GTI management shakeup
Cannabis entrepreneur and casino executive Armen Yemenidjian – son of former MGM Tropicana Casino CEO Alex Yemenidjian – resigned from his post this week as president of Chicago-based Green Thumb Industries.
In 2018, Yemenidjian sold his Integral Associates, a Nevada-based multistate cannabis retailer, processor and merchandiser for $290 million in cash and stock.
The press release announcing his departure noted that Yemenidjian wanted to spend more time with his family.
Cresco Chairman Tom Manning appointed to Executive Chair
Former Dun and Bradstreet CEO Tom Manning, who joined the board of Chicago-based cannabis company Cresco Labs in 2016, this week was appointed as executive chairman presumably to take a more hands-on role with the organization. This move was announced in concert with new additions to the company’s management team.
In February, Cresco co-founder and president Joe Caltabiano left the company.
“You have to fortify the traits needed for early-stage success with sound fundamentals, a scalable structure and a dynamic leadership team that can pull your organization to the next level,” said Cresco CEO and co-founder Charlie Bachtell, in a press release.
Naperville approves cannabis sales tax
Three weeks after Naperville residents voted in a non-binding referendum to authorize recreational sales in the municipality, the town’s city council voted OK’d a 3 percent sales tax, effectively baking it into law as early as July 1.
Naperville is expected to get two commercial dispensaries, to go along with its current medical dispensary owned and operated by Green Thumb Industries.