What’s one great way to tell if an industry is doing well? More jobs open up, and salaries improve. What’s a great way to know there are problems? When more and more jobs get cut. That’s where we are today, as mass layoffs continue in the cannabis industry, signaling a host of problems, with no solution in sight.
Industry issues
When the industry first started it was a true free-for-all. The predictions for market growth were off-the-charts, and it seemed like every big international company wanted to swoop into newly legalized locations to take advantage of this new reported cash cow of an industry. Everyone wanted in. Lots of people made investments. We all waited with baited breath to see who among us would become the new weed industry millionaires.
Now, we’re a few years in, and the landscape has changed, along with expectations. CBD has faded out into almost nothing, medical markets are getting eclipsed by recreational markets, which themselves are still often eclipsed by black markets. Prices remain high in many places due to insane taxing, and governments have been slow to pick up on this as an issue. Overproduction has (let’s be honest, predictably) come into play, causing prices to plummet in every venue. And the once thriving industry, is now showing its cracks, with sales plummeting in many places.
Last year the reports started really rolling in about industry closures and layoffs. Smaller names were already having a hard time making it in due to expensive regulation, extreme competition, and extra costs like slotting fees at dispensaries; making it seem like a game for the big dogs only. But even they’re having issues. And now as 2023 gets underway, the mass layoffs continue, both in the US, and around the world.
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Mass layoffs in the cannabis industry – global
Clever Leaves Holdings is a Colombian cannabis company with operations in Portugal. On January 23rd of this year, the company announced restructuring plans that include cutting nearly ¼ of its staff. Clever Leaves is in the medical space, creating pharmaceutical-grade products. This restructuring means winding down all operations in the Portugal location. In fact, the company wants to move everything back home to cut costs, saying:
“By exclusively cultivating and producing our cannabinoid products in Colombia, we aim to leverage our existing cost efficiencies in the country as we ramp our dry flower offering,” said Andres Fajardo, CEO of Clever Leaves. “We believe this transition will allow us to optimize our production infrastructure and drive increased cost savings, positioning us to compete more effectively in the global medicinal cannabis market.”
As of the end of September, the company had $12.1 million in assets in Portugal. The facility included cultivation, post-harvesting, and manufacturing activities; though it sounds like all of this will eventually end. It’s also not the only company operating out of Portugal that wants to cut back. On January 17th, cannabis giant Tilray Brands announced it too was looking to cut about a quarter of its staff. The facility in Cantanhede is also a medical cannabis products facility. Said a Tilray spokesperson to MJBizDaily:
“A total of 49 jobs will be affected in the production, manufacturing, quality, quality control (laboratory), cultivation, supply chain, facilities, warehousing, logistics, procurement, and IT. These changes, which are in line with Tilray’s rightsizing to meet the needs of the current economy and the state of legalization across medical and adult-use cannabis, will take place over the next three months.”
To give an idea why this is happening, consider that in the quarter ending November 30th, 2022, the company posted a $61.6 million net loss. Tilray is a public company and can be found on the NASDAQ and Toronto Stock Exchange under TLRY. Clever Leaves also had huge losses of $37.3 million, in the first three quarters of last year. It only earned $13.2 million in the same time frame. Clever Leaves is publicly traded under CLVR on NASDAQ.
In Canada, Delta 9 announced that it would temporarily lay off 40 people. This is interesting wording as it implies the company does believe it will be able to reverse these layoffs. Realistically, maybe it will, but a stronger reality might be that none of these jobs are coming back for any of these companies. This cut in the company’s Winnipeg facilities accounts for 40% of its staff.
Fellow Canadian company The Flowr Corporation (OTC:FLWPF) a cultivation services enterprise with locations in several countries, made some big changes last year to keep from bankruptcy. It cut employees to the tune of $4 million in savings, accounting for 40% of its workforce. Along with this, it made a deal to sell off its subsidiary Flowr Forests, a 16 acre property for cultivation. This is considered a non-core asset, and makes the company $3.4 million in revenue.
Mass layoffs in the cannabis industry – US
The US might not have federally legal weed, but it is home to the biggest cannabis industries. However, things aren’t doing better within the borders of the US, than they’re doing outside them. One of the big ones to announce major cuts of late? Columbia Care, Inc., which operates in several states, and owns Green Leaf Medical LLC, which is about to make a bunch of people jobless. How many? 73. As of February 28th.
According to the company: “In order to meet the appropriate supply and demand levels of the market, it was necessary for us to reduce the workforce at our cultivation and production facility.” It continued, “We are hopeful that with adult use on the horizon, this facility will be back up to full capacity in the future.” It’s pretty clear this cut is indeed due to a lack of business.
Leaflink, a wholesale tech platform out of New York, is also cutting jobs. Late last year it was reported that 80 employees were sent looking for new work. Much like the other companies to make cuts, the company explained: “Unfortunately, as the cannabis industry continues to face headwinds and the current macroeconomic environment, we needed to take the next step in our evolution to continue supporting the industry.”
Truelieve, a company offering medical cannabis products and services out of Tallahassee Florida, and which operates in many states, also made a similar announcement at the end of last year. Workers were cut from its McKeesport Pennsylvania cultivation facility, numbering approximately 36. This is technically small potatoes considering the company employs in the neighborhood of 8,000, but its also not the first cut. The company laid off workers in three Florida locations: Midway, Monticello, and Quincy, as well.
While the cut was blamed on “Trulieve’s $2.1 billion acquisition of Arizona-based multistate operator Harvest Health & Recreation in 2021,” it also came on the heels of the company posting a quarterly loss of $115 million.
Yet another Florida company, Springbig, a technology company for weed-specific marketing software, cut 23% of its workforce (37 employees) late last year. The company is trying hard to turn a profit amid an industry that seems harder and harder to turn a profit in. These cuts were meant to save $200,000 in the short term, and 21% in the first three quarters of 2023.
Springbig had just merged with Tuatara Capital Acquisition, in order to get on NASDAQ; trading under SBIG. The company’s shares have plummeted from $4.50 last June, to 82 cents at the end of 2022. Prior to the drop it had reported $24 million in yearly revenue, with a $275 million valuation, as per Green Market Report.
If you’re a big reader of cannabis news, then the publication Leafly is likely familiar to you. Well, even Leafly Holdings is having problems. In October of last year, it was reported that the cannabis resource and marketplace, would cut 56 jobs, or 21% of its staff. Leafly, traded under LFLY on NASDAQ, is looking to save approximately $16 million a year, saying, “These reductions will help preserve our ability to respond to opportunities as this industry continues to mature and expand, and allow us to more effectively manage our capital.”
Previously mentioned layoffs in the cannabis industry
This is unfortunately not the first time I’ve reported on cannabis industry layoffs. Last year made one thing very clear: the market is not as sound as many wanted to believe; and the overall market predictions in place, are falling short of reality.
Some of the big layoffs already reported on, include Weedmaps, which cut about 25% of its staff; Curaleaf Holdings, which just got rid of 220 employees; Akerna, which released 1/3 of its staff, or 59 workers; Dutchie, which removed 8% of its workforce, amounting to 67 jobs lost; Canopy Growth which sold all its retail locations, and cut 245 jobs last year; and Aurora Cannabis which cut 12% of its workforce as a part of corporate restructuring to save money.
With the biggest names in cannabis faltering, it brings up the question of who can survive. More companies to let employees go recently, include California’s Eaze, which laid off around 25 employees last year; Lume, a cannabis company out of Michigan closed four out of 30 of its stores; and Nature AZ Medicine, an Arizona medical cannabis company, cut up to 100 employees as a result of medical sales falling.
There’s nothing saying that 2023 won’t turn into a banner year for cannabis sales, and there’s nothing saying that all of these companies won’t recoup their losses, or hire back the numbers they lost. But right now, things aren’t looking fantastic for cannabis industry growth, and these layoffs are a good indication that more bad news might be coming.
Conclusion
Will the cannabis industry rebound? Or are these mass layoffs an indication that the weed industry has hit a wall? And maybe most important to ask, if it can be saved, what kind of changes are necessary in order to facilitate this?
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The Canadian cannabis company Tilray Brands announced on Tuesday that it is expanding its beverage portfolio with the acquisition of popular New York-based craft brewer, Montauk Brewing.
“Tilray Brands continues to strengthen our U.S. footprint and operations through investments in and growing our portfolio of leading lifestyle CPG brands that resonate powerfully with consumers,” said Irwin D. Simon, chairman and chief executive officer of Tilray. “Montauk Brewing is an iconic brand with leading market share and distribution in the northeast. Tilray Brands intends to leverage SweetWater’s existing nationwide infrastructure and Montauk Brewing’s northeast influence to significantly expand our distribution network and drive profitable growth in our beverage-alcohol segment. This distribution network is part of Tilray’s strategy to leverage our growing portfolio of U.S. CPG brands and ultimately to launch THC-based product adjacencies upon federal legalization in the U.S.”
For Tilray, the acquisition provides another foothold into the coveted United States market. Like other international cannabis brands, Tilray is circling the U.S. ahead of an anticipated change to the country’s federal marijuana laws.
President Joe Biden last month announced pardons for all individuals with simple cannabis convictions. In the announcement, Biden also signaled a change to federal marijuana laws, saying that he had directed “the Secretary of Health and Human Services and the Attorney General to initiate the administrative process to review expeditiously how marijuana is scheduled under federal law.”
“As I often said during my campaign for President, no one should be in jail just for using or possessing marijuana,” Biden said in the announcement, “Sending people to prison for possessing marijuana has upended too many lives and incarcerated people for conduct that many states no longer prohibit. Criminal records for marijuana possession have also imposed needless barriers to employment, housing, and educational opportunities. And while white and Black and brown people use marijuana at similar rates, Black and brown people have been arrested, prosecuted, and convicted at disproportionate rates.”
Tilray’s announcement on Monday said that following “federal legalization in the U.S., Tilray plans to take full advantage of its strategic infrastructure, operations and consumer loyal brands across beer, spirits, and snack-food categories to parlay into THC-based products and further expand its commercial opportunities.”
The acquisition also helps Tilray expand its collection of alcohol brands.
In the announcement on Monday, the company said that Montauk, billed as the “the #1 craft brewer in Metro New York,” “joins Tilray’s growing U.S. beverage-alcohol segment, which already includes SweetWater Brewing Company, the 10th largest craft brewer in the nation with distribution across more than 40 states, the Alpine and Green Flash iconic Southern California brands, and its leading lifestyle bourbon and spirits brand, Breckenridge Distillery.”
Montauk “has enormous potential to expand its customer base and grow throughout the U.S. as a true national brand,” Tilray said in the press release.
The announcement said that Montauk Brewing, SweetWater Brewing, Green Flash and Alpine now serve as “the cornerstones of Tilray’s coast to coast craft beer segment and further strengthens the Company’s net revenue.”
In addition to the acquisition of Montauk Brewing, Tilray said that it is also appointing “veteran beer and beverage industry executive Ty H. Gilmore as President of Tilray’s U.S. beer business, a newly created position.”
“We are excited to welcome Montauk Brewing’s founders Vaughan Cutillo and Eric Moss, as well as Terry Hopper, Montauk Brewing’s General Manager, to the Tilray Brands family and I look forward to working closely with Ty Gilmore to maximize the performance of our enormously powerful craft and lifestyle beverage brand portfolio,” Simon said in the press release on Monday.
Canada-based cannabis company Tilray Brands, Inc., announced on July 19 that Tilray Medical has launched a new platform called WeCare-MedicalCannabis to provide education about the benefits of medical cannabis. The WeCare-MedicalCannabis website launched with tabs available for patients, caregivers, and healthcare professionals to seek out information about medical cannabis.
