CEO Shake-Ups At Canopy, Curaleaf And Recent Top Exec And Board Changes In Cannabis And Psychedelics

Experienced Regulators Depart From New York OCM

In late July, nearly three months after New York Governor Kathy Hochul fired Chris Alexander, the former head of the state's Office of Cannabis Management (OCM), following an internal review, a series of high-level departures made headlines.

According to the Green Market Report, and later confirmed by the agency at least four of its senior officials decided to leave their positions, including Deputy Director of Licensing Danielle Holmes, Director of Health and Safety Nicole Rosa and First Deputy General Counsel Patricia Piskorski Heer, as well as General Counsel Linda Baldwin who will depart once a replacement for her position is found, reported Syracuse.com.

A month ago, Gov. Hochul and NYC Mayor Eric Adams praised their efforts to put an end to illicit cannabis sales in New York, announcing more than 1,000 illicit cannabis stores have been shut down across the state, including 779 illegal stores padlocked in New York City and an additional 230 closures statewide.

New Head Of Connecticut's Cannabis Social Equity Group

Connecticut Social Equity Council (SEC), which manages social equity activity for the state's recreational marijuana market, got a new executive director earlier this month. Brandon McGee, who previously worked on Gov. Ned Lamont's reelection in 2022,  replaced Ginne-Rae Clay, reported Marijuana Business Daily citing CT Insider.

Read Also: Executive Changes In Marijuana Industry You Should Know About, New Cannabis Appointments & More

CEO Shakeups At Canopy And Curaleaf Plus More Top Executives Changes

In Canada, cannabis giant Canopy Growth Corporation WEED CGC made headlines recently after CEO David Klein announced he would retire at the end of the company’s fiscal year – March 31, 2025. Klein, who has led the company since January 2020, will remain in his role until a successor is named. The board of directors has begun a comprehensive search for a new CEO.

Before that, another top player in the industry, Curaleaf Holdings, Inc. CURLF named its executive chairman Boris Jordan its new CEO, effective Friday, Aug. 16, 2024. Matt Darin, who serves as CEO plans to retire. However, Darin said he would stay on as a special advisor through year-end to ensure an orderly transition.

In mid-August, Verde Financial Solutions Inc, a leading provider of automated unattended retail systems and payment processing for the cannabis industry, appointed Crystal K Morris as the new CEO to lead new strategic growth partnerships after Cameron Binion was removed as CEO due to ethical, moral and legal issues. The decision follows an investigation by the shareholders and board of directors.

Village Farms International, Inc. VFF VFF filed a new contract for president and CEO Michael A. DeGiglio this week, ensuring leadership stability. Effective August 15, 2024, this agreement extended DeGiglio's tenure until August 15, 2027.

MariMed Inc. MRMD MRMD appointed Mario Pinho earlier this month as chief financial officer, effective August 9, 2024. Pinho is a certified public accountant and senior finance executive. He brings 25 years of experience leading global organizations through various stages of dynamic growth.

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Recent Cannabis Board Changes

AYR Wellness Inc. AYRAYRWF wrapped up July by announcing Jonathan Sandelman's decision to resign and step down from his role as director and executive company. The board of directors of the company decided that Louis Karger was now the chairman of the board.

Aurora Cannabis Inc.'s ACB ACB shareholders elected the following nominees as directors at their latest meeting, including Ron Funk, Miguel Martin, Chitwant Kohli, Theresa Firestone, Norma Beauchamp, Michael Singer and Rajesh Uttamchandani.

Agrify Corporation AGFY announced in August voting results from the company's annual meeting of stockholders, who re-elected nominees Raymond Chang, I-Tseng Jenny Chan, Max Holtzman, Timothy Mahoney and Krishnan Varier to its board of directors.

In late July, SNDL Inc.'s SNDL shareholders approved fixing the number of directors on the board at six at its annual meeting, electing Gregory Mills, Zachary George, Lori Ell, Frank Krasovec, Bryan Pinney and Gregory Turnbull for the position.

Organigram Holdings Inc. OGI OGI appointed Craig Harris to its board of directors in late July. Harris has two decades of experience as a commercial lawyer, with a background in private practice and legal and regulatory engagement roles for various corporations. He serves as assistant general counsel for corporate and commercial legal at British American Tobacco plc (BAT).

Rubicon Organics Inc.'s ROMJ ROMJF shareholders set the number of directors of the company at eight during its annual meeting in July, electing Margaret Brodie, John Pigott, Michael Detlefsen, Karen Proud, Len Boggio, Ian Gordon, Doris Bitz and Jesse McConnell as directors of the company.

Florida-based and vertically integrated cannabis operator Sunburn welcomed this week Poseidon's co-founder Emily Paxhia to its board of managers. Poseidon is an early investor in Sunburn having made their initial investment in 2022.

On Tuesday, Vext Science, Inc. VEXT VEXTF announced that Jason Thai Nguyen stepped down as the chairman of its board of directors. Nguyen said he would retain his position as a director of the company.

Healing Realty Trust, a real estate investment company with a portfolio centered on purchasing healthcare-related real estate assets dedicated to serving the mental, behavioral and physical health sectors, as well as in the advancement of innovative and emerging psychedelic therapies, appointed Cia Buckley Marakovits as an advisor to the company. Cia Buckley Marakovits is chief investment officer and president at Dune Real Estate.

Chief Brand Officer and Co-Founder Charles Patti of MY Self Wellness, a ketamine clinic and pioneer in the psychedelics space, has been named to the board of directors of Noonautics a 501(c)(3) nonprofit focused on advancing consciousness and is dedicated to exploring breakthrough discoveries in the psychedelics space brought on through the use of N, N-Dimethyltryptamine (DMT).

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