The stock of cannabis company MedMen (CSE: MMEN) (OTCQX: MMNFF) is up about 10% as of the last day of January 2020 because of the announcement that their CEO Adam Bierman would resign. Both investors and the board of directors believe this move will “strengthen the governance” of the company moving forward.
MedMen hopes that this move will improve its revenue and stock price, as its stock had fallen significantly so far in January 2020. In addition to the CEO’s resignation, MedMen laid-off employees to save costs. MedMen operates dispensaries and delivery services in Arizona, Illinois, California, Nevada, New York, and Florida.