Tilray Europe Managing Director Sascha Mielcarek released a statement along with the announcement, expressing the need for a clear source for information. “As global pioneers in medical cannabis, we are aware of the lack of access to science-based, medical cannabis education,” Mielcarek said. “WeCare-MedicalCannabis was created to bridge that gap and help provide the needed resources to helping patients, caregivers, and healthcare professionals with the information they need to make informed decisions on medicinal cannabis. As cannabis legalization continues to expand across Europe, Tilray Medical is dedicated to help provide informed and trusted guidance for those interested in learning more about medical cannabis.”
The website organizes these resources in a “who, what, when, where, how, why which” format in order to address and organize the information. Everything from the history of medical cannabis to evidence that showcases its unique properties and recommendations on how to consume is available. “WeCare-MedicalCannabis provides science and research-based cannabis content tailored to healthcare professionals, caregivers, and patients to help them make informed decisions about medicinal cannabis and assists them along their path to discovering how medicinal cannabis can support daily wellness and health,” the Tilray press release stated.
WeCare-MedicalCannabis provides information based on four European markets: France, Germany, Portugal, and the United Kingdom.
“Medicinal cannabis is not something new. It has been used for thousands of years. But we realize that for many people, whether patients, caregivers, physicians, pharmacists, or other healthcare professionals, it is something new, potentially confusing, and even concerning,” the WeCare-MedicalCannabis website states. “The WE CARE platform was developed to become the most trusted and respected resource on the Internet for questions about medicinal cannabis. Whether you are just learning about medicinal cannabis, or if you already have a foundation of knowledge, this website can serve as your one-stop resource for further insights about many aspects of medicinal cannabis.”
Tilray is one of the largest cannabis companies in the world, and the first company in Canada to export medical cannabis to the U.S. for use in clinical trials in 2018. Over the past five years, Tilray has continued to grow exponentially. Tilray Medical in particular recently expanded its medical cannabis product portfolio for the U.K. in June. As of July 12, the company had just announced the closing transaction for its acquisition of Hexo Corp.
Tilray CEO, Irwin Simon, was featured in the High Times 100 of 2021 for his 30 years of experience leading in consumer packaged products. Earlier this year in April at the Benzinga Cannabis Capital Conference, Simon made a bold keynote speech about Tilray’s current footprint in Canada. “Tilray will own Canada. It’s the largest in Canada today, and it will get bigger,” he said. “This is an industry that is three-and-a-half years old and because cannabis is not legalized in the U.S, you can’t bring in the institutional shareholders (…) and I love retail shareholders. Today they are probably about 80% of the shareholder base of Tilray. We’ve traded 25, 30 million shares today. If I was on the Canadian Stock Exchange I might have traded 200,000 shares today. This industry is going to continue to take off.”
Education has been a paramount concern across the world, and states in the U.S. such as New York have also recently launched an effort to provide information to consumers. The Cannabis Conversations campaign brings attention to driving while impaired, tools for parents, and much more. “Education is the best tool to keep New Yorkers healthy as we continue to ramp up this safe, inclusive, and equitable industry,” said New York Gov. Kathy Hochul.
For those watching the swing of European states into the pro cannabis column, the developments in Portugal have been a source of both optimism and frustration for the past several years.
The production of cannabis for medical export purposes was initiated by Tilray as they looked for a country more open to cannabis cultivation than Germany in 2017. Since then, commercial cultivation and extraction has blossomed domestically. Indeed Portugal is now seen as one of the most important feeder countries for the German medical cannabis market.
As a result of this as well as the general tolerance of cannabis in the country, the legislature was widely expected to introduce and pass formal recreational reform legislation late in 2021 or at the latest, by early this year. However, the issue stalled when the sitting government failed to pass the 2022 budget and a snap election was called for the end of January. The swearing in of the new Parliament was also delayed by a month and a half due to controversies that arose from the counting of overseas ballots.
In such an environment, cannabis reform is not going to be the priority.
European Cannabis Reform Is a Zeitgeist Topic
However, those advocating for reform have not just gone away. Further, it appears that as of this summer, the prioritization of legalization has re-entered the political room.
The Left Bloc party, one of the political groups that helped bring about the fall of the old government by voting against its budget, is renewing its calls for cannabis legalization—even if it is of the personal, home-grow variety. However, they also are expecting support from the ruling Socialist Party in going a bit further than this—namely the establishment of a formal industry.
According to Left Bloc member Catarina Martins, “One year ago this week the initiative of the Left Block was debated in the parliament: the legalization of cannabis. As you know, this process did not come to an end.” The party believes that this is the time to push for reform because of a collective agreement amongst elected officials (if not Portugal, traditionally beyond this) that Prohibition has never worked.
“To defend public health is to end hypocrisy,” said Martins. “And we believe that there are now all the conditions to end this hypocrisy in Portugal. We know that there are so many people, on all sides of the parliament, which have already realized that the hypocrisy of prohibition has been a way of putting young people at risk.”
Further, in what seems to be a page out of the developments in Austria right now, the Left Bloc is pressuring their colleagues to pass this reform based on the principal of personal freedom.
Serious Momentum or More Stalling in Portugal?
For those following the political particulars on the ground, this is apparently the beginning of a new domestic momentum to finally pass meaningful legislation. This is the case because of Portugal’s history on drug use. The country infamously decriminalized the personal use and possession of all drugs in 2001 (which as a byproduct also influenced the Oregon decriminalization measure in Oregon in 2020).
The legitimacy of this call for legalization may also sound a bit strange to foreigners because of who is pushing for the reform to progress. The Left Bloc party is a product of the merger of several groups on the left side of the political discussion including the Marxist People’s Democratic Union, the Trotskyist Revolutionary Socialist Party, and Politics XXI.
Mention the word “socialist” much less terms like “Marxist” or “Trotskyist” in any political debate in the United States, and one is laughed out of the room.
This is, of course, also quite different in Portugal, where the party has elected members in the national legislative body.
While the constituent parties that have made up its base sound radical, particularly to Americans, the party also has a reputation as the country’s largest supporter of women’s and gay rights, with a strong civil liberties platform that takes vocal stands against racism. In Portugal at least, they are seen as “socially libertarian.”
“Controlling the risks and putting an end to hypocrisy is public health policy and this is also the commitment that the Left Bloc is making in a month in which we celebrate the 20th anniversary of the national strategy to combat drugs,” said Martins.
It will, as a result, surprise nobody watching this discussion, even outside of Portugal, especially considering Germany’s decision to legalize recreational use this year, if Portugal does the same this year—even, despite all the delays, beating Deutschland to the punch.
Has the cannabis bubble popped? Stocks are down, funds are drying up, and balance sheets are messy. Assets managed by cannabis funds are down by 45% in twelve months. They’ve reportedly lost $2.6 billion from $4.6 billion the previous year. Morningstar, an investment research firm, provided the data. What Happened? Investors blame a popped cannabis […]
Welcoming back the High Times 100—our celebration of the top market movers and culture creators in the cannabis space. Although we took a brief hiatus while the world shut down amid COVID-19, we’re back this year with a vastly different landscape. Enter 2022, and there are more public companies than ever. It was difficult to narrow the list down to just 100 entries, as there are many more fighters who are not included. Browse through the list of honorees that were selected this year.
Courtesy of 4Front Ventures Corp.
Leo Gontmakher CEO, 4Front Ventures Leo Gontmakher is CEO of 4Front Ventures—a vertically integrated multi-state cannabis operator that manages over 25 different cannabis brands and strives for high quality as well as efficiency. His leadership has kept 4Front Ventures on the path to success—so much that the company was recognized as one of Inc.’s “Best-Led Companies of 2021” at the end of last year. Gontmakher co-founded Northwest Cannabis Solutions, and he previously served as the COO at Cannex until it merged with 4Front Ventures in 2019.
Courtesy of 710 Labs
Brad Melshenker Co-CEO, 710 Labs Brad Melshenker is a successful entrepreneur, having founded The Greenest Green in 2009 and 710 Labs in 2012, as well as creating ancillary businesses The Faulty Pelican and Green Life Consulting. Aside from these efforts, he also put his best foot forward to help the Colorado Department of Revenue create draft rules for extract regulations. Melshenker embraces a great commitment for his companies to produce excellent product that he himself would buy, and is devoted to embracing social equity involvement and other community services whenever possible.
Courtesy of Advanced Nutrients
BigMike Straumietis CEO, Advanced Nutrients LTD. A grower since 1983, BigMike is founder and CEO of Advanced Nutrients, creator of the ONLY complete cannabis growing system that Hits the Shift and optimizes all phases of the vegetative and bloom cycles to bring the plant to its true genetic potential. BigMike has dedicated his life to decoding the cannabis genome and making cannabis an acceptable and everyday part of healing humanity. For his work he’s been featured on HBO, Showtime, Yahoo Finance, Cheddar’s, CannaBiz, Kennedy on Fox; and in High Times, Forbes, Entrepreneur, Rolling Stone, and Playboy.
Courtesy of Ted Lidie, Facebook
Ted Lidie Founder and CEO, Alien Labs One of the world’s most recognized cannabis brands, Alien Labs has become a huge success since its inception in 2014, thanks to founder and CEO Ted Lidie. His vision and relentless passion for cultivating cannabis led him to create a premium-flower empire—strains like Melonade and Kryptonic might ring a bell as some of the winners at the High Times Cannabis Cup Arizona: People’s Choice Edition 2021 (not to mention many more products like pre-rolls and edibles, too).
Courtesy of Ardent Cannabis
Shanel Lindsay CEO, Ardent Life, Inc. The Boston-based biotechnology company known as Ardent Life, Inc. was founded by CEO Shanel Lindsay to bring about real change for medical cannabis patients. Lindsay spent over 15 years using cannabis to treat pain from ovarian cysts, and after witnessing the inconsistencies of decarboxylation methods, Lindsay invented the Nova Precision Decarboxylator. She’s also retained a strong presence in the cannabis community, having served two terms on the Massachusetts Cannabis Advisory Board and is the cofounder of the nonprofit Equal Opportunities Now and the Northeast Cannabis Coalition.
Courtesy of Abner Kurtin, Instagram
Abner Kurtin Founder and CEO, Ascend Wellness Holdings Abner Kurtin, Founder and CEO of Ascend Wellness Holdings, has been managing capital for two decades. The Harvard Business School graduate initially began his career at The Baupost Group, was a member of the Presidents Council of Massachusetts General Hospital and Chairman of the Hill House. He is also the founder of the K Capital Partners (a multibillion dollar hedge fund) and Ca2 Group (a Massachusetts-based real estate firm), before he founded Ascend Wellness Holdings in 2018.
Courtesy of Aurora Cannabis
Miguel Martin CEO, Aurora Cannabis Inc. Miguel Martin has been an integral part of Aurora Cannabis Inc. since September 2020 when he was appointed the role of CEO. With over 25 years of background in consumer-packaged goods paired with firsthand cannabis industry expertise, Martin is leading Aurora to succeed in the Canadian and European cannabis industries. His former roles include President and CEO of Reliva, CBD Wellness, and President of Logic Technology Development Inc, one of the largest e-cigarette manufacturers in the US.
Courtesy of Auxly Cannabis Group
Hugo Alves Co-founder and CEO, Auxly Cannabis Group Inc. Tasked with directing Auxly Cannabis Group Inc.’s strategic vision, co-founder and CEO Hugo Alves is a longtime cannabis industry pioneer who has had many interactions with various Canada-based companies, brands, patient access groups, and events and played an important part in Canada’s recreational cannabis industry. Alves also co-founded Hope for Health, a registered medical cannabis charity, which focuses on medical cannabis access and education, and is an adjunct professor who teaches Marijuana Law and Practice at the University of Western Ontario Law School—the first ever course of its kind offered at Canadian law schools.
