Cannabis Movers & Shakers: MedMen, Rolling Stone Culture Council, Sierra Constellation, Cansortium, Terra Tech, Flora Growth

Here is a summary of the latest company shakeups within the cannabis industry.

MedMen Appoints Reece Fulgham As Interim CFO

Cannabis retailer MedMen Enterprises Inc. MMEN MMNFF appointed Reece Fulgham as its Interim CFO.

Fulgham replaces Zeeshan Hyder, who opted to step down from the position.

The Los Angeles-based company confirmed Friday that Fulgham will supervise its finance and accounting operations starting Dec 21.

Fulgham is a former CPA who brings over three decades of accounting, turnaround management, and restructuring experience. During his career, he served as an auditor, board member, interim operating manager, and advisor to several companies, including Hollywood Video, Epic Resorts, American Golf, and Imperial Sugar, to name a few.

Currently, he serves as a managing director at SierraConstellation Partners.

Tom Lynch, the company’s chairman, and Interim CEO thanked Hyder for his contributions, adding that “his steady hand and deep industry knowledge were vital during our turnaround.”

Meanwhile, MedMen reported its net revenue dropped by 40% to $27.4 million in the fourth quarter, ahead of appointing Tracy McCourtas as its CRO earlier this month.

Rolling Stone Culture Council Taps Niles Christodoulidis to Cannabis Committee

Rolling Stone Culture Council disclosed Friday it has tapped Niles Christodoulidis, the CEO of Rebel Roots Farms, Inc., to its Cannabis Committee.

The invitation-only community connects professionals, influencers, and innovators within a wide range of industries, including cannabis, art, entertainment, fashion, film, food and beverage, gaming, hospitality, media, music, sports, technology, television, and theater.

"In difficult times, our nation and the world have always looked to music and the arts, and the cultures and industries that surround them, for direction and inspiration," said Scott Gerber, the co-founder of Rolling Stone Culture Council.

Niles stated he's "excited" to "bring social acceptance of cannabis products from the dorm room to the boardroom." 

Three Sierra Constellation Partners' Executives Named Emerging Leaders By The M&A Advisor

Sierra Constellation Partners announced Monday that Senior Directors Philip Kaestle, Miles Staglik, and Tim Bossidy were recognized as emerging leaders by a restructuring organization, The M&A Advisor.

The recognized professionals will be presented with awards as part of The M&A Advisor's 11th Annual Emerging Leaders Awards in January.

"While much of this year was spent in a different and unfamiliar work environment, Phil, Miles, and Tim continued to exemplify leadership and provide valuable counsel and expertise to our clients," said SCP Founder and CEO Larry Perkins.

The Los Angeles-based company promoted Staglik and Bossidy to senior directors in July, alongside Curt Kroll, who now serves as Managing Director.

Cansortium’s CFO Marcos Pedreira Resigns

Vertically-integrated cannabis company Cansortium Inc. TIUM CNTMF disclosed Monday that CFO Marcos Pedreira opted to resign to pursue other opportunities.

The move came on the heels of launching the new retail location in Fort Pierce, the company's 24th dispensary in Florida.

Pedreira oversaw the financial division of the Miami, Florida-based company for over two years.

Henry Batievsky, the company's co-founder and current CPO, who already served as CFO, agreed to take on the interim CFO's role, the company said.

Robert Beasley, Cansortium's CEO, thanked Pedreira for his contributions, wishing him "continued success in the next chapter of his career."

Terra Tech Names New Executives

Terra Tech Corp. TRTC said Monday it has named Frank Knuettel its new Interim CEO and President. Simultaneously, the Irvine, California-based company tapped Uri Kenig as its new Interim COO.

The newly appointed executives replace Mike Nahass, who will remain in the company as Vice President of Operations and a Director.

Knuettel brings vast experience in finance, merger and acquisitions, capital markets transactions, and operational and financial restructurings. He spent years advising public and private companies.

During his career, he worked for Viridian Capital Advisors, One Cannabis Group, and MJardin, to name a few.

"As we enter 2021, the cannabis industry holds significant promise and, with Terra Tech's brands resonating so strongly in the market, I am looking forward to leading the Company to an even greater future," Knuettel said in a statement.

Kenig is a seasoned senior executive who served in a number of companies across the food, beverage, and retail industries.

Prior to this, he was Alpha West Holdings' Managing Partner.

"I hope to utilize my experience of helping established companies gain new momentum and become industry leaders to drive improved operational performance at Terra Tech," Kenig disclosed.

Flora Growth Shakes Up Its Leadership

Flora Growth Corp. announced Tuesday it has appointed Lusi Merchan to serve as its President and CEO.

Merchan replaces the company's current President and CEO, Damian Lopez, who will continue to serve as Vice President of Legal and Corporate Strategy.

In addition, the Toronto-based company also welcomed Juan Carlos Gomez Roa to its board of directors, on the heels of Fred Leigh's stepping down from the position.

"As we look ahead to an exciting 2021, we wanted to adapt our team to put Flora Growth in the best position possible to continue our impressive growth trajectory," commented Flora's outgoing CEO, Damian Lopez.