Top Execs At US-Based Weed Retailer Step Down


Both the general counsel and chief operating officer of MedMen Enterprises have stepped down from their positions at the company amid a broader employee shakeup at the US-Based marijuana retailer.

A source who is familiar with the matter informed CNBC that Ben Cook, its Chief Operating Officer, and Lisa Sergi Trager, its General Counsel — who also served on the board of the company — have resigned. Daniel Yi, the Senior Vice President of Corporate Communications, has also resigned.

Some members of the design and technology teams of the company were also let go as the company attempts to makes itself more efficient under Adam Bierman, its CEO.

Trager, Yi, and Cook did not immediately respond to requests for comment. MedMen also refused to release a comment for the matter.

Cook is a global supply chain executive who has 15 years of experience in retail and consumer brands management. He was hired at MedMen last October after serving tenures at Target, Apple, and Sam’s Club. On the other hand, Trager is an alumna of both UCLA Law and Deloitte, a global consulting firm. He helped MedMen navigate its various business transactions.

Yi joined MedMen in 2016 after roles at the Port of Long Beach and Southern California Edison.

The most recent employment shuffle comes amid some concerns of overspending and an unhealthy work environment at the company that is based on Culver City, California. Recently, those concerns were voiced by James Parker, the former chief financial officer of the company who on filed a lawsuit against MedMen for wrongful dismissal on the 29th of January.

In the said lawsuit, the former CFO detailed what he observed as a work environment that is “replete with racial, homophobic and misogynistic epithets and slurs, drug and alcohol abuse, personal humiliation occasioned by the words and deeds of the CEO and President of the company [and] profligate spending by both the CEO and President.”

In the middle of litigation, Medmen denies the allegations and says that the suit is unfounded. Michael Kramer replaced Parker as the CFO of the company.

As one of the preeminent multistate cannabis companies in the United States, MedMen has recently drawn the eyes of Wall Street and customers alike.

According to its website, the firm owns and operates 19 facilities that range from cultivation to retail in California, Arizona, Nevada, New York, and Florida. It has over 1,000 employees and has plans to expand into Canada and the other states of the United States. Recently posted sales that amounted to $29.9 million in the second quarter.