Welcome to Cultivated, our weekly newsletter where we’re bringing you a within take a look at the offers, patterns, and characters driving the multibillion-dollar international marijuana boom.
This week, I’ve mostly been heads down on a story I’m delighted to share with you all.
We’ll have a quick Cultivated edition to tide you all over in the meantime. I got an exclusive interview with Perrigo’s CEO, Murray Kessler, about why the generic drug giant is making a relocation into CBD.
” One of the greatest things I heard from our clients was an absence of trust in the supply chain,” Kessler informed me. “There’s the debate of, is this product dependable? Is it trusted? Or is it simply a lot of individuals blending chemicals in their garage?”
I’m off today for Juneteenth, now a business holiday at BI.
Here’s what we blogged about today:
The CEO of among the world’s biggest generic drugmakers tells us why he’s making a $50 million bet on CBD
” I like to shake things up,” Perrigo’s CEO, Murray Kessler, told BI in an unique interview, when asked why it was the correct time to go into the CBD space. Kessler has actually been on the task for 18 months and signed up with Perrigo after a long career in the food and tobacco industries.
This one’s from Andrew Ward, a freelancer here at BI.
While no job in the ever-growing field of marijuana is truly “recession-proof,” experts alerted, there are some roles that are more likely to last through the pandemic than others.
Growers and farmers who work straight with the plant are both relatively steady tasks, in addition to those in delivery. There’s also always going to be a need for compliance assistance, whether in accounting, legal, or licensing.
- MedMen cofounders Adam Bierman and Andrew Modlin stepped down from the company’s board, officially ending Bierman’s often disorderly tenure at the cannabis retailer.
- Canopy Development founder Bruce Linton is out at Vireo Health, after joining the business in2019 He worked as executive chairman given that November.
- Dr. Narayan R Kissoon, a headaches expert at the Mayo Center, is joining Brilliant Minds’ board, where he’ll be leading medical trials around the effectiveness of psilocybin on cluster headaches.
- Daniel Yi said in a LinkedIn post that he stepped down from his function as Chief Communications Officer at Shryne Group, a California marijuana company. Yi previously ran communications at MedMen.
- Aurora Marijuana cofounder and business president Steve Dobler is stepping down from the Canadian marijuana farmer at the end of this month. He’ll also be quiting his board seat.
- TILT CFO David Caloia left his role at the company on June12 He’ll be replaced on an interim basis by Brad Hoch.
- Michele Roberts, the executive director of the NBA player’s union, is signing up with the board of Cresco Labs.
- Canopy Development CFO Mike Lee is signing up with Canopy Rivers’ board
Offers, deals, offers
- Acreage Holdings is borrowing $15 million at a tremendous 60%rate of interest, protected by the company’s cannabis operations in Florida, Illinois, and New Jersey, in addition to its IP.
What we’re reading
Suit: Tilray officers deceived financiers over ABG cannabis offer(Marijuana Business Daily)