Yes the language is dressed up in corporate speak when he says, “My biggest mistake of the last 12 months was not going through this restructuring sooner, and the market will tell you that, and the market has told us that for the last six months.” We notice he still has a job while 300 others don’t.
To get an idea where his thinking is here’s an excerpt.
It’s a combination of two things. I think that on the macro perspective, the environment in the industry in U.S. cannabis has shifted over the last six months, from hypergrowth to capital stewardship and profitability.
We’re outside of our hypergrowth stage, and we’re really just about hunkering down and continuing to deliver the experience while improving numbers and getting to profitability.
We should have done this six months ago. The writing was on the wall that this was where things were heading, and this was what the markets were starting to want to see, and we didn’t react quickly enough.
I don’t think there’s any doubt that in the hypergrowth stage in the industry, we were as aggressive as we could have been building the premier brand and the pre-eminent footprint in the country.
Which we’d translate as. I’ve had my fun spending other people’s money and now if i don’t pull my head in we’re in very deep shit.
Just to remind ourselves of his estimated net worth according to Bezinga
Adam Bierman is the co-founder and CEO of Medmen Enterprises Inc MMNFF 8.41%, which specializes in cannabis cultivation and operates dispensaries around the U.S.
According to filings with the Canadian System for Electronic Disclosure by Insiders, Bierman holds 3.96 million MedMen Class B shares, which are valued at roughly $23.6 million based on the stock’s listed price. In addition, Bierman has 9.66 million long-term incentive plan units.
Here’s the full interview