LOS ANGELES, California, November 22, 2021 - PRESS RELEASE - MedMen Enterprises Inc. (MedMen), a cannabis retailer with operations across the United States, announced its board of directors has appointed Michael Serruya as chairman and interim CEO, effective immediately. Serruya succeeds outgoing Chairman and CEO Tom Lynch, who held the position since 2020 and oversaw the company's operational turnaround.
Serruya joined MedMen's board in August as part of a $100 million investment in the company by Serruya Private Equity to expand its operations in key markets and identify and accelerate further growth opportunities across the United States. This, together with Tilray, Inc.'s acquisition of the majority of the outstanding senior secured convertible notes of MedMen that were initially held by certain funds affiliated with Gotham Green Partners, LLC, provides MedMen with the flexibility to execute on its growth priorities and explore additional strategic opportunities.
Serruya is a seasoned cannabis investor with extensive retail expertise, having previously served as CEO of Coolbrands (then home to CPG brands including Weight Watchers, Eskimo Pie, Tropicana and Godiva Ice Cream) and Kahala Brands (home to global QSR brands including Cold Stone Creamery, Taco Time and Blimpie Subs).
"We want to thank Tom for his leadership over the past 20 months as he's led a successful and disciplined turnaround plan, which has left us well-positioned for accelerated growth as MedMen 2.0," Serruya said. "Our focus now is taking this company to the next level as we seek to leverage the strength of the MedMen brand and consumer experience in order to expand it across the United States, Canada and internationally."
"It has been an honor to lead MedMen through its transformation into MedMen 2.0, which is now in growth mode," Lynch said. "I am confident Michael and the board will identify the right CEO to execute against our aggressive growth plans and achieve company-wide profitability in 2022."
Lynch will continue to serve as the manager of MedMen Boston LLC and MME Newton Retail LLC. For the immediate future, he will continue to participate in the direction and control of those businesses.