Courtesy of Jonathan Sandelman, Twitter
Jonathan Sandelman Chairman and CEO, Ayr Wellness Jonathan Sandelman is a 30-year veteran of Wall Street and former President of Bank of America Securities, but his experience in the cannabis industry launched when he founded Ayr Wellness—a vertically integrated cannabis company operating in multiple states—with brands such as Kynd, Origyn, Stix Preroll Co. and Levia. Sandelman shares on his LinkedIn profile that he personally values investing in his “employees, customers and communities,” and strongly supports the company’s approach to capital and expansion.
Courtesy of Curaleaf
Bernard Noble Co-founder, B Noble Bernard Noble was sentenced to 13 years hard labor in 2010 for being in possession of two joints. After having served seven years of that sentence, he was released in 2018, and the experience inspired him to create his for-profit cannabis brand, B Noble, with Fab 5 Freddy. B Noble has become an important representative and advocate in ending the War on Drugs after personally being convicted for small amounts of cannabis. Most recently, the B Noble brand partnered with Curaleaf, where 10 percent of the proceeds from every two-joint pack go toward helping those who have suffered as a result of the War on Drugs.
Courtesy of CAN-DO Foundation website
Amy Ralston Povah Founder, CAN-DO Foundation Clemency advocate Amy Ralston Povah was imprisoned for nine years, out of a total of 24-year sentence, for “conspiracy” in a trafficking case related to MDMA. After being commuted by former President Bill Clinton in July 2000 (and a full pardon later by former President Donald Trump in January 2021), Povah founded the CAN-DO Foundation, which strives for clemency for anyone who is convicted of nonviolent drug offenses. A majority of her life has been dedicated to fighting for criminal justice reform and against the War on Drugs.
Courtesy of Canaccord Genuity Group Inc.
Dan Daviau Canaccord Dan Daviau is President and CEO. Canaccord Genuity Group Inc. Mr. Daviau served as President of Canaccord Genuity’s North American Capital Markets business from February 2015. From 2012 to 2015, he was President of the firm’s US Capital Markets business, where he helped to structure the firm’s investment banking, research, sales and trading operations in the region and improve cross-border capabilities. From 2010 to 2012, Mr. Daviau was Head of Investment Banking for Canaccord Genuity.
Courtesy of Cannabiotix
Neema Samari Owner and Co-founder, Cannabiotix Born and raised in Santa Monica, Neema Samari first got into the cannabis industry as a youngster over 22 years ago. Samari co-founded Cannabiotix back in 2014, and quickly garnered the brand national attention as one of the elite connoisseur cannabis brands in the space, after building and running the brand’s first legal, vertically integrated facility in Las Vegas. After Samari and his team grew CBX into the #1 brand in NV, he returned to CA to blueprint and build the company’s second vertically integrated headquarters. Since re-launching into the CA market in 2020, Samari and his team have quickly grown Cannabiotix into the #1 selling premium flower brand in the state. This year Samari decided to try his hand in a different sector of the space as he recently launched his new brand Highatus, an edibles company that produces some of the best tasting infused sour gummies on the planet.
Courtesy of CSE
Barrington Miller Director, Canadian Securities Exchange Director of Listed Company Services at the Canadian Securities Exchange (CSE) Barrington Miller works to help retain listed companies who work with the CSE through promotion and marketing. He also helps the company with business development, education and outreach regarding the programs. Before joining the CSE, he worked as a professional trader through Dundee Securities and Raymond James, as well as trade work with Weyerhauser and ED&F Man. He is a leader when it comes to cannabis trading and someone with a unique understanding of the industry.
Courtesy of Jon Lohne
Dennis Hunter Co-founder, CannaCraft CannaCraft Co-founder Dennis Hunter grew up in Mendocino County, California, and tuaght himself to cultivate cannabis from an early age. With his roots and experience stretched deep in the famed Emerald Triangle, he was destined for it to become a lifelong career. Early on he developed large-scale grow operations in California, which were raided in 1998 and forced Hunter to spend six-and-a-half years in prison. However, this event only fueled his passion for the industry, as he proceeded to found Left Coast Garden Wholesale, a company that specializes in cannabis-related equipment. This led Hunter to meet Ned Fussell, a one of Left Coast Garden Wholesale’s biggest customers, with whom he partnered with to found CannaCraft.
Courtesy of Canopy Growth
David Klein CEO, Canopy Growth Corporation As CEO of one of the world’s biggest cannabis companies, David Klein is one of the people behind Canopy Growth Corporation’s ongoing success as a leader in the cannabis industry. Klein formerly worked for Constellation Brands (known for managing a wide variety of beer, wine and spirits) for over 15 years where he held numerous roles, such as Executive Vice President and CFO. With his resume of experience, he transitioned to the cannabis industry as a member of the Board of Directors in 2018, followed by his current role as CEO in 2020.
Courtesy of Cansortium website
Robert Beasley CEO, Cansortium With over 10 years of experience in many facets of the cannabis industry, Robert Beasley is a dedicated leader who has been instrumental to the success of Cansortium. In the past, he co-founded a law firm, Litvak Beasley Wilson & Ball LLP, in 2001, which assisted cannabis businesses in obtaining licenses in California, Florida, Oregon and Washington D.C., followed by taking part in crafting the Florida Compassionate Medical Cannabis Act and Florida Medical Marijuana Legalization Initiative. Now he is not only CEO of Cansortium, as of 2020, but in early 2021 he was also appointed to the Board of Directors.
Courtesy of St. Thomas Aquinas College Press Release
Jacques Tortoroli CEO, Charlotte’s Web Holdings, Inc. Jacques Tortoroli assumed the role as CEO of Charlotte’s Web Holdings Inc. in December 2021. His 40-year career includes launching ecommerce platforms, global finance, mergers and acquisitions, and strategic partnerships through various senior executive roles at Bacardi, Viacom Inc. Young & Rubicam Inc., PepsiCo Inc., and KPMG. Charlotte’s Web of course was named after Charlotte Figi, a child with epilepsy who went on to inspire a CBD movement before passing away at age 13.
Courtesy of Columbia Care
Nicholas Vita CEO, Columbia Care LLC One of the highest honors from the American Trade Association for Cannabis and Hemp is the “Captain of Industry”—and Nicholas Vita received this award at the 2021 Marijuana Business Conference & Expo. Vita is CEO of Columbia Care LLC, one of the largest multi-state operators focused on medical cannabis in 18 jurisdictions, and his leadership has led Columbia to great heights in the industry, including leading corporate strategy and expansion into new markets among many other responsibilities.
Courtesy of Rachel Wolfson, Instagram
Rachel Wolfson Comedienne Rachel Wolfson, native of Las Vegas, Nevada, is a stand-up comedienne known for her intimate hyperfocus on cannabis, which typically is part of her highly-esteemed stand-up material. Wolfson is the latest major cast member to be included in the fourth installment of the infamous Jackass franchise—Jackass Forever—which debuted in theaters in February 2022 and pushed her further into the public eye. She was the first Jewish person to score significant airtime on the show. Wolfson resorted to weed for relief, which she says works wonders for ADHD. Wolfson has appeared on Jimmy Kimmel Live, Dish Nation and Entertainment Tonight.
Courtesy of Felipe Recalde, LinkedInCourtesy of Christopher Lynch, LinkedIn
Felipe Recalde (CEO) and Christopher Lynch (Chief Executive Wizard) Compound Genetics Felipe Recalde is CEO of Compound Genetics, while Christopher Lynch serves as Chief Executive Wizard and Founder. Compound Genetics is a seed breeder. Through rigorous phenohunting, collecting and collaboration—Compound Genetics combines rare and sought-after flavors to create the best cannabis on the market.
Courtesy of Caleb Counts, LinkedIn
Caleb Counts Founder, Connected Cannabis Co. Caleb Counts, founder of Connected Cannabis Co., has spent over 10 years building the brand with his passion and dedication to creating the highest quality strains imaginable. The journey began in 2009 when the first Connected Cannabis Co. medical dispensary opened in Sacramento. Since then, the brand has been phenohunting and cultivating numerous highly sought after strains, which are available in many dispensaries across the country. Under Counts’ leadership, the brand has grown exponentially in Arizona and is continuing to build in California.
Courtesy of Farid, Cookies
Gilbert Milam Jr., aka Berner CEO and Co-founder, Cookies The word “cookies” is no longer just associated with a baked good, but represents the massively popular Cookies cannabis brand, founded and led by CEO and Co-founder Berner. With amazing positivity as he endures chemotherapy as a result of a recent cancer diagnosis, Berner’s Cookies empire continues to thrive and expand under his leadership, which now offers a wide variety of brands, products, unique strains, clothing and more. The Cookies brand is also well-known for its collaboration efforts, such as Cookies x Snoop Dogg, and its dedication to its Social Impact Program.
Courtesy of Cresco Labs website
Charles Bachtell Founder and CEO, Cresco Labs Founder and CEO of Cresco Labs Charles Bachtell has a myriad of unique corporate and legal compliance experience that has led to the company’s ongoing success, including eight years working at the nation’s seventh largest mortgage bank prior to his involvement in the cannabis industry. Aside from his role at Cresco Labs, Bachtell is also one of the founding members of the Illinois Cannabis Bar Association, as well as various cannabis-related trade associations in Illinois, Pennsylvania and Ohio, and is an adjunct professor for the Northwestern University Pritzker School of Law.
Courtesy of Cronos Group
Kurt Schmidt CEO, Cronos Group Kurt Schmidt entered the cannabis industry as President and CEO of Cronos Group in 2020 and was chosen to usher in the “next phase of growth” for the company. Schmidt’s resume showcases an extensive background with consumer products, with leadership roles both in the US and internationally, including the Campbell Soup Company, The Blue Buffalo Company, Nestle and other roles in the food and beverage industry.
Courtesy of Joe Bayern, Twitter
Joe Bayern CEO, Curaleaf Holdings With over 20 years of experience in consumer goods, Joe Bayern has a successful track record of business transformation. He was appointed as Curaleaf Holdings’ CEO in November 2020, following previous roles as President of INDUS, a vertically integrated cannabis company, as well as CEO and COO of VOSS of Norway. Among his many accomplishments, he lists his role in the creation of the Dr. Pepper Snapple Group and the evolution of Cadbury as a leader in the confection industry.
Courtesy of The Cure Company
Patrick Stad CEO, The Cure Company, The Originals, Jungle Boys CEO Patrick Stad is behind some of the most legendary cannabis companies in Southern California, dating back to The Cure Company’s Proposition 215-era founding in 2006. Today The Cure Company is behind some of the most beloved strains in the region. Instead of wasting time on sleek packaging and branding alone, The Cure Company is instead focused on great top quality flower. The Originals family-run grow operation and Jungle Boys award-winning phenos are highly respected within the growing community and the cannabis sphere.
Courtesy of Decriminalize Nature
Julie Barron Decriminalize Nature As a psychedelic/cannabis therapist, Julie also now works outside of the therapy office to promote healing on a larger scale, healing in community and healing through our own personal relationship with nature. Barron is an activist and pioneer of the Michigan psychedelic community. Barron led Decriminalize Nature Ann Arbor’s win to successfully decriminalize entheogenic plants and fungi in September 2020. Barron then helped to create Decriminalize Nature Michigan who is currently collecting signatures for a November 2022 statewide vote to decriminalize plants/fungi and reduce penalties for all drugs. She also sits on the national board of Decriminalize Nature.
Courtesy of Delic Corp
Matt Stang Co-founder and CEO, Delic Corp Matt Stang is Co-founder and CEO of Delic, which he founded with his wife, Jackee. Delic is a leader in new medicines and treatments for a modern world, improving access to health benefits across the country, and reframing the conversation on psychedelics. Stang arrives in his latest role after 17 years serving in the cannabis media industry before shifting gears, moving into private equity funds.
