MedMen Names New COO As Trial Continues

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MedMen Enterprises Inc.  (CSE: MMEN) (OTCQX: MMNFF) introduced the appointment of Roz Lipsey to the position of Chief Working Officer. She succeeds Tim Bossidy, who has served as interim Chief Working Officer since 2020. Ms. Lipsey has served on MedMen’s government administration crew since 2020 within the position of Senior Vice President, Enterprise Operations, and brings greater than 25 years of operational expertise, specializing in enterprise start-up, scaling, and technique.

The appointment comes through the midst of the corporate’s saucy trial with former CFO James Parker. The trial started final week and testimony from Parker continued on Monday. In keeping with Law360, Parker expanded upon his first day of testimony relating to transferring hashish throughout state traces. The report acknowledged that Parker was positive that MedMen had stocked a Nevada develop home with hashish vegetation that have been grown in California. Interstate transportation of hashish is illegitimate even when hashish is authorized throughout the state. In 2018, MedMen opened a forty five,000-square-foot facility close to Reno. The ability just lately introduced that it was going to be grown beneath a brand new firm referred to as LitHouse.  LitHouse will develop its present California manufacturing, enter the Nevada marketplace for the primary time and produce flower for MedMen’s non-public label line MedMen Purple. MedMen additionally has three dispensaries in Las Vegas.

One other challenge that Parker testified about was inventory worth manipulation. In earlier court docket filings, Parker has mentioned he realized MedMen was sending giant quantities of cash to a consulting firm and was instructed by Bierman the cash was getting used to purchase firm inventory, which might maintain the worth of the inventory from falling. Law360 reported that Parker mentioned on the stand, “I instructed him it was outright securities fraud and that it wanted to cease.” Parker acknowledged that he resigned quickly after the invention and reached out for authorized recommendation.

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Law360 reported that Parker instructed the jury about why he was involved in regards to the spending habits of Modlin and Bierman, “We’ve gone public, we have now buyers. It’s not their firm. It’s not their cash. You take a look at this, it begins to seem like you’re enriching your self. It exposes us, particularly in conditions the place we’re operating out of cash and quite a few instances always taking a look at a drop-dead level of getting no capital. It opens us as much as an amazing quantity of legal responsibility.”

Poisonous Tradition

Parker has additionally acknowledged in his authentic court docket submitting that former CEO and Co-founder Adam Bierman created a poisonous tradition along with his descriptions of varied individuals. MedMen for its half has fired again saying Parker is simply as responsible of those feedback. It appeared in keeping with the Law360 reporting that Parker is attempting to get forward of these accusations because the jury was proven a clip from the 2016 movie “Popstar: By no means Cease By no means Stopping.” Law360 wrote, “The movie is a few clueless pop star, and the clip in query confirmed the star of the movie, Andy Samberg, singing about his help of homosexual rights however going out of the way in which to verify the viewers is aware of he’s straight. Parker mentioned he was requested in regards to the clip throughout his deposition, and mentioned he as soon as despatched the clip to Bierman as a result of he thought it was humorous. He added that he didn’t assume the clip was offensive.”

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