Cannabis Movers & Shakers: MedMen, Green Check Verified, Beatrice Society, LOOP/POOL

MedMen Enterprises Appoints Michael Serruya As Chairman & Interim CEO

Cannabis retailer MedMen Enterprises Inc. MMEN MMNFF announced Monday that its board of directors has appointed Michael Serruya as chairman and interim CEO.

Serruya replaced outgoing chairman and CEO Tom Lynch, who held the position since 2020 and oversaw the company’s operational turnaround.

Serruya joined the board of the Los Angeles-based company in August 2021 as part of a $100 million investment in the MedMen by Serruya Private Equity to expand its operations in key markets and identify and accelerate further growth opportunities across the United States.

The financing alongside Tilray, Inc.’s TLRY acquisition of the majority of the outstanding senior secured convertible notes of MedMen that were originally held by certain funds affiliated with Gotham Green Partners, LLC, gives MedMen 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 and Kahala Brands.

“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.”

In addition, Lynch will continue to serve as the manager of MedMen Boston LLC and MME Newton Retail LLC, and for the immediate future, will continue to participate in the direction and control of those businesses.

Canadian Cannabis Brand LOOP/POOL Taps CPG Expert Taps Kevin Lam As CCO

Canadian artist-focused and socially-forward cannabis brand LOOP/POOL recently announced that Kevin Lam joined its leadership team as a chief commercial officer.

Lam is a seasoned consumer packaged goods industry expert, having held merchandising positions at top companies including WalMart Inc WMT, Loblaws and 7-Eleven.

Prior to this, he led both the strategic growth of the merchandising team and function at the Ontario Cannabis Store since pre-legalization as the senior director of merchandising.

“Getting someone of Kevin’s calibre on our senior team is a major step forward for our company,” Ian Kwechansky, LOOP/POOL’s CEO said. “This is an important milestone for us, and it is a testament to the power of the brand we’ve created, our mission, and the quality of products we’ve curated for the Canadian market.”

Based in Toronto, the company was co-founded by a number of Canadian musicians, including the members of Our Lady Peace, Roy Woods, Blue Rodeo, Felix Cartal, Stars, dvsn and Kiesza. It is dedicated to supporting emerging talent through the sale of licensed cannabis products.

Green Check Verified Appoints Peter Su As SVP Of National Relationships

Green Check Verified, the leading fintech provider of compliant cannabis banking solutions and services, recently said that it has hired Peter Su as senior vice president of national relationships.

Su is a certified cannabis banking professional and certified commercial cannabis expert who spearheaded the expansion of the de novo cannabis banking program at BNB Bank.

Prior to this, he held positions with HSBC Holdings HSBC, Signature Bank SBNY, and East West Bankorp EWBC.

In addition, Su serves as a banking and financial services committee member for the National Cannabis Industry Association. He also chairs the banking and financial services committee of the Hudson Valley and New York City Cannabis Industry Association.

“Peter has incredible hands-on experience building specialized banking programs from start to finish, and his fluency in banking, cannabis sale logistics, and state-by-state regulatory requirements will help GCV create even more impactful and successful long-term partnerships,” Kevin Hart, CEO of Green Check Verified said.

Beatrice Society Forms Board Of Directors

Psychedelics and functional mushroom company Beatrice Society announced Monday the formation of its initial board of directors, including a new chairman.

Currently, the board of the Toronto-based company includes:

• Gary Yeoman, the newly appointed chairman of the board and currently serving as executive chairman at Voxtur Analytics Inc VXTR VXTRF. He founded and served as CEO of Altus Group ASGTF AIF, a leading provider of software, data solutions and independent advisory services to the global commercial real estate industry.
• Lorne Gertner, board member and co-founder of GoodCap Pharmaceuticals Inc., brings vast experience in drug development. He also co-founded and served as chairman of PharmaCan Capital Corporation, now Cronos Group Inc CRON CRON. In addition, he is the co-founder of Tokyo Smoke, an industry-leading cannabis retailer purchased by Canopy Growth Corporation CGC WEED in 2018.
• Krisztián Tóth, a board member who currently serves as partner at Fasken Martineau DuMoulin LLP.

“Each director provides the company with valuable perspective and brings with them a wealth of experience,” John Baker, CEO of the Beatrice Society said. “This fantastic slate of industry veterans will provide a solid foundation for building upon the successes of Beatrice’s latest acquisitions in the psychedelics and wellness space.”

Photo: Courtesy of Elsa Olofsson on Unsplash