Chicago-based cannabis firm Cresco Labs is once again tapping into talent from the beer industry as it works to continue scaling its operations across the U.S. The vertically-integrated, multi-state operator today named former Molson Coors marketing executive Gregory Butler as its first-ever chief commercial officer.
For years, bars and restaurants have served of-age customers their favorite alcoholic drinks. Meanwhile, cannabis consumption almost exclusively occurs in private, even in states that have legalized recreational sales. That’s because most states have been slow to establish and approve social consumption licenses. But as laws and attitudes loosen, on-premise consumption is slowly coming of age.
According to marijuana information firm Leafly, the U.S. cannabis industry added 33,700 jobs in 2019 even as many major cannabis firms have slashed hundreds of positions in search of profits. In its most recent jobs report, Leafly said the legal American cannabis market supported 243,700 full-time-equivalent positions as of January, 2020, up 15% from the previous 12-month period.
Aurora Cannabis Inc. co-founder Terry Booth is the marijuana industry’s latest executive casualty. The Alberta-based cannabis firm announced Thursday that Booth had stepped down as chief executive officer of the multinational marijuana firm. Aurora is he latest high-profile cannabis firm to announce a key executive change in recent months.
The cannabis industry’s preeminent investment and research network is moving beyond matchmaking and into dealmaking. The Arcview Group, which for years has helped connect high net-worth individuals to emerging cannabis companies seeking capital, has launched its first member-based fund that will invest upwards of $10 million into a portfolio of nearly two dozen up-and-coming cannabis ventures.
Illinois dispensaries sold nearly $40 million worth of legal cannabis during the first month of recreational sales, the state’s Department of Financial and Professional Regulation (IDFPR) announced Monday. According to the IDFPR, which oversees cannabis dispensary licensing, adult-use sales topped $39.2 million in January even as many pot shops dealt with marijuana shortages.
Sales of cannabis from legal dispensaries in California approached $3 billion and grew 18% in 2019, according to market research firm BDS Analytics.The two largest product categories in California were concentrates and flower, which accounted for nearly 70% of total dollar sales in the Golden State (or roughly $2 billion).
Adam Bierman is out as the chief executive of MedMen Enterprises, the embattled multi-state cannabis dispensary chain announced today. In addition to stepping down from his position as CEO, Bierman will also relinquish all of his Class A voting super shares, leaving him with little control over the company he co-founded with business partner Andrew Modlin in 2010.
Colorado Governor Jared Polis is bringing The Centennial State’s cannabis and brewing industries together to help companies in both sectors reduce their carbon footprint. On Wednesday, Gov. Polis unveiled two pilot programs that are aimed at helping cannabis cultivators and craft breweries operate more sustainably.
The National Cannabis Industry Association (NCIA) today released a lengthy report examining the potential causes of a vaping crisis that has sent more than 2,700 individuals to the hospital with lung illnesses and claimed 60 lives. According to the NCIA, an underground marijuana market is mostly to blame.
2019 was a bit of a mixed bag for the North American marijuana market as companies had to battle through a nationwide vaping crisis, plummeting stock prices and a barrage of other headwinds. Nevertheless, there were plenty of reasons for cannabis entrepreneurs and executives to feel optimistic heading into 2020. Here are 3 storylines to keep an eye on as the new year gets underway.
As reports began circulating that the financially-distressed marijuana firm MedMen was struggling to pay its vendors, Adam Bierman, the co-founder and CEO of the high-profile dispensary chain, took to Reddit to conduct an AMA (ask me anything) in an attempt to quash concerns about the long-term health of the business.