Welcome to Cultivated, our weekly newsletter where we’re bringing you an inside look at the offers, trends, and personalities driving the multibillion-dollar global marijuana boom.
This week, I’ve primarily been heads down on a story I’m excited to share with you all.
We’ll have a quick Cultivated edition to tide you all over in the meantime. I got an unique interview with Perrigo’s CEO, Murray Kessler, about why the generic drug giant is making a move into CBD.
” Among the biggest things I spoke with our clients was a lack of rely on the supply chain,” Kessler informed me. “There’s the dispute of, is this product trusted? Is it relied on? Or is it just a bunch of individuals mixing chemicals in their garage?”
I’m off today for Juneteenth, now a business holiday at BI.
Here’s what we discussed today:
The CEO of one of the world’s largest 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, informed BI in an unique interview, when asked why it was the right time to get in 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 cannabis is really “recession-proof,” experts warned, there are some functions that are more likely to last through the pandemic than others.
Growers and cultivators who work directly with the plant are both fairly steady jobs, along with 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 frequently chaotic period at the cannabis seller.
- Canopy Development founder Bruce Linton is out at Vireo Health, after joining the company in2019 He functioned as executive chairman because November.
- Dr. Narayan R Kissoon, a headaches specialist at the Mayo Center, is joining Intense Minds’ board, where he’ll be leading scientific 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 Cannabis cofounder and company president Steve Dobler is stepping down from the Canadian cannabis grower at the end of this month. He’ll also be giving up his board seat.
- TILT CFO David Caloia left his role at the business on June12 He’ll be changed 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 Growth CFO Mike Lee is joining Canopy Rivers’ board
Deals, deals, offers
- Acreage Holdings is borrowing $15 million at a massive 60%interest rate, secured by the business’s marijuana operations in Florida, Illinois, and New Jersey, as well as its IP.
What we read
Suit: Tilray officers misled financiers over ABG cannabis deal(Marijuana Business Daily)