Vireo Health Names New CFO
Vireo Health has named John Heller, the outgoing chief financial officer of fitness company Lift Brands, as its new CFO.
Heller, who supplants Shaun Nugent as CFO of the multistate cannabis firm, will take over on July 6, 2020, according to an announcement. He's Vireo’s second CFO in the last seven months.
Nugent, who joined the Minneapolis-based cannabis company in December, is departing for a new role outside of the industry, the news release noted.
"We'd also like to thank Shaun for his valuable contributions during his tenure at Vireo and wish him well in his new role," Vireo CEO and chairman Kyle Kingsley said via the release.
Heller most recently spent four years as the CFO of Lift Brands, which owns the Snap Fitness chain of gyms. He previously served as the vice president of finance and investor relations at Life Time Fitness, where he worked for nearly 18 years.
"I can't imagine a more exciting time to be joining Vireo, and I'm looking forward to helping the Company maximize the full potential of its valuable portfolio of licenses and strategic assets," Heller said via the release.
Heller joins Vireo at a time when the cannabis firm is attempting to generate positive cash flow in the first half of 2021 without bringing in fresh capital.
“We're very pleased that John will be joining us with both a strong team and cash position to execute our operating strategy,” Kingsley added.
Vireo recently announced plans to sell its medical cannabis cultivation and processing operations in Pennsylvania to Florida-based Jushi Holdings for $37 million.
Earlier this month, Vireo terminated its employment contract with former Canopy Growth CEO Bruce Linton, who was tapped in November as executive chairman and tasked with spearheading the company's “strategic decision-making, capital markets activity and future partnerships.”
A press release with additional information about Heller’s hiring is included below.
Vireo Health Appoints John Heller as Chief Financial Officer
MINNEAPOLIS, June 29, 2020 /PRNewswire/ -- Vireo Health International, Inc. ("Vireo" or the "Company") (CNSX: VREO; OTCQX: VREOF), the science-focused, multi-state cannabis company headquartered in Minneapolis, today announced that John Heller has been appointed as Chief Financial Officer ("CFO"), effective July 6, 2020.
Mr. Heller has more than 30 years of combined experience as a financial executive, including extensive experience in the areas of corporate finance, accounting, treasury, capital markets, and investor relations. He has a proven track record overseeing the rapid growth and development of various businesses, including securing growth capital necessary to fund such initiatives. Mr. Heller joins Vireo after serving as Chief Financial Officer of Lift Brands since 2016. He also recently held senior executive positions at Life Time Fitness.
"I can't imagine a more exciting time to be joining Vireo, and I'm looking forward to helping the Company maximize the full potential of its valuable portfolio of licenses and strategic assets," said Mr. Heller. "Vireo recently announced record-high quarterly revenues and boasts an impressive collection of limited-license markets, an expanding footprint of operational dispensaries and cultivation infrastructure, and a growing portfolio of intellectual property, brands, and products. I look forward to partnering with Dr. Kingsley and Vireo's executive team to create unprecedented long-term shareholder value."
"John's proven record of raising and deploying capital across a diverse set of companies, including start-ups, venture-backed enterprise and public companies is extremely impressive and bodes well for Vireo's future," said CEO Kyle Kingsley, M.D. "We are confident that John will help us drive our financial performance as we increase scale within our core markets and improve the efficiency of our operations."
Mr. Heller's appointment replaces Shaun Nugent, who has accepted a new role at a company outside of the cannabis industry.
"We'd also like to thank Shaun for his valuable contributions during his tenure at Vireo and wish him well in his new role," said Dr. Kingsley. "Shaun's leadership helped steer Vireo toward becoming cash-flow positive in fiscal year 2021, and we're very pleased that John will be joining us with both a strong team and cash position to execute our operating strategy."
Mr. Heller is a Certified Public Account (Inactive) and a graduate of the St. John's University with a B.S. in Accounting. He has spent his entire career in the Twin Cities and lives there with his wife and three children.
About Vireo Health International, Inc.
Vireo Health International, Inc. is a physician-led cannabis company focused on building long-term, sustainable value by bringing the best of medicine, science, and engineering to the cannabis industry. With operations strategically located in early-stage, limited-license medical markets, Vireo manufactures pharmaceutical-grade cannabis products in environmentally-friendly greenhouses and distributes its products through its growing network of Green Goods™ retail dispensaries and hundreds of third-party locations. Its current core medical markets of New York, Minnesota, Pennsylvania, Arizona, New Mexico, and Maryland all have the potential to enact adult-use legalization in the next three to 24 months, and two additional markets in Puerto Rico and Massachusetts also have potential for commercialization. Combined with its teams' focus on driving scientific innovation within the industry and securing meaningful intellectual property, Vireo believes it is well positioned to become a global market leader in the cannabis industry. Today, eight of its 10 markets are operational with 13 of its 32 total retail dispensary licenses open for business. For more information about the company, please visit www.vireohealth.com.