Cannabis MSO MedMen appoints another chief executive

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Los Angeles-based cannabis multistate operator MedMen Enterprises appointed Edward Record as chief executive officer, effective immediately.

Record succeeds interim CEO Michael Serruya, who will continue to serve as MedMen’s board chair, the company said in a news release.

Record,  joined the MedMen board of directors in 2021, will be MedMen’s fourth CEO since 2020.

He follows Serruya, who was chosen to replace Tom Lynch last November. Lynch had been chosen chief executive in March 2020 after Adam Bierman was ousted in January 2020.

According to the release, Record previously served as chief financial officer for Hudson’s Bay Co., whose U.S. holdings include Saks Fifth Avenue.

Before Hudson, Record served as chief financial officer for the J.C. Penney Co. and also held leadership positions at Stage Stores, Kohl’s and Belk.

“Ed has the operational discipline and restructuring expertise that MedMen requires at this time, as well as a deep understanding of MedMen’s business model and strategy, inclusive of critical repositioning of the balance sheet and real estate portfolio,” Serruya said in a statement.

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MedMen is in the middle of a fierce court battle with New York-based MSO Ascend Wellness.

Ascend had an agreement last year to acquire MedMen’s New York operation for $63 million, but MedMen terminated the agreement in January.

In another personnel move, MedMen said Chief Operating Officer Roz Lipsey is resigning, effective May 20.