MedMen Enterprises Inc Announces Layoffs and a Strategic Plan

Leading cannabis retailer with operations across the U.S., today announced a strategic plan to achieve its target of positive EBITDA by the end of calendar year 2020.

The 90-day plan will focus on five key objectives: 1) focusing on core markets, while divesting non-core assets; 2) reducing corporate SG&A; 3) driving asset-level EBITDA; 4) limiting cash outlays for the next 12 months; and 5) reinvesting in the Company's employees and culture. MedMen believes the Company can execute this plan while still growing its retail presence and maintaining a best-in-class retail experience.

"We have a clear plan to increase our market share, while at the same time enhancing our margins and reducing our corporate overhead"

Adam Bierman, MedMen co-founder and chief executive officer.

"We have a clear plan to increase our market share, while at the same time enhancing our margins and reducing our corporate overhead," said Adam Bierman, MedMen co-founder and chief executive officer.

"We must unlock our operating leverage and bring the Company to positive EBITDA. Given market conditions, capital allocation is more critical than ever. As such, we announced a layoff of over 190 MedMen employees."

"This layoff includes many hard working, mission-based people whose presence will be sorely missed. While it is never easy to let employees go from the MedMen Family, we believe this decision is in the best interest of our Company as we position ourselves for growth in the years ahead."

We thank everyone for their hard work and dedication to MedMen, and we will now set our sights on achieving positive EBITDA by the end of calendar year 2020," he said.

To learn more about MedMen visit their Company HQ here

Disclaimer: Past performance is not an indicator of future performance.

Disclaimer: past performance is not an indicator of future performance
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Niki Mohazeb
Niki Mohazeb

Niki is a Sydney based writer, with a passion for promoting the health benefits of medicinal cannabis. Niki also enjoys researching and writing about the future of cannabis along with the many other benefits that the plant provides, such as the diverse utilities of hemp.

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