Cannabis Briefs for September 3, 2024
September 3, 2024•Multistate operator Ascend Wellness has shaken up its leadership team parting was with CEO John Hartmann and CFO Mark Cassebaum. The company has appointed directors Samuel Brill and Francis Perullo as CEO and president respectively, while former chief accounting officer Roman Nemchenko has been named CFO. Brill is also chairman of Invacare, a medical products company, and has extensive capital markets experience. Perullo is a cofounder of Ascend, and helped initially establish the company’s footprint, which now covers Illinois, Maryland, Massachusetts, Michigan, Ohio, New Jersey, and Pennsylvania, with brands including Common Goods, Simply Herb, Ozone, Ozone Reserve, and Royale. Ascend had sales of $284 million in the first half of this year.
•Canadian cannabis group SNDL is set to acquire edibles producer Indiva, which has been under bankruptcy protection, subject to approval by the Ontario Superior Court of Justice. The deal will give SNDL Indiva’s 40,000-square-foot London, Ontario facility and a portfolio of owned and licensed brands including Pearls by Grön, No Future, Wana, and Bhang Chocolate. “This transaction will materially improve our market share in the edibles category,” said SNDL CEO Zach George.
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