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Thursday, Aug 18, 2022
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Business

MedMen’s chief revenue officer resigns

No explanation has yet been given for the move

MedMen's chief revenue officer resigns
Photo via MedMen

MedMen Enterprises Inc.‘s (CSE: MMEN) (OTCQB: MMNFF) head of sales is leaving the company.

Late Friday, the U.S. multistate cannabis operator said it had “received notification” from chief revenue officer Tracy McCourt of her decision to resign.

The move comes effective on March 4.

No explanation was given for the move.

“We appreciate Tracy’s contributions to the organization these past 14 months and wish her well in her future endeavors,” CEO Michael Serruya said in a statement.

In January, McCourt took on the role as president of Emerald Village West Hollywood, the official marketing organization for licensed cannabis businesses in West Hollywood.

“It’s an honor to lead an organization dedicated to promoting West Hollywood’s vibrant cannabis industry,” she said in a statement at the time. It’s unclear if she will continue that role.

McCourt was hired to MedMen in December 2020, leaving Zappos Family of Companies where she held senior marketing roles.

After having a multi-billion dollar valuation at the high of the pot stock bubble late in 2018, the firm’s financial woes amplified and its share price plummeted.

Management faced sharp criticism for taking big payouts while its financial results floundered.

Last August, Canadian giant Tilray Brands, Inc. (TSX: TLRY) (Nasdaq: TLRY) took a large stake in MedMen after it bought the majority of the firm’s outstanding senior convertible notes.

Company stock traded flat at $0.17 Monday on the Canadian Securities Exchange.

Read more: Tilray moves to take large stake in US retailer MedMen

Read more: Execs shouldn’t get big payouts until companies are cash flow positive: Ryerson prof

 

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