Premier cannabis retailer, MedMen Enterprises Inc. (OTCMKTS:MMNFF) has announced the appointment of Edward Record as Chief Executive Officer, on April 27, 2022, effective immediately. He succeeds interim CEO Michael Serruya, who retains his position as Chairman of the Board. Roz Lipsey, Chief Operating Officer, has also notified the company of her resignation, which comes into effect from May 20, 2022.
Trading Data
On Wednesday, MMNFF stock moved down 3.60% to $0.1070 with more than 1.61 million shares, compared to its average volume of 2.27 million shares. The stock moved within a range of $0.1035 – 0.1150 3 after opening trading at $0.1042.
MedMen operates all over the United States, such as California, Nevada, Illinois, Arizona, Massachusetts, and Florida. It offers a selection of top quality merchandize, including MedMen Red and LuxLyte through its premium retail stores, proprietary delivery service, as well as curbside and in-store pickup.
Record brings deep retail and restructuring experience, as he has previously supervised financial and operational performance for many large national retailers. He has served as the Chief Financial Officer for Hudson’s Bay Company and J.C. Penney, before joining MedMen’s Board of Directors in 2021. Prior to J.C. Penney, Record held leadership positions at Stage Stores, Kohl’s and Belk.
Michael Serruya, MedMen’s Chairman of the Board, is excited to welcome Edward Record on board as CEO. He believes that Record has the operational discipline and restructuring expertise that MedMen requires now, along with a great understanding of the company’s business model and strategy.
Key Quote
“We are pleased to announce Ed as our CEO,” said Michael Serruya, MedMen’s Chairman of the Board. “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.”
Technical Data
MMNFF stock is trading below the 20-Day and 50-Day Moving averages of $0.12 and $0.12 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.20.
