA for the last two quarters,” said Ed Record, MedMen’s CEO. “We wish her all the best in her future endeavors.” Prior to MedMen Bowman was Vice President of Financial Reporting and FP&A of Tilray Brands (Nasdaq: TLRY).

Bowman took over the role in February 2022 following the previous CFO Reece Fulgham. Fulghum started the job in 2020 replacing Zeeshan Hyder. At that time, Bowman was the company’s fourth CFO in just four years.

At the time, Green Market Report wrote that beginning in August 2019, MedMen was churning through CFO’s like tinder dates. Jim Miller had been appointed interim CFO after former CFO James Parker resigned. Parker filed a tell-all lawsuit against the company, which he lost.

Miller was replaced by Michael Kramer in December 2018, who was terminated in October 2019. Zeeshan Hyder was named the new CFO in October 2019. Hyder only lasted a little over a year before leaving in December 2020. Reece Fulgham became the new interim CFO and remained in that role until Bowman was appointed.

CFO Churn

Here is the CFO timeline for Medmen:

  • February 2022 – June 2023: Ana Bowman
  • December 2020 – February 2022: Reece Fulghum
  • October 2019 – December 2020: Zeeshan Hyder
  • December 2018 – October 2019: Michael Kramer
  • January 2018 – December 2018: Jim Miller
  • February 2018 – November 2018: James Parker

Financial Trouble

Last month, Green Market Report wrote that MedMen was facing major headwinds and remained a going concern, according to its latest quarterly earnings report for its fiscal 2023 third quarter.

“As of March 25, 2023, the Company had cash and cash equivalents of $7.6 million and working capital deficit of $383.2 million,” MedMen reported, adding that net losses were $31.2 million for the quarter and $70.6 million from continuing operations for the first nine months of the fiscal year. Including discontinued operations, MedMen’s net loss for 2023 so far was $48.4 million, down from the $111 million it had lost in the first three quarters of fiscal 2022.

The company said it planned to keep operations running through various cost-cutting measures, up to and perhaps “including the potential divesture of one or more of its non-core states,” such as Arizona, Nevada, Massachusetts, or Illinois. MedMen currently has 23 dispensaries in six states, with the bulk located in California.

“The Company has been in active ongoing discussions with interested parties for the potential dispositions of its retail stores in Emeryville, California; Fenway, Massachusetts; and Nevada, as well as its retail stores and cultivation facility in Arizona,” MedMen reported. (Full Story)

Next Post

NY Gov. Hochul Shuts Down Illicit Cannabis Shops, Pace Of New Stores Is 'Frustrating'

New York Gov. Kathy Hochul has taken decisive action against unlicensed cannabis shops, announcing the temporary closure of over two dozen businesses. While acknowledging the sluggish pace of licensed dispensary openings, Gov. Hochul reassured the public that there are currently 15 licensed…
Read
Previous Post

Doobie Delivery Opens in New York City

Just like the old days when cannabis was illegal and Manhattanites got their weed from a guy in a van, Doobie launched a new delivery service that brings products from the licensed Union Square Travel Agency to customers within 60 minutes. Since…
Read
Random Post

Michigan company’s marijuana license revoked over illicit extracts

A Michigan marijuana company is surrendering its processor licenses because it was combining legal and unregulated cannabis in extracts sold in the adult-use and medical markets. Lansing-based TAS Asset Holdings, also known as Noble Road Co., received a consent order and stipulation…
Read
Random Post

As Irish Lawmakers Prepare To Debate Marijuana Bill, Prime Minister Pledges To Examine Drug Decriminalization As Recommended By Citizen Commission

Ahead of a hearing on a bill to legalize marijuana possession in Ireland, a government-appointed citizen commission has released a report formalizing recommendations to stop criminalizing people over drugs—a policy position that the country’s prime minister says holds merit. About…
Read
Random Post

Snoop Dogg Applauds NBA For New Marijuana Policy, Saying Players Should Have Opioid Alternative

Marijuana icon Snoop Dogg is applauding the National Basketball Association (NBA) over reports that it plans to drop cannabis like it’s hot from the league’s banned substances list for players. The rapper weighed in on the policy change during an appearance on…
Read
Random Post

Women of Influence: Angela Pih Is Walking the Walk

One of Angela Pih’s favorite aspects of the cannabis industry is its velocity. What she’s referring to is the “incredibly exciting” speed of bringing new products to market within months. With extensive experience across retail, consumer packaged goods and cannabis,…
Read