Cannabis Briefs for February 4, 2020February 4, 2020
•MedMen co-founder and CEO Adam Bierman has resigned, effective February 1. He will remain on the company’s board of directors. Bierman and fellow co-founder Andrew Modlin agreed to relinquish their supervoting shares that allowed them to control the company. COO and CTO Ryan Lissack will serve as interim CEO while the board seeks a permanent replacement. Bierman’s resignation comes amid a prolonged downturn for the company, which saw rounds of layoffs late last year. MedMen operates in Arizona, California, Florida, Illinois, Nevada, and New York.
•The Detroit City Council voted unanimously to extend its temporary ban on recreational cannabis sales into the spring. Councilman James Tate led the effort to push back sales until March 31, citing the need for additional time to craft a system that would benefit Detroit residents. Noting Detroit’s economic woes and low levels of representation for African Americans in the cannabis business, Tate stressed that the industry should provide a pathway for Detroiters to be gainfully employed. Michigan now has more than 30 cannabis retailers licensed statewide, but its largest city has yet to enter the market.
•Wana Brands is expanding distribution of its line of infused cannabis products to Maryland. It’s partnering with Curio Wellness to bring its portfolio to the Maryland medical marijuana market, its seventh state overall. Curio is a vertically integrated company and will handle all production elements of Wana products within Maryland. Curio will begin production in the second quarter of the year with the aim of launching this summer. Wana’s lineup includes cannabis gummies, tart candies, time-release capsules, and vapes.
•Calgary, Alberta-based Sundial Growers announced numerous changes to its leadership. Torsten Kuenzlen resigned his position as CEO and will leave the board of directors, effective immediately. Board member Zach George will take over as CEO. Ted Hellard left his position as executive chairman but will remain on the board. Brian Harriman, COO, is also leaving the company; his role will be picked up by Andrew Stordeur, currently president of Sundial’s Canadian operations, who will also become company president.
•Authentic Brands Group, the company that operates mall-based CBD retailer Seventh Sense, plans to launch a line of Sports Illustrated-branded CBD products. The company acquired the illustrious publication from Meredith Corp. last fall. ABG is planning a line of topicals, the first of which will be a limited edition recovery cream. A full rollout will come later this year.Subscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning. You will also receive the Cannabis edition as part of your subscription.