Marijuana stocks were broadly lower Thursday after MedMen (OTC: MMNFF) revealed it's slashing executive pay amid widening losses. It comes as the FDA is set to hold its first public hearing on CBD, a nonintoxicating cannabis compound claimed to have therapeutic benefits.

MedMen, whose trendy retail outlets resemble Apple stores, posted a loss of $63.1 million, or 20 cents a share, for its fiscal Q3 vs. a year-ago loss of $16.8 million. Analyst were expecting a loss of 10 cents a share, according to Yahoo Finance. Revenue surged 156% to $36.6 million.

The firm announced that CEO Adam Bierman and President Andrew Modlin have entered into revised employment agreements with annual salaries of $50,000, down from $1.5 million, as the firm seeks to reduce expenses and work toward profitability. MedMen also accepted the resignations of COO Ben Cook and General Counsel Lisa Sergi, who is also a board member.

"The biggest driver for this phase of the business remains revenue, which continues to increase significantly with new store openings and same-store sales growth," Bierman said in a press release. "Where we are impressively ahead of schedule is in leveraging our scale to create greater operational efficiencies across the organization."

MedMen shares were down 5.6% at 2.24 on the stock market today. The U.S. marijuana producer began trading in Canada last year, and currently has a market cap of $1.076 billion. It has collapsed from the high of 7.57 it reached last October, when investors had the munchies for marijuana stocks.

Acreage Holdings (OTC: ACRGF) was up 1.1% after sinking 4.7% Wednesday. On Tuesday it reported Q1 losses widened from 8 cents per share to 39 cents a share, even as revenue swelled from $2.2 million to $12.9 million.

Among other marijuana stocks, Aurora Cannabis (ACB) dipped 1.5%, Tilray (TLRY) lost 4.2%, Cronos Group (CRON) slipped 2.2% and Canopy Growth (CGC) fell 0.7%.

Innovative Industrial Properties (IIPR), a profitable cannabis-focused REIT, added 2.8%, near a buy point. The ETFMG Alternative Harvest ETF (MJ) retreated 1.9%.