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by Stockwatch Business Reporter
The S&P/TSX Cannabis Index lost 5.57 points to 200.08 Friday, down 12.65 points on the week. The Canadian Securities Exchange Composite Index dropped 2.85 points to 421.32, losing 0.9 point this week. Medmen Enterprises Inc. (MMEN) gained four cents to 58 cents on 3.5 million shares after the company announced that its co-founder and chief executive officer, Adam Bierman, will step down as CEO, effective Feb. 1. He will stay with the company as a director. Medmen's board has appointed its chief operating officer and chief technology officer, Ryan Lissack, as interim CEO.
Notably, Mr. Bierman has agreed to surrender all of his Class A supervoting shares. (These supervoting shares came with 1,000 votes a share. That gave Mr. Bierman and Andrew Modlin, the other co-founder, a combined 95 per cent of Medmen's voting power. The two co-founders held the only supervoting shares.) In December, Mr. Modlin granted a proxy over all of his supervoting shares to Medmen's executive chairman, Ben Rose, until December, 2020. Like Mr. Bierman, Mr. Modlin has agreed to surrender all of his supervoting shares, which will occur after the expiration of the proxy granted to Mr. Rose. This means that by the end of 2020 Medmen will only have Class B subordinate voting shares outstanding, all worth one vote a share, a move that will undoubtedly be cheered by regular shareholders.
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