Courtesy of Morning Coffee Photography
Scheril Murray Powell Attorney / Doumar, Allsworth, Laystrom, Voigt, Adair and Dishowitz LLP Scheril Murray Powell, Esq. dedicates this award to the “BRAVE ONES”…The ones who risked it all to use cannabis because they did not like how narcotics made them feel…the ones who contributed to biodiversity by transporting genetics around the world…the ones who baked herb brownies for HIV/AIDS/Cancer patients…the ones who risked incarceration and personal freedoms to develop a market, law enforcement who turned a blind eye because they know what addiction really looks like, and the physicians that were the first to recommend cannabis for their patients. She is a Cannabis, Agricultural, Dietary Supplement and Trade Attorney and the Cannabis, Food/Beverage/Entertainment, Transportation and Healthcare Business Development Manager at Creative Services, Inc.
Courtesy of Hilary Swift NYT
Kassandra Frederique Executive Director, Drug Policy Alliance Executive Director of the Drug Policy Alliance Kassandra Frederique is always busy. Drug Policy Alliance is a national nonprofit that works to end the War on Drugs, which has disproportionately harmed Black, Latinx, Indigenous, immigrant and LGBTQ communities, and build alternative solutions instead grounded in science, compassion, health, and human rights. Frederique was the architect of the campaign that cut the number of New York City cannabis arrests by more than 99% since 2010—an astounding feat for the largest city in the US.
Courtesy of Dutchie
Ross Lipson Co-Founder / CEO, Dutchie With the help of the remote needs of the pandemic, the U.S. cannabis boom and need for accessible cannabis services, Ross Lipson, co-founder and CEO of Bend, Oregon cannabis delivery service Dutchie, is helping to usher in a new era for our favorite plant. He’s versed in the delivery biz, with 15 years of experience working within food ordering systems, eventually taking that expertise and applying it to the cannabis space. The Dutchie platform works with dispensaries to manage their ordering systems and will soon celebrate its fifth birthday.
Courtesy of Javier Hasse
Javier Hasse Founder, El Planteo We have to give a shout to our fellow cannabis journalists, especially one with a portfolio so massive. Along with his best-selling book, Start Your Own Cannabis Business, his managing director role at Benzinga Cannabis and more than 4,900 articles published on outlets including Forbes, CNN, CNBC, Entrepreneur Magazine, Leafly, Yahoo! News, Nasdaq and many more, this media hound founded El Planteo in 2020, a Spanish-language outlet focused on cannabis, hemp, psychedelics and other topics scarcely covered by local media.
Courtesy of John Fetterman Campaign
John Fetterman Current Lt. Gov. Pennsylvania Acting as Mayor of Braddock, Pennsylvania between 2005-2019, and sworn in as Lieutenant Governor of Pennsylvania in January 2019, 2022 is going to be John Fetterman’s last year in office—but it’s certainly not the end of his extensive career. Fetterman shared in November 2021 that in his role as a chair of the Pennsylvania Board of Pardons, he wants to see as many people pardoned for cannabis convictions in 2022 before his run ends. Fetterman also announced his run for Senator of Pennsylvania, the primary of which is approaching on May 17, 2022.
Courtesy of Fire & Flower
Trevor Fencott CEO, Fire & Flower Trevor Fencott is President/CEO at Fire & Flower Holdings Corp. Mr. Fencott has been an executive in the cannabis industry since 2013 as a co-founder of Mettrum Health Corp. where he also served as its chief legal officer, corporate secretary and director through its go public transaction in September 2014 and its subsequent acquisition by Canopy Growth Corporation in January 2017. Additionally, he is a director of Push Capital Limited, an early-stage venture capital company focusing on the high-growth cannabis and digital technology industries.
Courtesy of Fyllo
Chad Bronstein Founder and CEO, Fyllo Founder and CEO of Fyllo, Chad Bronstein is passionate about leading by example in the world of business and focusing on the technological aspects behind cannabis. Fyllo is a technology company that deals with data, media and regulatory solutions for the cannabis industry. Bronstein has helped lead Fyllo to become an innovator and major player when it comes to compliance and regulation in the legal cannabis industry. He’s also considered a go-to source of social commentary on regulations in the industry.
Courtesy of Fabian Monaco, Twitter
Fabian Monaco CEO, Gage Growth While Fabian Monaco has a vast investment banking and legal background, he’s found his home in the cannabis space as CEO of Gage Growth, centering the mission of providing premium cannabis to market, positively shaping cannabis culture and nurturing the community. Currently, Gage is working to build itself as the most dominant brand in Michigan, though the goal is eventually to expand into other states. Along with prioritizing top-shelf retail and premium cannabis products, Gage also looks to give back through volunteer engagements and their social equity program.
Courtesy of Glass House Brands
Graham Farrar CEO, Glass House Brands Inc. Graham Farrar owns and operates Glass House Farms, located in the Santa Barbara County coastal city of Carpinteria, which comprises two greenhouse operation sites totaling 10 acres of cannabis. Farrar launched Glass House Farms in 2015 when Proposition 215 was still in effect. Farrar grew up in Santa Barbara County and studied molecular biology and biochemistry in college. After college, he got into the tech side of cannabis cultivation through marketing and selling a variety of products to support the industry, including fertilizers and growing systems.
Courtesy of Mike Robinson
Mike Robinson Founder, Global Cannabinoid Research Center As a multiple cancer survivor who has used cannabis oils and CBD extensively for those and other symptoms, Mike Robinson knows firsthand the healing benefits of cannabinoids. As the founder of the Global Cannabinoid Research Center in Santa Barbara, California, he’s shared his journey and analytics on cannabis medicine research globally, helping to assist patients and teach clinicians globally. Additionally, he’s founded multiple nonprofits for children with disabilities and boasts an extensive history of leading programs to provide disadvantaged cannabis patients with medicinal alternatives.
Adam Schoenfeld, Courtesy of InsiderTrades.com
Nick Kovacevich, Courtesy of InsiderTrades.com
Adam Schoenfeld and Nick Kovacevich Co-Founders, Greenlane Holdings Greenlane is a leading global platform for the development and distribution of premium cannabis accessories and lifestyle products, serving global markets and more than 11,000 retail locations—including dispensaries, smoke shops and specialty retailers. It’s led by Co-Founders Adam Schoenfeld and Nick Kovacevich. As CEO, Kovacevich ensures the company executes its mission and is integral to the company’s most crucial decision making. Chief Strategy Officer Schoenfeld was an early adopter and pioneer of vaporization, playing an integral role in the adoption and success of numerous successful brands in the vape space.
Courtesy of Green Thumb Industries
Ben Kovler Founder, Green Thumb Industries With extensive experience managing complex-operating companies and his deep commitment to philanthropy, Ben Kovler moved forward in 2014 as the founder, CEO and chairman of Green Thumb Industries, a national cannabis consumer packaged goods company and retailer manufacturing and distributing a wide portfolio of branded cannabis products. Kovler is also the co-found of Invest For Kids, an annual forum meant to share investment ideas to benefit children in Illinois.
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Darren Lampert CEO and Co-Founder, GrowGeneration Darren Lampert has been CEO of GrowGeneration since 2014. Lampert began his career in 1986 as a founding member of Lampert and Lampert, where he concentrated on securities litigation, NASD (now FINRA) compliance and arbitration and corporate finance matters. GrowGeneration Corp., through its subsidiaries, owns and operates retail hydroponic and organic gardening stores. It engages in the marketing and distribution of horticultural, organics, and lighting and hydroponics products, including lighting fixtures, nutrients, seeds and growing media.
Courtesy of Hall of Flowers
Dani Diamond Founder, Hall of Flowers Dani Diamond is founder of Hall of Flowers—an industry-only, highly curated, B2B tradeshow, specifically inspired and designed to facilitate the trade of premium cannabis products. With over 30+ years experience producing the most influential fashion & music tradeshows, the founder of Hall of Flowers understand the importance of providing a professional platform for buyers & sellers to conduct business.
Courtesy of Headset
Cy Scott CEO/Co-Founder, Headset Cy Scott, a self-described “entrepreneur at heart,” traversed his career working in startups and large organizations, though he’s no stranger to the cannabis space. Prior to Headset, he helped accelerate the adoption of legal cannabis as the co-founder of Leafly, now serving six million monthly visits. His current venture, Headset, is an analytics company for the cannabis industry, made to help operators make informed business decisions based on data, helping their customers to navigate the rapidly changing and emerging industry.
Courtesy of Leo Bridgewater
Leo Bridgewater National Director, Heart Community Capital/Minorities for Medical Marijuana After enlisting in the United States Army following the events of September 11, 2001, Leo Bridgewater has been a longstanding cannabis advocate in his home state of New Jersey for many years. He was a co-founder of the NJ Cannabis Commission between 2016-2018, and proceeds to act as the National Director of Veterans Outreach for Minorities for Medical Marijuana and most recently became a partner at Heart Community Capital in March 2021 to collaborate with numerous “pro athletes, creatives and activists, and cannabis industry experts” and invest in minority owned-cannabis businesses.
Courtesy of HERBL
Michael Beaudry Vice President of Business Development, HERBL Solutions Michael “Mikey” Beaudry is the Vice President of Business Development at HERBL Solutions, California’s largest cannabis supply chain company. An integral part of the leadership and strategic team since the company got its start in 2018, he has had a key role in developing over 30 partnerships with many of the top brands across the California landscape. With both the assortment and infrastructure Beaudry has helped to build, HERBL has sold over a half-billion dollars of cannabis products in California, becoming one of the most robust and scaled distribution supply chains in the country. Passionate about building relationships and successfully helping businesses grow, Beaudry’s continued focus is to build on ensuring cost-effectiveness to meet beneficial long and short-term goals for both brands and HERBL. His extensive knowledge of the industry, the strategic partnerships he has built, and his ability to understand and adapt to the evolving landscape make Beaudry the strong leader he is in the industry.
Courtesy of HEXO press release
Adam Arviv Investor, HEXO Corp Adam Arviv invested in HEXO, through his fund KAOS Capital Ltd.. Adam Arviv is currently the Chief Executive Officer of KAOS Capital Ltd. and a Strategic Advisor for ORYX Gaming. Previously, Mr. Arviv served as the Founder, Chief Executive Officer and a director of Bragg Gaming Group Inc., a publicly-traded company on the TSX, and President of Will-Power Management Inc. He was also the co-founder of Gaming Nation Inc., Green Growth Brands and the BRN Group. Mr. Arviv also serves as a Chairman on a number of boards, including, GhostRetail, the BRN Group, and Legacy Eight Gaming.
Courtesy of High Tide
Raj Grover CEO, High Tide Inc. Establishing himself early in his career as one of Canada’s most prominent business strategists and deal makers, Raj Grover moved forward in 2009 to found High Tide, which has grown from a small shop of two employees into one of Canada’s largest cannabis retailers. He’s also founded High Tide’s subsidiary companies, Valiant Distribution and Canna Cabana, and co-founder of subsidiary Famous Brandz. Though he’s committed to his business, Grover believes that those who enjoy success should give back, spearheading High Tide’s support of World Vision, which sponsors children in under-developed countries.
Courtesy of Highsman
Ricky Williams Founder, Highsman Best known as a professional football player and running back for a number of teams, featured on the New Orleans Saints, Miami Dolphins, Toronto Argonauts and Baltimore Ravens, former player Ricky Williams has since shifted his focus to the cannabis space with the Highsman brand, which he defines as an “appreciate for greatness.”. He cites the scrutiny for using cannabis to “take care of his body,” hand-picking his favorite strains and breaking barriers in streetwear, sports and cannabis to further destigmatize cannabis in the sports space.
