Six Years, Six CFOs at MedMen as Bowman Departs

After the markets closed on Friday, MedMen Enterprises Inc.  (CSE: MMEN) (OTCQX: MMNFF) announced the resignation of Ana Bowman as Chief Financial Officer, effective June 29, 2023. Bowman has served as CFO since 2022 and MedMen has begun a formal search for a new CFO.

“We thank Ana for her leadership and guidance during MedMen’s restructuring. Ana was instrumental in helping us achieve positive adjusted EBITDA for the last two quarters,” said Ed Record, MedMen’s CEO. “We wish her all the best in her future endeavors.” Prior to MedMen Bowman was Vice President of Financial Reporting and FP&A of Tilray Brands (Nasdaq: TLRY).

Bowman took over the role in February 2022 following the previous CFO Reece Fulgham. Fulghum started the job in 2020 replacing Zeeshan Hyder. At that time, Bowman was the company’s fourth CFO in just four years.

At the time, Green Market Report wrote that beginning in August 2019, MedMen was churning through CFO’s like tinder dates. Jim Miller had been appointed interim CFO after former CFO James Parker resigned. Parker filed a tell-all lawsuit against the company, which he lost.

Miller was replaced by Michael Kramer in December 2018, who was terminated in October 2019. Zeeshan Hyder was named the new CFO in October 2019. Hyder only lasted a little over a year before leaving in December 2020. Reece Fulgham became the new interim CFO and remained in that role until Bowman was appointed.

CFO Churn

Here is the CFO timeline for Medmen:

  • February 2022 – June 2023: Ana Bowman
  • December 2020 – February 2022: Reece Fulghum
  • October 2019 – December 2020: Zeeshan Hyder
  • December 2018 – October 2019: Michael Kramer
  • January 2018 – December 2018: Jim Miller
  • February 2018 – November 2018: James Parker

Financial Trouble

Last month, Green Market Report wrote that MedMen was facing major headwinds and remained a going concern, according to its latest quarterly earnings report for its fiscal 2023 third quarter.

“As of March 25, 2023, the Company had cash and cash equivalents of $7.6 million and working capital deficit of $383.2 million,” MedMen reported, adding that net losses were $31.2 million for the quarter and $70.6 million from continuing operations for the first nine months of the fiscal year. Including discontinued operations, MedMen’s net loss for 2023 so far was $48.4 million, down from the $111 million it had lost in the first three quarters of fiscal 2022.

The company said it planned to keep operations running through various cost-cutting measures, up to and perhaps “including the potential divesture of one or more of its non-core states,” such as Arizona, Nevada, Massachusetts, or Illinois. MedMen currently has 23 dispensaries in six states, with the bulk located in California.

“The Company has been in active ongoing discussions with interested parties for the potential dispositions of its retail stores in Emeryville, California; Fenway, Massachusetts; and Nevada, as well as its retail stores and cultivation facility in Arizona,” MedMen reported.

 

Debra Borchardt

Debra Borchardt is the Co-Founder, and Executive Editor of GMR. She has covered the cannabis industry for several years at Forbes, Seeking Alpha and TheStreet. Prior to becoming a financial journalist, Debra was a Vice President at Bear Stearns where she held a Series 7 and Registered Investment Advisor license. Debra has a Master's degree in Business Journalism from New York University.


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