That’s a mouthful isn’t it ! CEO Bierman states , “We have put ourselves in the ultimate driver’s seat to welcome society to the future of cannabis. A future where cannabis and its use are normal, destigmatized and accessible to every adult in the country, making our society safer, healthier and happier.”
The market, considering the crazy ride that cannabis can be, doesn’t appear overly worried by this letter looking at the stock drop of only -2.71 on CNSX over the last 24-36 hours.
Adam Bierman, MedMen CEO’s full letter to staff
I am writing this letter from Las Vegas as I have just wrapped up two “Why Not” presentations and I feel compelled to put down on paper the rush of thoughts flowing through me. This “Why Not” tour has been more powerful than I think any of us imagined it would be and I’m grateful and humbled with the interactions I’ve had; the stories people have shared and the honesty that has been core to making it all work.
The final part of the “Why Not” presentation has morphed into a story about what’s next…for MedMen, for our customers and for our society, as a result of our work. And the conclusion is that the execution it will take to get the company to what’s next rests squarely on our ability to Achieve Excellence as a team.
We must keep up with the fact that we are building an industry while we build a company in order to achieve our goals. That goes for me the same way it goes for every one of you. Even if you think you are excelling at your job today the challenge is to Achieve Excellence tomorrow. We are evolving as a company every day and each one of us needs to keep up!
It’s so important to start with the facts.
- We are the most recognized Marijuana Brand on the planet
- We generate the most revenue in ALL of U.S. cannabis
- Our customer experience is best-in-class
- We have the premier retail footprint in U.S. cannabis now and ONLY 23 out of 82 are operational MedMen stores
We have put ourselves in the ultimate driver’s seat to welcome society to the future of cannabis. A future where cannabis and its use are normal, destigmatized and accessible to every adult in the country, making our society safer, healthier and happier.
The toughest part of what I need to do as CEO for the MedMen of tomorrow is to be willing to put what’s best for the company before anything, even when it means making hard decisions. Now, in order to fulfill my responsibilities to you, my family, I need to protect what we’ve built as much as ensure we continue to grow successfully.
On our November earnings call, I announced that we had turned the page to the next phase of our business and began a march towards profitability. We have entered a stage where we must create operational efficiencies, leverage all the scale we have built, access technology as a way to become better at what we do and leaner while we do it.
A few months ago, we were fortunate enough to have Michael Kramer join us as CFO. What a validation of all the work and persistence to have one of the Fathers of Apple Retail decide he wanted to be one of us because, as he told me, he believed “this would be his final chance at making a dent in the universe.” I hired Michael because he is a rock star, and we need one in a CFO.
Michael has been leading the effort as we recognize that, as a result of the explosive growth we experienced last year, we have become inefficient in some areas of the organization and now we need to shed. We can’t Achieve Excellence while being inefficient. In some instances, there are too many layers. And to be more effective we need to access enhanced systems and technology in place of inefficient headcount. As a result, we’ve separated from approximately 100 corporate employees. This is normal for companies that see rapid growth like ours. While there is no debate this is what must happen, it’s been tough, nonetheless. The explanation above leads to the most difficult of outcomes; we are separating from people in our family. For those that have left us, I thank them with everything I am for their commitment and service.
As we create greater efficiencies we will also be growing like crazy. This aspect is fairly unique to MedMen. Corporate initiatives to become more efficient are rarely paired with explosive growth like ours. This is the most exciting part of where we are as a business. We are getting leaner, in front of a background that includes almost tripling our store count, continuing to grow our already leading market share in California, launching our in-house brands, including [statemade], across the country and entering the Florida market.
Our company has never been healthier and more dominant while having so much opportunity to get better and grow even more. I appreciate your trust and support and look forward to sharing this next chapter with you all.