Robert Rosenheck, CEO of CBD brand Lord Jones ????is out, less than a year after it was acquired by Altria-backed Canadian Player Cronos Group for $300M, roughly 100x Lord Jones’ 2018 revenue.
- “To some…[his departure] was representative of a larger industry trend in Canada—the largest of the country’s licensed producers have been reconfiguring their businesses, including laying off hundreds of people as the promise of legalization has failed to match the reality of the market.”
In other business news:
- Fast Company says Canopy Growth is leveraging Martha Stewart and other celebrities to become the Unilever of weed.
- Benzinga profiles Treehouse Global Ventures, an investment fund started by women to support women and minority owned businesses.
- New Cannabis Ventures suggests the Canadian pot stock recovery may be nigh.
- Federal investogators have brought a slew of cases against fake businesses allegedly ????set up to launder payments for cannabis and street drugs.
Wall Street Journal