Courtesy of Hiller, PC
Jessica F. Gonzalez Attorney, Hiller, PC Jessica Gonzalez currently serves as a Cannabis attorney at Hiller, PC, as well as outside General Counsel for Minorities for Medical Marijuana, Inc. Gonzalez led the social impact committee for NJ CAN 2020, the coalition that ran one of the most successful cannabis legalization campaigns in the country and helped shape cannabis policy on the statutory, regulatory, and municipal levels in New Jersey. Gonzalez assists clients in navigating the legal cannabis industry in the areas of IP and state licensing applications. She has been designated as a Cannabis Law Trailblazer by the National Law Journal, named on NJBIZ’s 2021 Next Generation of Leaders list and recognized as one of the top 20 cannabis influencers in New Jersey three years in a row.
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Seth Rogen Founder, Houseplant It’s no secret to most that funny guy and comedian Seth Rogen is a fan of weed, but the Pineapple Express star has since moved forward to embrace the plant in a larger capacity, co-founding cannabis brand Houseplant. The cannabis at Houseplant represents the strains that Seth and Co-Founder Evan Goldberg love, along with the “finest product that growers across the state of California have to offer.” The brand embraces THC-rich cannabis, prioritizing the top colas of the plant where the biggest buds are found, hand-picking, -trimming and -packaging each Houseplant offering.
Courtesy of Innovative Industrial Properties
Alan D. Gold Executive Chairman, Innovative Industrial Properties Since the formation of Innovative Industrial Properties, Alan D. Gold has served as a co-founder and as executive chairman of the company board, also serving as executive chairman of IQHQ Inc., a privately-held life science real estate company, with an impressive resume of leadership positions in the life science industry and beyond. Innovative Industrial is the pioneering real estate investment trust for the regulated cannabis industry, founded in December 2016 as the first publicly-traded company on the New York Stock Exchange to provide real estate capital to the regulated cannabis industry.
Courtesy of Raquel Peyraube
Raquel Peyraube Doctor, International Association for Cannabinoid Medicines Specializing in the problematic use of drugs, with abundant training in psychiatry, toxicology and psychoanalytic psychotherapy, Raquel Peyraube has 28 years of experience in the field. Over the decades, Peyraube has made contributions in training, prevention, treatment and damage reduction, including innovation of theoretical and methodological developments with a focus on ethical issues. She’s currently working on the development of clinical trials, medical education of medicinal cannabis and dissemination of information and advice for reform of drugs policies in a number of countries.
Courtesy of Jazz Pharmaceuticals website
Bruce C. Cozadd Chairman, CEO, Jazz Pharma Helping to innovate and transform the lives of patients as the CEO and chairman of Jazz Pharmaceuticals, a global biopharmaceutical company, Bruce C. Cozadd is pushing the company forward to set a new standard of care to those living with complex conditions who deserve new and improved therapeutic opportunities.. He’s been with the company since 2003, moving into his current position back in 2009, which is developing a cannabinoid platform to help further navigate the healthcare space. Outside of Jazz Pharma, Cozadd is passionate about education and the arts, especially music.
Courtesy of Jushi Holdings
Jim Cacioppo CEO/Chairman/Founder, Jushi Holdings With a resume spanning more than two decades, managing the business and allocating capital in senior management positions at several large hedge funds, Jim Cacioppo brings his start-up, operating, financial and investment know-how to his role as the CEO, chairman and founder of Jushi Holdings. Jushi is a national, multi-state cannabis company focused on developing and operating high-end retail locations, premium brands and state-of-the-art cultivation, processing and manufacturing facilities. Under Cacioppo’s leadership, Jushi looks to set a new standard for a sophisticated and modern cannabis experience.
Michael King, Courtesy of Kings GardenCharlie Kieley, Courtesy of Kings Garden
Michael King and Charlie Kieley Co-Founders, Kings Garden Inc. Kings Garden started in 2015 in the Coachella Valley region of California, since growing into a profitable cultivation company birthed through funding from friends and family. With Michael King’s financial savvy and background on Wall Street, along with Charlie Kieley’s experience working directly in the cannabis industry, opening and operating our retail and retail cultivation facilities, the two joined forces. Kings Garden is continuously building and prioritizing the production of high-quality, indoor flower; giving back to local communities and prioritizing the advancement of the cannabis space as a whole. Kings Garden is currently operating 3,400 indoor lights via 250,000 square feet and is in the process of building out an additional 8,500 lights via 415,000 square feet, thus bringing the total operational footprint to 12,000 lights via 665,000 square feet by 2024.
Courtesy of Last Prisoner Project
Mary Bailey Managing Director, Last Prisoner Project The Last Prisoner Project was founded in 2019, centering the belief that no one should remain incarcerated for cannabis offenses. Managing Director Mary Bailey similarly believes that everybody fortunate enough to benefit from cannabis legalization should feel a moral obligation to assist those still suffering due to prohibition, dedicated to helping right the wrongs of cannabis criminalization. Prior to launching Last Prisoner Project, she was the CEO and founder of a Maui, Hawaii-based production company that specialized in events that inspire positive social change.
Courtesy of LoadedCo. website
Daniel Chu CEO, LoadedCo. Founded in 2017, with quality craftsmanship in mind, LoadedCo. Takes pride in its reputation for collaborating with some of the best brands in the industry, and for creating unique high-end products. LoadedCo. Are the makers of handcrafted pre-rolls and a variety of collaborations frequently involving infused flower and other ingredients.
Courtesy of MAPS
Rick Doblin Founder, MAPS Richard Elliot Doblin is an American drug activist and executive who is the founder and executive director of the Multidisciplinary Association for Psychedelic Studies (MAPS), which he launched in 1986. MAPS is on the forefront of psychedelic research and development. Since 1986, MAPS has distributed over $20 million to fund psychedelics and medical cannabis research and education. Doblin received his masters and PhD in public policy from the Kennedy School of Government at Harvard University. His 2019 TED Talk explored the vast potential of psychedelic-assisted therapy.
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Rosie Mattio Founder, Mattio Communications Rosie Mattio is CEO and Founder of Mattio Communications, which was ranked as the number one cannabis PR firm by Green Market Report. The company can be found practically everywhere in the cannabis space. Mattio was able to land the first-ever cannabis article in Oprah magazine. Based in New York, Mattio Communications represents 50 marquee cannabis clients, including Headset, Green Thumb Industries, Papa & Barkley, LeafLink, Greenlane and Curaleaf. Long ago, Mattio learned to hustle, growing up in the Bronx, and it’s certainly evident in her firm’s success.
Courtesy of Metrc website
Lewis Koski COO, Metrc Lewis Koski is the Chief Operating Officer for Metrc. Before joining METRC in 2019, Lewis ran his own consulting firm, helping agencies develop smart cannabis regulatory policies. Prior to that, he served as the Deputy Senior Director of the Colorado Department of Revenue’s Enforcement Business Group, directing state policy surrounding regulated markets and its enforcement. Lewis also served as the Director of the Colorado Marijuana Enforcement Division (MED). At MED, he helped build the first state agency in the US to develop and implement medical and adult-use cannabis policy.
Courtesy of Syracuse.com
Christopher Alexander Executive Director, New York Department of Cannabis Management Christopher Alexander works with the New York Department of Cannabis Management to help move policy forward. A New York resident from birth, his passion is for policy and politics, as well as enacting change through the democratic process. He formerly served as a legislative aide, advocate and attorney, and was appointed by Governor Kathy Hochul to lead New York’s Office of Cannabis Management. The agency oversees all things policy for the newly budding New York cannabis industry, as well as all procedural aspects of legal marijuana.
Courtesy of Old Pal
Rusty Wilenkin CEO and Co-Founder, Old Pal Can flower be both affordable and beautifully crafted? For Old Pal’s Co-Founder and CEO Rusty Wilenkin the answer was a resounding “yes.” After spending 4+ years in the cannabis space, Rusty started Old Pal in 2018, creating one of the industry’s most recognizable brands— and also one of the most successful. Currently a top California brand, Old Pal has expanded into seven additional states, and in 2021 they were the #3 brand based on units sold in their five active states (according to BDSA).
Courtesy of Pacific Stone
Skip Motsenbocker CEO, Pacific Stone As CEO of Pacific Stone, a state-licensed California-based cannabis brand, Skip Motsenbocker has more than 25 years of professional experience in asset management, private equity and corporate finance and management. Pacific Stone provides both large scale greenhouse cultivation facilities and over one million square feet of flower. Pacific Stone Brand is offered in over 600 stores and includes packaged flower, pre-rolls and cartridges. Motsenbocker oversees the brand’s product launches and expansion, among other strategic initiatives.
Courtesy of Troy Datcher, Facebook
Troy Datcher CEO, The Parent Company With a background in the consumer goods market and experience with consumer products, sales negotiation, strategic planning, and trade marketing, Troy Datcher brings myriad business skills to his role as CEO of The Parent Company. He has a background in Political Science thanks to a Bachelor’s degree from Gettysburg College, and Datcher actually worked with Clorox Co. before he joined forces with The Parent Company. Today, he is responsible for their worldwide success and leadership in the cannabis market. He is also the first Black CEO of a major, publicly traded marijuana company.
Courtesy of PRmediaNow
Robert Groesbeck Co-CEO, Planet 13 Holdings As Co-CEO of Planet 13 Holdings, Robert Groesbeck is a long-time entrepreneur, starting and assisting in the creation of a number of businesses, including work in the cannabis industry. Mr. Groesbeck was designated as one of the top 40 Southern Nevada Business Executives under the age of 40, on the basis of his professional achievement and community service by the Las Vegas Business Press. Planet 13 has opened some of the largest dispensaries in the world, with impressive locations in Las Vegas and in Orange County, California.
Courtesy of Puffco
Roger Volodarsky CEO, Puffco Roger Volodarsky is founder and CEO of Puffco, and has been working to perfect the company’s handheld vaporizer device over the course of the last decade. Volodarsky is described as a serial entrepreneur, a tech fan and cannabis connoisseur, who is highly successful at a relatively young age. Volodarsky helped introduce the Puffco Peak Pro—now a standard in vaping technology. Developing vaporizers for cannabis concentrates and “turning consumers into connoisseurs” is one of his long-term dreams. He was born and raised in Brooklyn, New York and New Jersey.
Courtesy of High Times
Josh Kesselman Founder, RAW Papers He’s quite the personality, which is great for marketing and branding in the world of cannabis-adjacent industries. RAW papers are a go-to standard for rolling paper needs, and they’ve been around forever. RAW Founder Josh Kesselman is on a mission, “Uplifting the world one beautiful natural sheet at a time.” Kesselman launched RAW clear back in 1995, and the company’s success has been linked to his continued presence in the public. Kesselman was arrested for selling a bong to a federal informant, and continues to fight for the right to sell cannabis accessories.
Courtesy of Realm of Caring
Heather Jackson Co-founder, Realm of Caring As co-founder of the Colorado Springs, Colorado-based Realm of Caring (RoC), Heather Jackson is also president of the board. RoC is an independent 501c3 non-profit organization who serves anyone in need of more information about cannabinoid therapies. Through revolutionary research, innovative education, and life-changing grants, RoC seeks to facilitate and encourage the mainstream acceptance of transformative, plant powered therapies to benefit individuals and families and serve healthcare providers as well as the hemp and cannabis industries.
Courtesy of RAMP website
Ann Lee Co-founder, Republicans Against Marijuana Prohibition Ann Lee and her husband Bob founded Republicans Against Marijuana Prohibition (RAMP) based on the belief that the prohibition of marijuana is “diametrically opposed to the Republican principles of limited government,” and personal freedom. Lee has been a leader and activist in the Republican Party since 1970. That year, she became precinct chair in the Harris County Republican Party serving from 1970 to 1992. Her first campaign activity came in 1964 in support of Barry Goldwater. In 1983, Lee co-founded the group Women for Reagan.
Courtesy of Red White & Bloom
Brad Rogers CEO, Red White & Bloom Brad Rogers is CEO and Executive Chair of Red White & Bloom. He has an extensive track record of building tremendously successful and profitable businesses in the cannabis sector and beyond. He also grew two of Canada’s largest licensed cannabis producers to a combined market cap of $2 billion. Red White & Bloom’s growing portfolio boasts strong brands and proprietary product development capabilities—focusing on a “house of brands” strategy in both cannabis and hemp-derived product lines.
