UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
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| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On November 5, 2021, the Board of Directors (the “Board”) of MedMen Enterprises Inc. (the “Company”) appointed David Hsu and Ed Record as directors of the Board.
David Hsu, 39, has served on the Board of Directors of Urban-Gro, Inc. (Nasdaq: UGRO), where he is a member of the Audit and Compensation committees, since June 2021. Mr. Hsu completed a Certification in Financing and Deploying Clean Energy from Yale University in 2021. Prior to that, Mr. Hsu served as the Chief Operating Officer of The Cronos Group, a leading global cannabinoid company (“Cronos”), from 2016 to 2019. While at Cronos, Mr. Hsu’s primary duties included overseeing all of Cronos’s operations including construction, cultivation, and manufacturing. Prior to joining Cronos, from 2006 to 2016, Mr. Hsu served in various roles with CRG Partners (“CRG”), and later Deloitte upon Deloitte’s acquisition of CRG in 2012, including as Vice President, where he operated and managed distressed companies with revenues of more than $500.0 million. Mr. Hsu received his Bachelor of Science in Business Management from Babson College in 2003 and holds a Certification in Artificial Intelligence: Business Strategies and Applications from the University of California Berkley, which he received in 2020.
Ed Record, 53, previously served as Executive Vice President and Chief Financial Officer at Hudson’s Bay Company from 2017 to January 2021. From 2014 until July 2017, he served as Executive Vice President and Chief Financial Officer of JC Penney. Prior to joining JC Penney, Mr. Record served in positions of increasing responsibility with Stage Stores, Inc. (apparel retailer), including Executive Vice President and Chief Operating Officer from 2010 to 2014, Chief Financial Officer from 2007 to 2010 and Executive Vice President and Chief Administrative Officer from May 2007 to September 2007. Mr. Record also served as Senior Vice President of Finance of Kohl’s Corporation (department store retailer) from 2005 to 2007. Prior to that, he served with Belk, Inc. (department store retailer) as Senior Vice President of Finance and Controller from April 2005 to October 2005 and Senior Vice President and Controller from 2002 to 2005. Mr. Record received his Bachelor of Arts in Economics from Princeton University in 1990 and an MSIA from Carnegie Mellon University in 1995.
There are no arrangements or understandings between Mr. Record or Mr. Hsu and any other person pursuant to which either was appointed to serve on the Board and neither Mr. Record nor Mr. Hsu has a direct or indirect material interest in any “related party” transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K. There are no family relationships between Mr. Record or Mr. Hsu and any director or executive officer of the Company.
| Item 7.01 | Regulation FD Disclosure. |
On November 8, 2021, the Company issued a press release, which is attached to this Current Report on Form 8-K as Exhibit 99.1 and hereby furnished pursuant to this Item 7.01.
The information disclosed under this Item 7.01, including Exhibit 99.1 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
| Item 9.01 | Financial Statements and Exhibits. |
| (d) | Exhibits |
| Exhibit Number |
Description | |
| 99.1 | Press Release dated November 8, 2021. |
1
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Dated: November 12, 2021 | MEDMEN ENTERPRISES INC. | |
| /s/ Reece Fulgham | ||
| By: | Reece Fulgham | |
| Its: | Chief Financial Officer | |
2
Exhibit 99.1
MedMen Announces Board Changes
LOS ANGELES, November 8, 2021 (GLOBE NEWSWIRE) -- MedMen Enterprises Inc. (“MedMen” or the “Company”) (CSE: MMEN) (OTCQX: MMNFF), a premier cannabis retailer with operations across the United States, today announced that David Hsu and Ed Record have been elected to the Company’s Board of Directors, effective immediately.
Hsu is an expert in financial and operational turnarounds. Most recently he served as Chief Operating Officer of cannabis company Cronos Group, where he was responsible for international expansion, construction, cultivation and manufacturing. Prior to joining Cronos Group, Hsu spent more than a decade consulting with Deloitte and CRG Partners, a premier turnaround consulting firm, where he operated and managed distressed companies with revenues of more than $500 million.
Record has deep retail experience, overseeing financial and operational performance for several large national retailers. He previously served as the Chief Financial Officer for Hudson's Bay Company. Before joining HBC, Record was Chief Financial Officer for J.C. Penney. Prior to J.C. Penney, Record held leadership positions at Stage Stores, Kohl’s and Belk.
“We are pleased to welcome David and Ed to MedMen’s Board,” said Executive Chairman Tom Lynch. “They bring a wealth of experience in financial and operational turnarounds that will be invaluable to MedMen as we continue to execute against our growth plan.”
Hsu and Record replace Albert Harrington, who had served on the Board since August 2020, and Nicole Christoff, who had served on the Board since May 2020, both of whom stepped down from the Board effective November 5, 2021.
Continued Lynch, “We thank Al and Niki for their dedication and guidance as members of MedMen’s Board, particularly during a period of significant transition and progress.”
ABOUT MEDMEN:
MedMen is a premier American cannabis retailer with an operational footprint in California, Nevada, Illinois, Arizona, Massachusetts, and Florida. MedMen offers a robust selection of high-quality products, including MedMen-owned brands MedMen Red and LuxLyte through its premium retail stores, proprietary delivery service, as well as curbside and in-store pickup. MedMen Buds, an industry-first loyalty program, provides exclusive access to promotions, product drops and content. MedMen believes that a world where cannabis is legal and regulated is safer, healthier, and happier. Learn more about MedMen at www.medmen.com.
MedMen Media Contact:
Lisa Weser, MedMen@Trailblaze.co
MedMen Investor Relations Contact:
Morry Brown, investors@MedMen.com
Cover |
Nov. 05, 2021 |
|---|---|
| Cover [Abstract] | |
| Document Type | 8-K |
| Amendment Flag | false |
| Document Period End Date | Nov. 05, 2021 |
| Entity File Number | 000-56199 |
| Entity Registrant Name | MEDMEN ENTERPRISES INC. |
| Entity Central Index Key | 0001776932 |
| Entity Tax Identification Number | 98-1431779 |
| Entity Incorporation, State or Country Code | A1 |
| Entity Address, Address Line One | 10115 Jefferson Boulevard |
| Entity Address, City or Town | Culver City |
| Entity Address, State or Province | CA |
| Entity Address, Postal Zip Code | 90232 |
| City Area Code | (424) |
| Local Phone Number | 330-2082 |
| Written Communications | false |
| Soliciting Material | false |
| Pre-commencement Tender Offer | false |
| Pre-commencement Issuer Tender Offer | false |
| Entity Emerging Growth Company | true |
| Elected Not To Use the Extended Transition Period | false |
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