The co-founders of California-based multistate marijuana operator MedMen are completely out of the company, having relinquished their roles on the board of directors.
According to a news release, former CEO Adam Bierman stepped down from his seat on the board, and ex-president Andrew Modlin left his post as an “observer” to the board.
In addition, Modlin’s employment agreement expired May 18, the release noted.
Their departures from the MedMen board follows the dual resignations in January of Bierman and Modlin as CEO and president, respectively.
Until now, however, they had kept a semblance of roles with the Los Angeles company via the board.
The company previously stated that Modlin also pledged to relinquish his super voting shares in MedMen by December.
The resignations have not kept trouble from following MedMen, however.
In April, a MedMen creditor said it was seeking to seize Bierman and Modlin’s personal homes as partial repayment for a debt.
And in May, Nevada regulators began looking into an allegation by former MedMen Chief Financial Officer James Parker that Bierman and Modlin made illegal campaign donations to the state’s governor.
MedMen trades on the Canadian Securities Exchange as MMEN and on the U.S. over-the-counter markets as MMNFF.