TWO CANNABIS GIANTS PART WAYS WITH HIGH LEVEL EXECUTIVES | TRICHOMES Morning Buzz
June 10, 2020
It’s not a good day for a couple of well-known cannabis executives…but we’re sure they’ll be alright. A CBD company operating in Colombia is getting a big name as its new CEO, and Canada is claiming bragging rights over their cannabis compliance.
The Morning Buzz presented by TRICHOMES brings you late-breaking news that tells you what’s happening within the cannabis industry.
Let’s start the day with some news that Two Giants in the Cannabis Space Have Parted Ways with Some High-Level Executives (pun completely intended)
According to MJ Biz Daily, Joe Caltabiano, a co-founder of Chicago-based multistate operator Cresco Labs, resigned from its board of directors.
His departure from the board completes Caltabiano’s exit from Cresco after his resignation as company president in March.
Caltabiano, who co-founded Cresco in 2013 with CEO Charlie Bachtell, told the Chicago Tribune that he’s looking into “other opportunities” in the cannabis industry and didn’t see a path forward while still remaining on the company’s board.
Caltabiano will keep his status as one of Cresco’s largest shareholders, with roughly 17 million shares, or 5% of the company.
The next company change-up comes from multistate operator Vireo Health International. They terminated the famed former Executive Chair Bruce Linton, effective immediately and “on an entirely without-cause basis,” the company announced Monday in a news release.
Linton’s exit comes roughly seven months after his November hiring, and Vireo said it does not expect to hire a new executive chair.
After making a name for himself as co-CEO of Canadian cannabis giant Canopy Growth, Linton was fired from that job last August by the company’s board of directors after disappointing earnings.
** Next up, Former NBA Star Isiah Thomas is Appointed CEO of a CBD Firm that Operates in Colombia
According to Hemp Industry Daily, NBA Hall of Famer Isiah Thomas was installed as the CEO of One World Pharma, a U.S.-based company that grows hemp and cannabis in Colombia.
Thomas, who played 13 seasons for the NBA’s Detroit Pistons, is replacing CEO Craig Ellins, who founded the company and is retiring.
The company said Thomas will also be vice-chair of the board of directors and the changes were effective June 4th. One World Pharma is located in Las Vegas.
The company has a 30-acre regional cultivation facility in Popayan, Colombia, which focuses on the development of genetics and includes an educational facility for indigenous farmers.
This is not Thomas’ first involvement in the cannabis industry. He is currently a partner and owner of Vesl Oils, which operates in Colorado and Oklahoma. In Colorado, the company focuses on CBD products; in Oklahoma, it focuses on medical cannabis and THC byproducts.
** Health Canada Boasts about Having a High Cannabis Industry Compliance Rate
A story from Ganjapreneur says, since federal cannabis legalization in October 2018, Health Canada has ordered 15 product recalls due to CBD and THC labeling errors for both higher and lower levels of the cannabinoids present, as first reported by the Calgary Herald reports.
However, Health Canada spokeswoman Tammy Jarbeau said that, generally, the industry “has a high overall compliance rate with the Cannabis Act and its regulations, and any packaging or labeling errors related to THC or CBD content have been limited relative to overall industry sales.”
Jarbeau said in an email to the Herald, “cannabis regulations require license holders to investigate complaints received about the quality of cannabis and, if necessary, to take corrective measures. In the cases where THC or CBD content was improperly labeled, federal license holders have chosen to voluntarily recall their product.”
According to the report, most of the recalls were for flower products while some were for concentrates. The report did not outline whether other products, such as edibles and topicals which were legalized for retail sales last December, had been subject to recalls.
Denver-based cannabis industry consultant Dan Rowland told the Herald that he suspected that the delay of drinkable products is likely due to companies having trouble maintaining THC and CBD levels in beverages. He added that in the early days of the industry, companies could “shop around” until they received the test results they needed; but Canada’s stringent regulations have prevented that practice.