MedMen To Lay Off More Than 190 Employees, Announces Plan To Achieve Positive EBITDA
Cannabis retailer MedMen Enterprises Inc. (CSE:MMEN) (OTCQX:MMNFF) announced Friday a strategic plan to reach its target of positive EBITDA by the end of 2020 that includes the layoff of 190 employees.
The company’s plan is centered around the following:
- Concentrating on core markets.
- Lowering corporate SG&A.
- Driving asset-level EBITDA.
- Limiting cash outlays for the next 12 months.
- Reinvesting in the company’s employees and culture.
“We have a clear plan to increase our market share, while at the same time enhancing our margins and reducing our corporate overhead,” co-founder and CEO Adam Bierman said in a statement.
“We must unlock our operating leverage and bring the company to positive EBITDA. Given market conditions, capital allocation is more critical than ever. As such, we announced a layoff of over 190 MedMen employees.”
The company said it plans to release its first-quarter report Nov. 26.
MedMen shares were down 22.34% at 76 cents at the time of publication.
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