MedMen: what went wrong at the cannabis industry’s first unicorn, with Founder and former CEO Adam Bierman
Mar 1, 2022
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Former CEO of MedMen, Adam Bierman, reflects on the rise and fall of the cannabis industry's first unicorn. He discusses the decline of MedMen's value, personal financial losses, leaving the company, and lessons learned from the experience.
Having a clear purpose and a sense of naivety drives motivation and resilience in entrepreneurship.
Scaling a business requires balancing cultural values, employee well-being, and specific areas of expertise.
Setbacks are inevitable in entrepreneurship, but embracing them with resilience and perseverance leads to growth and progress.
Deep dives
The importance of purpose and naivety in entrepreneurship
Adam Beerman emphasizes the significance of having a clear purpose and a sense of naivety as an entrepreneur. He believes that having a strong purpose, whether it's financial stability or creating a positive impact, drives motivation and resilience throughout the entrepreneurial journey. He also highlights the value of naivety, as it allows entrepreneurs to push boundaries and challenge norms without being limited by preconceived notions or naysayers. These qualities can contribute to the success and fulfillment of an entrepreneurial venture.
The challenges of scaling a business and building culture
Adam Beerman reflects on the complexities of scaling a business and cultivating a positive company culture. He shares his experiences of employing over 1,500 people and expanding into multiple states. While he acknowledges the importance of cultural values and employee well-being, he also recognizes the need to focus on specific areas of expertise as a CEO. Balancing the responsibilities of public relations, operations, finance, and other aspects of running a company can be challenging, but it is crucial to prioritize and delegate tasks to ensure effectiveness and growth.
Lessons from setbacks and challenges
Adam Beerman discusses the lessons learned from setbacks and challenges faced during his entrepreneurial journey. He emphasizes the importance of understanding that setbacks are inevitable and learning to navigate through them with resilience and perseverance. He encourages entrepreneurs to not let outside validation or criticism define their self-worth or impact their decisions. Instead, he advocates for focused decision-making, using imperfect information, intuition, and taking actions aligned with those decisions. By embracing the inevitable ups and downs, entrepreneurs can continue to grow, learn, and make progress.
The impact of external factors on business
Adam Beerman shares how external factors, such as market volatility, regulatory changes, and predatory investors, can significantly impact a business. He highlights the challenges faced in a rapidly evolving industry like cannabis, where legality, perception, and market dynamics play a crucial role. Being aware of the risks, managing expectations, and adapting to changing circumstances are vital skills for entrepreneurs in navigating through external challenges.
The value of reflection and gratitude in entrepreneurship
Adam Beerman concludes with the importance of reflection, gratitude, and finding joy in the entrepreneurial journey. He shares how he has come to appreciate life's experiences and relationships, recognizing that success goes beyond financial gains. By cherishing relationships, maintaining gratitude, and embracing the opportunities that come with entrepreneurship, individuals can find fulfillment and lead a more purposeful and meaningful life.
Look, we’re going to tell you straight - this is a blinding episode - and that’s because we’re talking to a man who is unflinchingly honest about his Founder experience.
On the outside it looked like Adam Bierman had it all. He was the Co-Founder and CEO of MedMen, a cult phenomenon and the world’s first cannabis unicorn. They were seen as the Apple of weed and they looked unstoppable.
But in 2019, a year after hitting its all time high on the Canadian stock market, the company had lost 95% of its value. Adam’s personal wealth was also up in smoke because he hadn’t listened to his advisors - instead of diversifying his assets, he’d bought even more MedMen stock. And then came the lawsuits.
Adam is no longer with the company and was in a reflective mood when he sat down with Dan.
So what on earth happened? Why did he leave the company? And what has he learnt from all of this?
