Cannabis MSO MedMen appoints third CEO in two years

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Michael Serruya has been appointed interim CEO and board chair of MedMen Enterprises, the California-based cannabis multistate operator announced Monday.

His appointment marks the company’s third CEO in less than two years.

Serruya takes the reins of CEO from Tom Lynch, who was chosen in March 2020 to revamp the company after the ouster of CEO Adam Bierman and fellow co-founder Andrew Modlin in January 2020.

According to a news release, Lynch will continue his role as manager of MedMen Boston and MME Newton Retail.

He said in the release that MedMen is “now in growth mode” and predicted that Serruya will be able to “achieve company-wide profitability in 2022.”

Serruya is described in the release as a “seasoned cannabis investor with extensive retail experience,” including a former role as CEO of Coolbrands and Kahala Brands. Those non-marijuana businesses have portfolios that include mainstream brands such as Weight Watchers, Tropicana, Blimpie Subs and several ice cream companies.

He joined MedMen’s board of directors in August as part of a $100 million investment deal by Serruya Private Equity.

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Serruya said in the release that his focus will be on plans to expand MedMen “across the United States, Canada and internationally.”

MedMen trades on the Canadian Securities Exchange under the ticker symbol MMEN and on over-the-counter markets as MMNFF.