Courtesy of Ridgeline Farms
Jason Gellman Owner, Ridgeline Farms Growers up north all know the trusted name of Ridgeline Farms. Ridgeline Farms owner Jason Gellman was honored for the 2018 Business of The Year Award at the Southern Humboldt Chamber of Commerce—the first time for the Southern Humboldt Chamber of Commerce, and for Jason Gellman, to have the award go to a local craft cannabis farmer. Humboldt County-based Ridgeline Farms focuses on quality over quantity, family values and environmental stewardship in the company’s owner-operated cannabis farm. Gellman and Ridgeline Farms have won multiple awards including Emerald Cup wins.
Courtesy of Matthew Zingler, LinkedIn
Matt Zingler Co-founder and Co-CEO, Rolling Loud Some careers are more exciting and rewarding than others. Co-founder and Co-CEO of the Rolling Loud Festival Matt Zingler works with his business partner Tariq Cherif. The two of them also founded Dope Entertainment, Florida’s premier Hip-Hop touring company. The Miami-based festival Rolling Loud has turned into one the hottest lifestyle events. In past years, the company’s massive lineup has featured superstars such as Travis Scott, Post Malone and A$AP Rocky. Part of his resume includes adapting to the massive setbacks from COVID.
Courtesy of Sapphire Risk website
Tony Gallo Managing Partner, Sapphire Risk Advisory Group Considered in the industry as the “O.G. of Cannabis Security,” Gallo is the Managing Partner at Sapphire Risk Advisory Group, voted one of the Top Cannabis Ancillary Firms. Since 2013, Sapphire Risk has been focused on developing cannabis security strategies for businesses and has worked with over 500 clients in 35 States. Tony has spoken at over 100 conferences nationwide on cannabis security from application to operation. Tony received his degree in Criminal Justice from New Jersey City University in Jersey City, New Jersey, and is a published author.
Courtesy of theglobeandmail.com
Andy DeFrancesco SOL Global Andy DeFrancesco is well-known for being a dealmaker on wall street and in cannabis, not only as a co-founder of Aphria but through his investment company SOL Global Investments. DeFrancesco pulled off some of the biggest success stories in the cannabis industry. Deals include Liberty Health Sciences, which was sold to AYR for $290 million, and another Florida-based operator Bluma Wellness which was acquired by Cresco Labs for $230 million. He co-founded both of those companies. DeFrancesco plays a major role in Simply Better Brands, which owns PureKana.
Courtesy of Scotts Miracle-Gro
Jim Hagedorn CEO, Scotts Miracle-Gro Jim Hagedorn is Chairman/CEO at Scotts Miracle-Gro Co., a household name in nutrients. Hagedorn’s father Horace launched the original Miracle-Gro in 1951, and later, he grew up watching the Miracle-Gro brand earn the trust of gardeners all across America, and he’s committed to maintaining that legacy with gardeners today. A former fighter pilot known for “boldness and ingenuity,” Hagedorn helped orchestrate Miracle-Gro’s merger with Scotts in 1995, creating the leading consumer lawn and garden business in the world. He became CEO of the combined company in 2001.
Courtesy of Dr. Sue Sisley
Dr. Sue Sisley Scottsdale Research Institute Dr. Sue Sisley’s unparalleled research into medical cannabis broke through boundaries. As President of Scottsdale Research Institute and best known serving as Principal Investigator for the only FDA-approved randomized controlled trial in the world examining safety/efficacy of smoked marijuana flower in combat veterans with severe post-traumatic stress disorder PTSD. Her studies were approved by the National Institute on Drug Abuse, and she runs a thriving private practice in Phoenix as well. Sisley’s research has been supported by the Multidisciplinary Association for Psychedelic Studies, a California-based nonprofit psychedelic organization.
Courtesy of bizjournals.com
Michael Serruya Serruya Brands Michael Serruya began his fruitful career at age 20 as one of the co-founders of Yogen Früz®. Michael was also the CEO of Coolbrands®—then home to CPG brands including Weight Watchers®, Eskimo Pie®, Tropicana® and Godiva® Ice Cream. Serruya joined MedMen’s board in August 2021 as part of a $100 million investment in the Company by Serruya Private Equity to expand its operations in key markets and identify and accelerate further growth opportunities across the United States. Michael has also participated on the Boards of Directors of a number of both publicly and privately traded companies.
Courtesy of Sundial
Zachary George CEO, Sundial Zachary George is CEO at Sundial Growers Inc. He is an entrepreneurial and seasoned executive with over 20 years of experience in alternative investments and evaluating opportunities across the capital structure of North American companies with a focus on real assets. George previously worked in senior management and board capacities focused on large-scale restructurings and operational turnarounds, influencing corporate action and governance policies in order to maximize shareholder value. He also founded FrontFour Capital Group LLC and he has been the head of five different companies.
Courtesy of Jason Wild, Twitter
Jason Wild Chairman, TerrAscend Jason Wild is the President and Chief Investment Officer of JW Asset Management, LLC, and the advisor for five investment partnerships with over $2 billion in assets under management. Mr. Wild received his license as a pharmacist in 1997, and subsequently founded JW Asset Management, LLC in 1998. The firm has a strong history of finding opportunities within the healthcare sector. He is a graduate of the Arnold and Marie Schwartz College of Pharmacy. Mr. Wild is the Chairman of the Board of TerrAscend Corp. and Arbor Pharmaceuticals. He is a board member of Vensun Pharmaceuticals and Vitruvias Therapeutics.
Courtesy of Tilray Brands
Irwin Simon CEO, Tilray Brands With more than 30 years of experience building industry-leading, consumer-packaged goods companies—ranging from foods, dietary supplements, personal care and cannabis—Irwin Simon now leads Tilray Brands, a global leader in cannabis research, cultivation, processing and distribution, as CEO. Tilray is the first GMP-certified medical cannabis producer to supply cannabis flower and extract products to patients, physicians, pharmacies, hospitals, governments and researchers on five continents. Irwin is also the executive chairman of Whole Earth Brands, Inc., a leading platform in packaged goods and ingredients, and lead director at Stagwell Inc., a digital-first global marketing network.
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Chrystal Ortiz Advocate, True Humboldt Sharing the core community values surrounding sustainability, community service and mindful cultivation that her “Back to Lander” parents held close in the Emerald Triangle region, Chrystal Ortiz since returned to the hills of Humboldt County in the late ’90s, raised their two children off the grid and embraced her current role at True Humboldt. The group is composed of Humboldt cannabis farmers who have joined together to support one another through the ever-changing-and-evolving cannabis industry, with the aim of preserving the unique heritage of the area.
Courtesy of Trulieve website
Kim Rivers CEO, Trulieve Kim Rivers joined Trulieve, an industry-leading, vertically-integrated cannabis company and multistate operator in 11 states, at its inception and has been a key player in the company’s customer-centric vision, growth and expansion. Rivers oversees every part of the cannabis process, from the seed-to-sale. She previously worked in a private practice as a lawyer, specializing in mergers, acquisitions and securities for multi-million-dollar companies. When she’s not busy at Trulieve, Rivers also plays an active role in her community and serves on numerous charitable boards.
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Brittani Cushman Senior VP and General Counsel, Turning Point Brands Brittani Cushman is Senior Vice President, General Counsel and Secretary at Turning Point Brands, Inc. As a female leader in the industry, Cushman works on public policy, legal and governmental affairs in the heavily regulated tobacco products industry. She specializes in tackling complex policy matters and legislation in the areas of federal and state regulation, marketing and taxation. She also helps to execute strategies as part of the senior executive management team.
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Tyler Robson CEO and Chair of the Board, The Valens Company With over a decade of experience in cannabis science, research, and development, especially focusing on propriety extraction processing and medical application, Tyler Robinson came to his role as chief executive officer and chair of the board with The Valens Company with plenty of established science experience. He graduated from University of Saskatchewan with a Bachelor of Arts & Sciences and a biology focus. He has been with The Valens Company since 2012, moving from COO to CEO and growing alongside the company.
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Karson Humiston Founder and CEO, Vangst Karson Humiston is the Founder & CEO of Vangst, the cannabis industry’s recruiting platform. Since launching in 2016, Vangst has connected thousands of people with jobs at leading cannabis businesses around the world. Karson was featured on the 2018 Forbes 30 under 30 list and Vangst was featured in Entrepreneur’s 100 Brilliant Companies of 2018. Prior to founding Vangst, Karson founded On Track Adventures, a student travel organization based out of St. Lawrence University.
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Gary Vaynerchuk CEO, VaynerMedia and Co-owner of Green Street Gary Vaynerchuk, aka “Gary Vee” is the chairman of VaynerX, a modern-day media and communications holding company, and the active CEO of VaynerMedia. The Belarusian-American is a renowned entrepreneur, author and personality. He’s also the co-owner of Green Street, a full service creative agency that built a seven-story cannabis incubator in the heart of Los Angeles. Most people are drawn to Gary Vee’s no-nonsense attitude, as he effortlessly motivates his audiences.
George Archos, Courtesy of VeranoSammy Dorf, Courtesy of Verano
George Archos (CEO) and Sam Dorf (Chief Growth Officer) Verano Holdings George Archos is CEO and founder of Verano Holdings. He has experience coordinating complex freight delivery and operating successful restaurants. He first joined the cannabis industry in 2014, and since then has risen in the ranks at various companies to take on a leadership role in this one. Sam Dorf, chief growth officer of Verano Holdings, has a background as a criminal defense attorney, and became a cannabis entrepreneur in 2013. He is known as a revered merit-based cannabis license application strategist and is responsible for supporting the growth of the team.
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Brian Vicente Lawyer, Vicente Sederberg LLP, Lawyer A passionate supporter of cannabis reform, Brian Vicente, lawyer, founding partner, and one of the major players behind Vicente Sederberg LLP, has over a decade of experience helping to shape cannabis law, the area he specializes in. One of his major claims to fame was helping to draft Colorado’s historic Amendment 64 and co-directing the campaign in support of it. Vicente has worked with cannabis entrepreneurs, investors and businesses all across the US. His focus is on helping folks start and grow compliant and profitable businesses in the cannabis sector.
Courtesy of Viola
Al Harrington Founder, Viola Most well-known for his storied career in basketball, Al Harrington was pro for 16 seasons, but that’s not where his legacy ends. He is also a major player in the world of cannabis now. He founded Viola Brands in 2011, a cannabis company that now spans multiple states, including California, Oregon, Washington, Colorado and Michigan, as well as a recent expansion to Oklahoma to work with their medical market. With the success of Viola, Harrington has shown that celebrity partnerships can be a lot more than lending a name and clout to a company.
Courtesy of Brian Malin
Brian Malin Co-Founder, Vital Grown Founder and CEO of Vital Garden Supply and co-founder of Vital Grown, Brian Malin strives to show the world the importance of organically grown cannabis for both growers and consumers. He has been learning about organic farming and soil biology for over 25 years, and his mission is to use his natural gardening experience to help cannabis teams grow, both literally and figuratively. Malin is well-known from appearances on the Hash Church podcast, judging cannabis competitions like the Emerald Cup and Ego Clash, and spreading the gospel of organic pot.
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Nancy Whiteman Co-Founder and CEO, Wana Brands Nancy Whiteman is co-founder and CEO of Wana Brands, an edibles company based in Colorado. One of the leading edibles brands in the mile high state, Wana Brands has grown-from a start-up to a successfully bought-out company, as Canadian-based cannabis giants Canopy Growth bought the business for $297.5 upfront. Whiteman is a legal in the pioneering industry of legal edibles, and her name is known throughout the industry. She’s known as both “the queen of legal weed” and “the Martha Stuart of edibles.”
