Cannabis companies are becoming increasingly attractive and desirable for those with experience in more mainstream corporate environments. The past few months have many marijuana businesses shuffle their management teams and board of directors with top talent from Fortune 500 brands. Cresco Labs (CSE: CL), a major vertically integrated cannabis company operating in multiple states in the US, announced that they appointed Tom Manning as Chairman of the Board of Directors.
Tom Manning served as the CEO of Dun & Bradstreet, a global data analytics and corporate information company. His corporate experience also includes working for Ernst & Young, Bain & Capital, as well as McKinsey & Company.
“I am honored to be appointed Chairman of the Board of Cresco Labs and to work with this tremendously talented and accomplished group of business leaders. From the founders’ initial vision to normalize and professionalize cannabis, all the way to becoming a publicly traded company in 2018, management and our board’s interest have been closely aligned with our customers and patients, shareholders, regulators and legislators,” said now-Board Chairman Tom Manning. “As Cresco Labs continues to grow and expand, our board will remain true to Cresco’s core company values which are high corporate governance standards, integrity, longevity, fiduciary responsibility and sustainable shareholder returns.”
The appointment of Manning to the Board of Directors marks the sixth addition to the group that bring highly respected corporate careers, spanning areas from real estate, finance, business law, and corporate governance.
“Put very simply, Tom has an amazing career and education history that are assets to our Company. We are honored to benefit from his expert leadership, keen intellect and deep knowledge of the trends driving the business economy in the 21st century,” added Cresco CEO and co-founder Charles Bachtell. “As we grow, we intend to round out our distinguished board with well-recognized influencers in important disciplines including consumer packaged goods and marketing.”
Cresco Labs last month caught media attention through opening a medical cannabis dispensary in Ohio, as well as boasting the first legal sale of related products under the State’s program. The company also built an environmentally advanced 50,000 square foot cultivation facility in Ohio to help supply the various dispensaries spread out across the state.
In response to the news, Cresco Labs stock prices jumped up a modest 4.4 percent.
Cresco Labs Company Profile
Cresco Labs, based in Chicago, is a leading U.S. cannabis company with experienced management, access to capital and a demonstrated growth strategy. As a differentiated grower, processor and retailer of premium cannabis operating in seven states, the company focuses on entering highly regulated markets with outsized demand potential and high barriers to entry.
Its impressive speed-to-market gives Cresco a distinct competitive advantage as it replicates its model to expand its national footprint. Cresco’s proven ability to execute is complemented by a cutting-edge brand strategy spearheaded by several of the brightest minds in consumer marketing in the nation. Cresco’s products are tailored to all major consumer segments: everyday cannabis, medicinally focused, connoisseur grade, and chef-inspired edibles by James Beard Award-winning pastry chef Mindy Segal. – Cresco Labs