MedMen Enterprises has announced that Adam Bierman, Co-Founder, stepped down as a member of the Company’s Board of Directors. In addition, Andrew Modlin, the Company’s other Co-Founder, stepped down as an observer to the Company’s Board of Directors. Mr. Modlin’s employment agreement with the Company expired on May 18, 2020.
MedMen also announced today that a settlement has been reached to resolve the litigation between MMMG-MC Inc. (BVI), Brent Cox, Omar Mangalji, et al. (“Claimants”) and various parties, including MedMen. Claimants originally filed suit in Los Angeles Superior Court on January 8, 2019 and subsequently moved the litigation into private arbitration. MedMen and other parties petitioned the Superior Court to compel arbitration on November 11, 2019. MedMen issued 1.5 million Class B Subordinate Voting Shares to MMMG-MC as a part of the overall 24 million share settlement with Claimants, which included contributions from other parties and allowed the issuance of shares to all MMMG shareholders. Although MedMen denies any wrongdoing, the Company believes its contribution to the settlement is in the best interest of its shareholders. The parties are in the process of dismissing the arbitration and court proceedings as a result of the settlement.