Daniel Yi Needs To Be Recognized As A War Hero
There are about 8,000 reasons to bash MedMen (MMEN) right now, but let’s take a moment to pay homage to a war hero within the organization – Daniel Yi, VP Corporate Communications, MedMen Inc.
During MedMen’s almost weekly scandals and mishaps, this man not only goes to bat for the company, but also throws a punch or two back at the multitudes of dishonest perpetuators that are out to get this company.
MedMen’s most recent PR shit show is its former CFO James Parker suing the company for a litany of injustices.
The suit alleges that Parker was ordered to spend “several millions of company dollars” on expenses such as 24-hour armed security for Bierman and Modlin, personal drivers, private jets, luxury hotels, special-order pearl white Escalades for Bierman, a custom $160,000 Tesla SUV for Modlin, extravagant custom conference room tables that cost “tens of thousands of dollars apiece” and placing Bierman’s personal therapist on staff as a “performance improvement expert” with a salary of over $300,000 a year.
Yi stepped up to bat and said that Parker had only worked at MedMen for ‘less than a year and half’, ensuing that 12-18 months is not long enough to be aware of these inappropriate corporate spending sprees, especially when you are the CFO.
These allegations also follow suit with MedMen’s recent financials where 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.
Beyond insane corporate spending habits, here are some of the other reported transgressions by former CFO Parker:
Ordering Parker to wire “hundreds of thousands of public dollars to a ‘consultant’ in Canada to ‘buy up our stock when it is under attack.’”
Ordering Parker to “dig up dirt” on corporate and personal enemies.
Refusing to retract a materially incorrect news release until forced to do so by Parker.
Ordering Parker to pay “prohibited success fees to unlicensed broker-dealers.”
Violating Canadian securities regulations by not disclosing compensation packages of top company executives. MedMen trades on the Canadian Securities Exchange as MMEN.
Forcing Parker to make a $10,000 political donation because Bierman and Modlin had already contributed the maximum legal amount to a candidate in Nevada.
MedMen Vs. The World
When MedMen was outed for donating to far-right anti immigration super PAC’s like What A Country!
MedMen donated $5,000 to What A Country!, also known as WACPAC, on March 20th of 2018 and told Cannabis Wire that the company had been unaware of the PAC’s purpose. One of which was to ‘track immigrants like FedEx packages.
Yi stated that MedMen is dedicated to non-partisanship, and that the company is “constantly looking at our political donation process, and I think this was a learning experience for us.”
Yi also stated that MedMen wanted a refund because it wasn’t aware of the far right super PAC’s agenda when the company made its multiple donations.
Last year, in a strange move, MedMen wanted to trademark the phrase ‘cannabis’, Yi said it was because the word appeared on MedMen’s website. “The geometric leaf you see on our Website and other collaterals is trademarked so we are looking to extend the idea for the word ‘cannabis.’” – MedMen spokesperson Daniel Yi, in an email to Marijuana Business Daily.
This was even funnier as MedMen, which came after the infamous TV show Mad Men share almost the exact same logo, colour and branding.
When it was leaked that MedMen was taking its employees tips, Yi urged the minimum wage employees to not speak the media.The one flaw that Yi may have is a common one in the military, and that is assuming everyone is as dedicated as he is as it was already too late.
When journalists at Equity Guru talked about some of the naughty things corporate was doing, Yi assembled the battalion and a 500 million dollar lawsuit was filed in a North Korea-esque silencing attempt.
Working At MedMen Is Hell
If the CEO’s therapist is raking in $300,000 a year, who knows how much retail investor money Yi is taking in. The CEO’s are also doing well, taking bigger pay cheques than the likes of: Warren Buffet, Elon Musk and Bruce Linton, to name a few.
The haters of this article will probably state something along the line s of ‘he is just doing it for the money’.
I will make the argument that according Glassdoor, a website to rank employers, working at MedMen sounds like absolute hell. The company has scored a 2.6/5 rating based on 53 reviews, and while the argument that ‘it’s usually angry former ex employees that leave reviews’ is a valid one, the reality is that most companies also leave fake reviews giving the company 5 stars to try and balance things out.
Like this one: ‘This is an exciting time to join the company. There are talented individuals within the organization. I can speak for corporate but not on the retail or cultivation side. Look, are there bad apples? Yes, and I’ve seen the company ultimately made the right decision in separating those bad apples’.
Employees don’t talk like that.
Yi Loves These Kinds Of Companies
MedMen isn’t the first dodgy company Yi has gone to war for. According to Yi’s LinkedIn he was the content manager for Souther California Edison (SCE) between Dec 2014 and June 2016, right before he joined MedMen. SCE fairs better on Glassdoor, with 3.6 stars based on 952 reviews.
A month before Yi left SCE coverage of a company scandal started getting a lot of attention. According to the LA Timees, the SCE was fined $30 million for fraud in 2008 for fraud, and 16.7 million in 2014.
The company’s most recent lawsuit, according to USA Today states that SCE was responsible for the massive fire in Ventura, California in 2o17.
Beyond a history of lawsuits, a complaint on the SCE Glassdoor page almost mirrors the exact complaint Medmen’s former CEO Parker filed. The two are almost interchangeable.
From Southern California Edison Glassdoor:
(speaking about corporate)
Whatever they want, they get. Executives have a lot of nice dinners, hotel stays and baseball games on the backs of the rate-payers. The rate-payer advocate groups could have a field day on all the inappropriate spending. Not a place for women or people of color to work.The HR and Ethics groups do not have the power to do anything about the blatant discrimination and sexual harassment that occurs.
From Parker’s Lawsuit against MedMen:
A work environment pervaded by “racial, homophobic and misogynistic epithets and slurs, drug and alcohol abuse, personal humiliation … (and) profligate spending by both the CEO and president.
Why does Yi gravitate towards these companies? Does he like to fight for the underdog, or is there something a bit darker at play here? There has been no evidence that Yi himself has engaged in any of the activity that he so actively defends, and like any good solider, Yi presses on as MedMen’s reputation slides further and further down into oblivion.
MedMen now trades below its IPO price