Courtesy of Lauren Hurt
Mike Glazer Comedian, Weed + Grub Weed + Grub is exactly what it sounds like—a comedy routine about cooking culture, comedy and cannabis. According to Emmy-nominated comedian Mike Glazer and cannabis culture writer Mary Jane Gibson, it’s also about “calling shit out” as the two smoke, snack and interview celebs. Glazer is known for his work on Night of Too Many Stars, Worst Cooks in America and other media featuring comedy, food and cannabis. He has cooked with Gordon Ramsay and was named as a 40 Under 40 Rising Cannabis Star.
Courtesy of Weed for Warriors Project
Sean Kiernan President, Weed for Warriors Project Sean Kiernan is president of the Weed for Warriors Project, a well-respected veteran advocacy group that speaks out about the need for veteran cannabis access. He also served in the Army airborne infantry/pathfinder until receiving an honorable discharge and attended UC Berkeley. His background after college was in finance, working for companies like JP Morgan and Caxton Associates. He has contributed to MAPS research on cannabis and PTSD, and his goal in life is to help veterans access the medicine they need.
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Dasheeda Dawson Founder, The WeedHead & Company Dasheeda Dawson is founder of The WeedHead & Company and author of the bestselling workbook, How to Succeed in the Cannabis Industry—now in its 3rd Edition. Dasheeda is a corporate-to-cannabis crossover pioneer and business strategist with experience as senior executive leader and strategy. More recently, she was selected as the Cannabis Program Supervisor, to oversee all regulatory, licensing, compliance and equity initiatives for the city of Portland, Oregon’s cannabis industry. She is a co-host on She Blaze, an award-winning weekly cannabis news and culture podcast available on Spotify, Apple Podcasts, and iHeartRadio.
Courtesy of Weedmaps
Chris Beals CEO, Weedmaps Chris Beals is Chief Executive Officer at Weedmaps LLC. Weedmaps is a tech company serving the cannabis industry, founded in 2008. In March 2019, Beals was named CEO of Weedmaps. A few months later, in August 2019, Weedmaps launched a 30,000 square-foot Museum of Weed in West Hollywood, California. Weedmaps not only connects people to cannabis retailers, but the company recently explored a social media platform alternative to Instagram with Berner.
Courtesy of Weldon Angelos
Weldon Angelos Founder, The Weldon Project In 2003, a low-level cannabis case put a halt to Weldon Angelos’ budding career in the music industry, though it also helped to birth a national movement aimed to reform the U.S. criminal justice system. He became a bipartisan symbol for justice reform, and in 2016, he was finally released from prison after serving 13 years for a first-time, cannabis-related offense. Angelos moved forward to help others with similar experiences and founded the Weldon Project, dedicated to funding social change and financial aid to those serving prison time for cannabis-related offenses.
Courtesy of WeSana
Daniel Carcillo Founder and CEO, WeSana Prominent athlete-turned-cannabis-entrepreneur Daniel Carcillo is founder and CEO of WeSana, a Chicago-based ketamine clinic. During his hockey career, he won two Stanley Cup Championships. Because of what he noticed first-hand while playing hockey, he became an advocate for mental health, concussions and traumatic brain injuries. His interest in how those things can be treated with plant and psychedelic medicine triggered the opening of WeSana. The Chicago-based business is currently making a splash in the world of ketamine medicine.
Courtesy of Kevin Jodrey, LinkedIn
Kevin Jodrey Owner, Wonderland Nursery Kevin Jodrey is one of the most well-known growers in Humboldt County and is an internationally respected cannabis expert. As a world-renowned hunter of ganja genetics, Jodrey is fascinated by the search for rare, desirable, and marketable traits. Jodrey is the creator of Port Royal, owner of Wonderland Nursery, and co-founder of The Ganjier. He’s been cultivating for decades, running his own operations and offering consulting services. He’s spoken at universities, judged at the Emerald Cup, and consulted on cannabis related educational shows for National Geographic and A&E.
Courtesy of Zuber Law website
Tom Zuber Managing Partner and Founder, Zuber Law Tom Zuber is managing partner and founder of Zuber Law. Zuber is a litigator who specializes in intellectual property disputes and global intellectual property council for the cannabis industry on a worldwide scale. He manages Fortune-level clients through the firm and celebrates and advocates for his cannabis clients. He founded Zuber & Zuber, now known as Zuber Law, in 2003. When he started out, he had no clients and was a third-year associate. Now, Zuber Law is a world-known cannabis firm.
Ever since Tilray decamped for Portugal during the early days of the German cannabis cultivation bid circa 2017, the country has been touted as “the place” within the European Union (EU) for the German distributors to source their product.
That said, the actual progress of the industry has been a little slower than that—in part because of the length of time it takes for legislative change to happen. Indeed, it was not until April 15 of this year that Ministerial Order No. 83/2021 was finally published. According to local legal practitioners, at least, this order also has clarified a great many practical aspects of the application process. This includes reference prices.
Looking at the progress of cultivation licenses, however, and the proof is in the pudding. To date, there have been 114 applications for the cultivation of cannabis to the National Medicines Agency (Infarmed). Of these, just 23 are “under analysis,” 11 are awaiting a response from the cultivators, and 61 are waiting to be inspected (a major issue facing almost every budding cannabis cultivator thanks to COVID.)
Here are a few more dampening statistics. Of the 19 currently operational cannabis cultivation facilities, only three can manufacture medical grade extracts and products. One of these is in business solely for the purposes of providing “quality control.” The remaining facilities are in business to cultivate the plant as a “raw material,” or, of great interest of course to every German distributor looking for new sources of EU cultivated product, “active substances.”
What, exactly, is going on?
EU GMP Is Not an Easy Certification
Despite its reputation to the contrary, including the now pending legislative move to formally legalize adult-use cannabis, the medical authorities here are very strict. They must be. They are the country’s version of the Federal Drug Administration (or FDA).
Indeed, it was only this February that Tilray announced that it had received the first and only market authorization for medical cannabis products in Portugal. This means that everyone else is cultivating for export to other countries (notably Germany). Many German distributors (for starters) are currently importing raw flower (or flos) as “Active Pharmaceutical Ingredients” or APIs. There is clearly a market for the same.
Getting a medical license also takes capital. And it is also very clear that Portugal is also not the only game in town. Greek, Macedonian and, as of this year, African cannabis is also starting to enter the room.
Further, while there is a great deal of enthusiasm, generally, about the coming cannabis revolution on the recreational side, the medical game remains, as always, a difficult nut to crack, even after the capital has been raised. This is not always a popular task to take, but it is clear that when the dust clears, Infarmed is not interested in being just a pass-through agency.
According to Rob Smallman, a highly experienced Canadian cultivator who has been involved in multiple European projects, including in Portugal, “experience and a focus on the actual business in the room is a far better strategy than just satisfying investors.”
Michael Sassano, CEO and founder of SOMAI Pharmaceuticals as well as the recent recipient of an innovative product grant by the Portugal 2020 committee, concurs. “Cannabis entrepreneurs need to know exactly what they are doing to succeed and receive full certification,” he said. “Medical cannabis growing, and manufacturing requires more than just a lot of capital. It requires deep knowledge of regulations and GMP standards plus serious knowledge of the cannabis plant to surpass timely building, operational, and international sales goals.”
Portugal 2020 is a partnership agreement between Portugal and the European Commission to fund policy goals of interest to both member states and the EU as a whole.
Domestically, however, there is another catch. In a land known rather infamously if not accurately as “anything goes,” on the “illicit drug” front, cannabis as medicine is just as foreign here as it is everywhere else. Not to mention, just like everywhere else, medical cannabis is very expensive. The monthly price tag of about $600 is out of reach to most, if not many.
What Impact Does Pending Recreational Reform Mean for Portugal?
There are several answers to this question. The first and most obvious one is “nothing” since Infarmed only regulates a medical market, not a broader consumer one (more like BfArM in Germany than the FDA in the United States).
However, this is also not the only answer. Forward reform of Portugal’s legislative approach to recreational reform has repeatedly stalled, even as both Switzerland (outside of the EU) and Luxembourg (within it) have progressed.
There is of course this twist. Just like the Czech Republic (and Switzerland) have now started to discuss (and Holland has been in the midst of the same since 2017 when Dutch insurers stopped covering the drug the same month the German Bundestag or Parliament, voted to cover it under Deutsch public health insurance), the entire discussion of “medical” cannabis is coming under scrutiny. Particularly for domestic use, rather than foreign export.
This is a simmering issue. But it is bound to stay in the room, particularly given the advance of overall cannabis reform across Europe.
In the meantime, it is clear that Portugal is proving to be a stringent port of call for all things medically cannabis related—and far from just a pass-through cultivation or extraction state.
It is now two years after Portugal passed its medical marijuana bill, allowing access to cannabis medicines for those in need. And it looks like medical cannabis will finally be available in Portuguese pharmacies starting this April.
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Portugal and cannabis
One of the things Portugal is known for when it comes to drugs, is the decriminalization measure it took back in 2001. That year, the Portuguese government passed law 30/2000 which decriminalized (not legalized) use and possession of illegal drugs including cannabis. Several countries like Colombia and Costa Rica have similar policies. The idea of the bill was to limit drug problems among citizens.
The policy works by setting a specific number of grams that a person would approximately use within a 10-day period of time. If a person is caught with an illegal drug, with not more in quantity than the decriminalization amount for that drug, the person goes before a group called the Dissuasion of Drug Addiction panel, where they and their case are analyzed. The purpose of this step is to identify those who need treatment, though sanctions can be handed down at this time.
Decriminalization of use and possession do not decriminalize sale, cultivation, or trafficking, all of which remain illegal. Traffickers can face 1-12 years in prison depending on circumstances of the case. Cultivation was discussed for decriminalization in 2001, but taken off the table at the last minute. As such, personal cultivation is still illegal in Portugal today.
In June 2018, Portugal passed a law to legalize cannabis medicines, and set up a regulated medical cannabis industry. According to the bill, a doctor can prescribe these medications, but only if other conventional therapies haven’t worked, or caused adverse reactions. According to Maria do Céu Machado, the president of Infarmed – The National Authority for Medicines and Health Products, which oversees drug regulation in Portugal, “By the end of the year, we will have the necessary law in Portugal to regulate, from cultivation to dispensing, cannabis medicines.”
She went on to say that Infarmed is working to ensure the quality and effectiveness of all future products by creating legislation for regulation, and that finished products will be sold in pharmacies. The law also supports further scientific research into cannabis and its medicinal properties. At the time the law was passed, the framework for the legal medicinal field had not been released, however basic information about it was available.
The law states that cannabis medicines should be available to those who are not responding to standard treatment, or experiencing negative effects. It was cleared for use with chronic pain, particularly associated with cancer and nervous system disorders; spastic disorders like multiple sclerosis, and injuries to the spinal cord; nausea and vomiting associated with cancer therapies like radiotherapy and chemotherapy, AIDS therapies, and Hepatitis C treatments; and to stimulate appetites for those in palliative care for cancer and AIDS treatments.
Now, over two years after the initial passage of the law legalizing cannabis for medical use in Portugal, Portugal is actually getting to the business of selling this cannabis. Last month, Infarmed approved a market authorization which allows a licensed producer (Tilray), to sell medical cannabis products in Portugal. This is the first authorization for a cannabis-based substance to go into production, and accelerates a market that will put medical cannabis in Portuguese pharmacies.
The company that received this authorization is Tilray Portugal, the local arm of Tilray, a company that produces premium cannabis worldwide. Tilray Portugal’s general director Rita Barata had this to say about the new authorization: “This is the first and only cannabis-based preparation or substance for medicinal purposes allowed in our country and we are planning in the near future to make other products accessible to patients in Portugal.”
