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According a recent report on Seeking Alpha, MedMen execs are outdoing nearly everyone when it comes to execs taking salaries. In the report it shows the drastic contrast between its peers like Acreage (ACRGF) , CuraLeaf (CURA) and Harvest Health (HTHHF).
‘President Andrew Modlin is receiving the exact same package as Adam Bierman which means that he is also receiving $1.5 million in salary, $4 million cash bonus upon $2 billion EV, and C$50 million in LTIP Units. ‘
- Acreage CEO Keinv Murphy is getting $375k in total compensation in 2018
- Curaleaf President & CEO Joseph Lusardi is getting $506k in total compensation in 2018
- Harvest Health CEO Steve White was paid $248k from through November 7 so far in 2018
Here Are 8 More CEO’s Who Take A Smaller Salary Than MedMen Execs
Finding this list was not time consuming as most CEO’s take a far lower salary than Andrew Modlin and Adam Bierman.
Even Jeff Bezos of Amazon (AMZN) just missed this list by a couple hundred thousand. This list could have included hundreds or even thousands of names, but we condensed it down to 11 because after that you get the point.
1. Warren Buffett, Berkshire Hathaway (BRK.A)
2.Brendan Kennedy, Tilray (TLRY)
3.Elon Musk, Tesla (TSLA)
4.Bruce Linton, Canopy (CGC)
5. Jack Dorsey, Twitter (TWTR)
6.Evan Spiegel, Snapchat (SNAP)
7.Vic Neufeld, Aphria (APHA)
8.Calvin McDonald, Lululemon (LULU)
You get the idea.
Sucking Investors Dry
In most startups the founders tend to take a smaller salary in the first couple years to allow room for the company to scale at a faster rate. They understand that if they make a bit of sacrifice early on, it will allow them more financial leverage in the future to build the company.
Not these guys though, they wanted that money quick.
Just how much cash are these boys slangin?
According to their most recent financials for the year ended June, 2018 MedMen incurred a net loss of $112,264,844.
Their expenses totalled $98,180,978, $27,058,150 of which were in salaries and benefits. This type of spending is becoming a trend, in 2017, the company had $14,138,166 in expenses, nearly half of which was in salaries and benefits at $6,002,760.
MedMen’s saving grace is its ability to raise money from investors, the company has raised $238,304,659 to date, 101,802,288 coming from the private placement during their RTO.
The looming problem MedMen faces is the possibility that investors will begin to tire when MedMen comes knocking for more cash. It’s like the homeless man with a Gucci bag asking for change.