California marijuana retailer sued by former chief financial officer

Image: MedMen Chief Executive Adam Bierman as reported by Los Angeles Times. Photo Credit:  Ricardo DeAratanha / Los Angeles Times.

Image: MedMen Chief Executive Adam Bierman as reported by Los Angeles Times. Photo Credit: Ricardo DeAratanha / Los Angeles Times.

MedMen, a major marijuana industry operator in California with 1,243 employees, faces a lawsuit by its former chief financial officer, the L.A. Times reports.

“As California’s marijuana industry works to project an image of mainstream respectability, one of its best-known companies has come under attack by a former insider,” the newspaper reports.

MedMen Enterprises Inc. is trying to bring pot sales into the mainstream by providing sleek, comfortable stores in high-profile locations, and its strategy often is said to emulate the Apple store model.

The marijuana retailer is being sued by its former chief financial officer, James Parker, “who alleges the Culver City firm forced him out for objecting to a variety of alleged misdeeds at the company, whose stock became publicly traded last year.” A MedMen official denies the allegations.

Parker’s suit was filed in Los Angeles County Superior Court following his departure from the firm on Nov. 5.

“After earlier rounds of private funding, MedMen went public last May through a reverse takeover — MedMen bought an existing Canadian public company — that enabled MedMen’s stock to be listed on the Canadian Securities Exchange,” the L.A. Times reports. “Although California and more than two dozen other states allow medicinal or adult recreational use of marijuana, cannabis remains illegal under U.S. federal law and thus the major U.S. stock exchanges will not list cannabis firms that operate in the United States.”

Courts Monitor publisher thinks that the newly emerging cannabis industry can learn a thing or two from the alcohol industry

Sara Corcoran is correspondent, contributing editor, and founding publisher of the National Courts Monitor & California Courts Monitor.

Sara Corcoran is a correspondent, contributing editor, and founding publisher of the National Courts Monitor & California Courts Monitor.

Sara Corcoran, the Courts Monitor publisher, thinks that the newly emerging cannabis industry can learn a thing or two from the alcohol industry. For example, as the repeal of alcohol prohibition turns 85 years old, the feuds between the “beer and wine” crowd and the “distilled spirits” companies could easily be repeated as cannabis regulation takes shape amid conflicted industry sectors. She is published at CityWatch LA, the regionally prominent Los Angeles-based opinion-and-politics website here.