Tilray’s general manager in Europe, Sascha Mielcarek, made the statement that Infarmed’s authorization “confirms that Tilray’s medical cannabis products are up to the highest national and international standards.” Tilray is the only company to receive an authorization, making it the only company that can supply Portugal with legal medical cannabis at this time.
Tilray already operates in 16 countries, and the production facility in Portugal, which is located in Cantanhede, is cleared for cultivation and production of cannabis-based products, both for use in the country, and exportation in the EU and globally. The authorization covers a ‘Production Practices’ certificate for international sales to relevant markets.
Tilray and Portugal
It’s looking like Tilray will be the first company to get a medical cannabis product into Portuguese pharmacies, but this isn’t the first meeting between Tilray and Portugal. Tilray is a Canadian-based cannabis research and production company, whose leadership, in 2015, decided to expand the business by setting up international facilities.
In September of 2017, Tilray announced it would build a $30 million facility to produce medical cannabis in the EU, with the operation based out of Portugal. This made Tilray the first licensed Canadian producer to receive a license elsewhere in the world. The announcement came as Tilray won a federal license for the importation of cannabis seeds and clones for growing.
In 2019, Tilray made an announcement that it had inked a $3.3 million distribution deal to sell cannabis grown in Portugal, to a distributor in Germany (Cannamedical Pharma GmbH). The agreement was for the supply of medical cannabis only, which means, well before Portugal gave the go-ahead to supply its own citizens, Tilray was using Portugal to source cannabis to other parts of Europe.
At the time of the deal, Tilray’s CEO Brendan Kennedy said, “This is a significant milestone for Tilray as we ramp up our capacity to serve international markets and generate revenue from our EU campus through the end of 2019.” He went on to say, “We believe our 2.5 million square feet of cultivation and state-of-the-art processing space in Europe is an important differentiator, which will enable us to reduce costs and improve margins while hedging against regulatory risk.”
In May of 2020, Tilray received its third GMP (Good Manufacturing Practices) certification for Tilray Portugal, making it a complete certification. This allows the company to produce medical marijuana extracts in-house, and to export finished products, dried flower, and oil, internationally to any location with an approved medical cannabis program. The certification goes a step further even, allowing Tilray to manufacture extracts in bulk as cannabis ‘active pharmaceutical ingredients’ (API), which can then be sold.
What about the merger with Aphria?
Tilray is helping to get medical cannabis products into Portuguese pharmacies, but it’s also doing something else. Tilray has been climbing the cannabis ladder for several years, positioning itself as a major global cultivator and supplier. In December of 2020, it was announced that Tilray would merge with Aphria Inc, another Canadian based medical cannabis company.
The merger is actually a reverse takeover initiated by Aphria. In other situations, such a move would allow a private company to take over a publicly listed company so as to avoid the IPO process itself. In this case, both companies are publicly listed, both have a great name value in the world of cannabis, and both want to expand.
Revenue-wise, they together create the largest multinational cannabis company, with a combined 12-month sales figure of $874 million CAD, and a combined equity value of $3.8 billion USD ($4.8 billion CAD). The merged company will go under the name of Tilray, with Aphria shareholders owning 62% of Tilray’s stock. According to the deal, Aphria would pay a 23% premium to Tilray’s December 15th closing price of $7.87. The general announcement resulted in a 6.5% increase for Aphria’s stocks and a 26% increase for Tilray’s.
Things are heating up in the European cannabis world. Tilray will not only work to provide medical cannabis products to Portuguese pharmacies, but the company itself is transitioning along with Aphria, into the largest cannabis corporation in the world. The future looks interesting for cannabis in Europe, and it remains to be seen just how beneficial this new cannabis partnership will be, and how it might change the look and feel of today’s medical cannabis world.
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Okay, it’s an admittedly vague title, but it’s still true. France’s upcoming medical pilot program involves supplying medical cannabis to patients for free, and though the program was postponed, France just released the companies that won the bid to supply this free marijuana.
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Let’s be honest, France is not the most liberal when it comes to marijuana. Unlike its neighbors Spain, Italy, Switzerland, Belgium, and Germany, France does not allow for any decriminalization, personal use, or medical legalization measures. In fact, not only is France still rather conservative when it comes to cannabis, but the country was willing to allow a whole lawsuit with the EU (which it lost) just to keep CBD out. (Of course, this move was likely for the protection of pharmaceutical interests, but we’ll get into that later.) Now, with the recent announcement of a medical pilot program, France is promising to give out cannabis for free, and already lined up the companies that will provide it.
The idea that France is about to give away cannabis for free is certainly a 180⁰ turn from its current laws. It is illegal to both use and possess cannabis in France. France doesn’t even make a designation between personal possession and trafficking, meaning how a case is treated is determined by the amount of cannabis in question, and what the prosecutor decides. So, if a person happens to get caught with a bunch of marijuana for their own personal medical use, it could actually be determined as trafficking. Punishments range from fines of €3,750 – €75,000, and prison sentences of 1-5 years. Cultivation is also illegal as use and possession are illegal, and no medical program exists…yet.
Selling and supply crimes are always illegal, and in France a person can incur 5-10 years in prison, along with a fine. If an offender has been found to be part of a criminal organization for trafficking, they can face life in prison, and a €7.5 million fine.
In 2018, as more and more countries relaxed their cannabis policies, France stepped it up a notch, handing out on-the-spot fines to users. Something that started out as a test in small communities before being enforced as a federal policy. The fines certainly aren’t paltry, with those caught being forced to pay €200, although the amount can be decreased to €150 if paid within two weeks, and increased to €450, if left outstanding for over 45 days. Though the excuse for them is to curb drug violence, there isn’t much about such fines that would do this, making it much more likely as a play to grab money from citizens.
Interestingly, France falls into the industrial hemp loophole, something that is seen in many places due to contradictory or inconsistent cannabis laws. France never actually illegalized the production of hemp, and is the only Western European country that didn’t do this. While it didn’t produce much hemp in the last century, hemp production did increase again between 1993-2015, with half the hemp in Europe at that time originating from France, making France the second biggest hemp producer after China.
What this means is that there’s a lot of hemp around. And what we know about human nature (I feel pretty confident stating this as a fact) is that if something is available, and it’s desired, it’s going to be used. It might be illegal to ingest any form of cannabis in France, but there’s more than enough access to it for those who want it.
As mentioned in the previous part, France hasn’t been all that quick to start a medical cannabis program. And, in fact, only just laid the framework for a medical cannabis pilot program last year. In October of 2020, the French Minister of Solidarity and Health, Olivier Véran, signed a decree for a new medical cannabis pilot program in which France said it would provide medical cannabis for free to patients in need. Last summer, due to reactions to the coronavirus pandemic, the beginning of the program was pushed back from late 2020, to early 2021.
Will it benefit everyone in need? No, unfortunately not. Approximately 3,000 patients suffering from: chronic pain, epilepsy, cancer symptoms – or cancer treatment symptoms, palliative issues, and painful spasticity from multiple sclerosis or other comparable central nervous system disorders, would receive this free treatment.
The program is slated to run for approximately six months, which makes ostensibly more sensible than – for example – Ireland, which instituted a five-year pilot program, or Switzerland which started a 10-year program. In this way, France is acting much more pragmatically, expecting to get a decent answer in half a year. Considering how quickly the cannabis world changes, anything longer seems absurd. For the program, cannabis would be distributed as dry flower and oil.
This program is of interest to those requiring medications for their ailments, but it also seems to have another purpose. It was announced that specific companies could apply to supply this program, with the idea that whichever companies were chosen would be most likely to gain hold of the cannabis market upon an official medical legalization. Application requirements were published for any company or organization that wanted to participate in cultivating and supplying this cannabis, with a close date of November 24th for applications.
And the suppliers will be…
When it comes to cannabis, there’s what it can do for a person, and what it can do for a company. In France, the announcement of a pilot program wherein France will give away cannabis for free, got a lot of companies salivating at the mouth. In a country with no official cannabis policies, any legalization would mark the beginning of a legal industry, and any company to get its foot in the door first would likely rule the roost. Which made it big news when France just revealed which companies won the ability to do this.
The companies picked are not French-based, but will work with French-based companies. Which means, out the door, France might have just given its future market to foreign investment over local business. This is a much worse thing to do in a poor country where the locals require the work and money to survive. In France, it feels like less of a crime against humanity, but it’s still something of note. Anyway, the following companies will now provide the pilot program, and accept no money from doing it in the process, providing the cannabis at their own cost:
Althea and Little Green Pharma – both Australian based companies. Althea was authorized one lot as a substitute, and Little Green Pharma was authorized two lots as a main supplier, and one as a substitute.
Aurora Cannabis and Tilray – Both based out of Canada. Aurora was authorized three lots as a main supplier, Tilray was authorized two lots as a main supplier, and two as substitutes.
Panaxia – an Israeli-based company which was authorized two lots as a main supplier, and two as a substitute.
Emmac Life Sciences – a UK based company which was authorized for two lots as a substitute.
There is absolutely nothing guaranteeing that any of these companies will remain suppliers in the future. All companies that applied were analyzed according to their supply abilities, manufacturing practices, and final products. You’ll notice how no US companies were picked.
Every lot that is designated to a company has a specification. Three lots are THC dominant, three are balanced between THC and CBD, and three lots are CBD dominant. Each lot has a main supplier from the list above, and a substitute supplier also from above, each of which works with a local French company. The French companies working in tandem are: Ethypharm, Medipha Sante, Neuraxpharm France, Boiron, Intsel Chimos, and Laboratoires Bouchara Recordati.
Why I find France to be dicey
This part is admittedly my opinion, but I’ll give it anyway since I think it should be said. France certainly looks like the honorable gentleman, offering cannabis for free to those in need, but there’s another side to all this that shouldn’t be forgotten. France recently did something that doesn’t seem to be well understood by the public, is often glossed over in news articles, and which makes the country’s actions questionable on a grand level.
France recently went through with an entire legal battle with the EU over the ability to keep CBD products made by EU standards, from crossing EU borders into France. The case of France vs the EU came with a bunch of implications, as it was heard by the top court of the EU – the European Court of Justice (CJEU) – in Luxembourg, and essentially set case law concerning cannabis (at least as far as CBD) in the EU, as well as setting a precedent for any country attempting to make restrictions on cross-boarder trading within the EU. France, quite luckily, did not win. This not only made France have to accept CBD coming from other EU countries, it made CBD legal throughout the EU.
The case itself is super interesting, but it’s not the issue. That a country might stand up for its own beliefs or desires is not strange or weird in any way. The issue is that the entire time France was pushing this legal battle, and acting concerned about the dangers of CBD – which it never was able to show at all – it was allowing the pharmaceutical version to be sold. France never banned synthetic CBD, only natural CBD!! Synthetic CBD is essentially the same as its natural counterpart, but is made in a lab by massive pharmaceutical and biotech companies. France was ruling out local farmers and producers in order to sell the products of pharmaceutical companies, and pretending that the ban on CBD was out of fear for its citizens.
In this case the pharmaceutical company is GW Pharmaceuticals, and the product in question is Epidiolex. France never had a problem with CBD at all, it just fought a years-long legal battle to help out GW pharmaceuticals. Is it really a shock that a country that would pull this, would also immediately sell out its new industry to the highest global buyer over promoting the industry for its own citizens? Of course, it is possible France is using these companies merely to get information before dumping them and allowing its own companies to take over. I guess we’ll have to wait and see.
Conclusion
Can’t say it’s not progress that France will give away cannabis for free to patients in need. In fact, it’s a really great beginning that will hopefully be followed up on with a really great medical program. That France is a little bit sneaky when it comes to cannabis can be overlooked so long as it does the right thing by its people in the future. However, I tend to think an eye should always be kept on a country that spent years on a lawsuit to sell out its own people for the benefit of a pharmaceutical company. But that’s just me.
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