Marijuana multistate operator MedMen initiates more corporate layoffs

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Marijuana multistate operator MedMen Enterprises initiated a round of corporate layoffs on Jan. 26, according to sources with detailed information about the cuts.

The number of employees affected is unknown, but personnel in the Los Angeles-based company’s accounting and marketing departments were among those laid off, sources told MJBizDaily.

Other departments might also be involved.

Some of the MedMen employees involved were caught off guard by their abrupt dismissal, learning about their change in employment status when they were locked out of their company computers and email accounts, the sources said.

MedMen did not respond to MJBizDaily‘s request for comment.

The layoffs, which have not been announced by the MSO, came two days after another management shake-up in the top ranks.

CEO Ellen Deutsch Harrison and Chair Michael Serruya resigned Jan. 24.

Harrison, who was hired in July 2023 to lead the company, was replaced by Los Angeles attorney Richard Ormond, who will serve as chief restructuring officer.

Last August, a few weeks after Harrison joined MedMen, the company laid off workers from its creative and digital departments, sources told MJBizDaily.

MedMen’s share price on the OTC Expert Market, where it trades as MMNFF, sank to zero last week.

The MSO’s market cap is about $154,000.

MedMen also trades on the Canadian Securities Exchange (MMEN).

Chris Casacchia can be reached at chris.casacchia@mjbizdaily.com.