Top execs at American weed retailer MedMen quit amid ex-CFO’s claims of financial duress

By | April 19, 2019

The chief operating officer and general counsel of MedMen Enterprises have both resigned amid a broader employee shakeup at the American marijuana retailer.

who on Jan. 29 filed a lawsuit against MedMen for wrongful dismissal.

In the suit, the ex-CFO detailed what he viewed as a work environment “replete with racial, homophobic and misogynistic epithets and slurs, drug and alcohol abuse, personal humiliation occasioned by the words and deeds of the CEO and President of the company [and] profligate spending by both the CEO and President.”

MedMen, in the middle of litigation, denies those allegations and says the suit is unfounded. Michael Kramer replaced Parker as CFO.

As one of the preeminent multistate cannabis companies in the United States, MedMen has recently drawn the eyes of customers and Wall Street alike.

The company owns and operates 19 facilities ranging from cultivation to retail in Arizona, California, Florida, Nevada and New York, according to its website. It employs more than 1,000 people, has plans to expand into other U.S. states and Canada, and recently posted sales of $ 29.9 million in the second quarter.

The public company trades on the Canadian Stock Exchange under the ticker MMEN. Many stock exchanges refuse to list companies with U.S.-based marijuana operations because of the federal outlaw.

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