Richard Drexler, former CEO and Chairman of the Board of Quality Products, and Jeff Goldman, a seasoned entrepreneur with expertise in building the CPG brand, join the Board of Directors
CHICAGO and VANCOUVER, British Columbia, Oct. 06, 2022 (GLOBE NEWSWIRE) — Green Thumb Industries Inc. (Green Thumb) (CSE: GTII) (OTCQX: GTBIF), a leading national cannabis consumer packaged goods (CPG) company and owner of RISE clinics, today announced that Richard Drexler, a proven financial executive who currently serves as chairman of the audit and finance committee of Bison Gear and Engineering and previously served as CEO and chairman of the board of Quality Products, and Jeff Goldman, a seasoned entrepreneur with expertise in building the CPG brand, will join the Company’s Board of Directors. Drexler will assume the role of chair of the audit committee in this new capacity. The appointments follow the resignations of three board members, William Gruver, Glen Senk and Dorri McWhorter. The resigning directors have informed management that their cause for resignation was not related to Green Thumb’s business performance, operations, financial performance, financial statements or financial controls, but rather a disagreement with policies and company practices regarding personal misconduct. It became clear that the former administrators and the current management could not find a solution satisfactory to all parties.
“There comes a time in the evolution of a company when a change in leadership is necessary, and we regret that there was a standoff with former board members,” said the founder of Green Thumb. , President and CEO, Ben Kovler. “We have tremendous opportunities ahead of us and we now have a board aligned with management to deliver increased shareholder value. As we enter this new phase for the business, Richard’s financial discipline and Jeff’s strategic brand experience will help us continue to win as we deliver on our long-term vision.
Drexler served as CEO and then Chairman of the Board of Quality Products, a manufacturer and marketer of aircraft ground support equipment products for the military and hydraulic machine tool markets. Under his leadership, Drexler orchestrated strategic changes that allowed the company to deleverage and generated significant positive cash flow. In addition to his role at Quality Products, Drexler has held senior consulting positions at several multi-million dollar manufacturing and product companies.
“GTI has proven itself as a truly remarkable cannabis company with a solid purpose,” said Drexler. “I am delighted to join Ben and the team at such a crucial time and drive growth and operational excellence as we help execute the company’s growth strategies to maximize shareholder value. “
Goldman is a brand veteran and seasoned entrepreneur who has operated and grown several CPG businesses. Under his leadership, Goldman grew Carol’s Cookies, a family business founded by his mother in 1979, into a multimillion-dollar, nationally distributed brand by successfully partnering with Fortune 500 companies such as Whole Foods. Market and Sysco Foodservice. In addition to her role at Carol’s Cookies, Goldman owned and operated Reed-Union Corporation, known for North America’s top-selling automotive appearance brand, Nu Finish. As head of domestic and international sales, Goldman has partnered with Fortune 100 companies such as Walgreens, Target, Walmart and AutoZone. In 2018, Jeff orchestrated the sale of the company’s brands to Energizer Holdings.
“I am honored to join Green Thumb, a company creating some of the most iconic brands in the cannabis space,” Goldman said. “Their ability to innovate with products and create brands and retail environments that resonate with consumers is extremely valuable. I am delighted to work alongside Ben and the entire team to ensure that GTI remains the undisputed market leader.
Senk was Chairman of the Executive Committee and a member of the Audit and Compensation Committees. Gruver was chairman of the audit committee and a member of the executive committee. McWhorter was a member of the audit committee.
About Green Thumb Industries:
Green Thumb Industries Inc. (“Green Thumb”), a national cannabis consumer packaged goods company and retailer, promotes wellness through the power of cannabis while giving back to the communities in which it serves. Green Thumb manufactures and distributes a portfolio of branded cannabis products including &Shine, Beboe, Dogwalkers, Doctor Solomon’s, Good Green, Incredibles and RYTHM. The company also owns and operates rapidly growing national cannabis retail stores called RISE. Based in Chicago, Illinois, Green Thumb has 17 manufacturing facilities, 77 open retail locations and operations in 15 US markets. Founded in 2014, Green Thumb employs approximately 4,000 people and serves millions of patients and customers each year. The company was named to Crain’s Fast 50 list in 2021 and 2022 and MG Retailer Magazine’s Best Workplaces list in 2018, 2019 and 2021. More information is available at www.GTIgrows.com.
Caution Regarding Forward-Looking Information
This press release contains statements that may constitute “forward-looking information” within the meaning of applicable securities laws. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, ” estimate”, “expect” or similar expressions and include information regarding the filing of the Documents and the timing thereof. The forward-looking information contained in this press release is based on expectations of future events that management believes are reasonable. Any forward-looking information speaks only as of the date it is made and, except as required by law, Green Thumb undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise. The forward-looking information contained in this press release is subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied. When reviewing these forward-looking statements, readers should keep in mind the risk factors and other cautionary statements contained in public filings by Green Thumb with applicable securities regulatory authorities, including with the United States Securities and Exchange Commission on its website at www.sec.gov and with the Canadian System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.comas well as on the Green Thumb website at https://investors.gtigrows.comincluding in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021.
Source: Green Thumb Industries