GABY Signs 20-Year Veteran Executive Marshall Minor as Chief Financial Officer and Continues to Consolidate its Asset Base and Realize Synergies within its California Operations

Rhea-AI Summary

GABY Inc. has appointed Marshall Minor as its new Chief Financial Officer (CFO). Minor brings extensive experience from previous roles in the cannabis and real estate sectors, including at Shryne Group and MGM Resorts. His hiring aligns with GABY's expansion strategy across California, particularly in consolidating operations post-merger with Mankind Dispensary. GABY is also closing its Sonoma Pacific Distribution location to streamline operations and improve product availability. The company issued 16.2 million Restricted Share Units to employees, further aligning them with shareholder interests.

Positive

• Appointment of experienced CFO Marshall Minor will enhance GABY's financial strategy.
• Consolidation of operations aims to improve efficiency and product availability.
• Issuance of 16.2 million RSUs aligns employee interests with shareholder value.

Negative

• Closure of Sonoma Pacific Distribution may disrupt current distribution channels.

SAN DIEGO, CA / ACCESSWIRE / July 27, 2021 / GABY Inc. ("GABY" or the "Company") (CSE:GABY)(OTCQB:GABLF), a California consolidator of cannabis dispensaries and the parent company of San Diego's Mankind Dispensary ("Mankind"), is pleased to announce the addition of Marshall Minor as Chief Financial Officer (CFO) of GABY.

Mr. Minor brings an extensive resume to GABY's executive team. Most recently, Marshall was CFO of Shryne Group - a multi-state operator in the cannabis industry with operations in California, Michigan, Washington and Nevada, with a combined 10 operating dispensaries and revenues in excess of $100 million. Prior to Shryne Group, Mr. Minor was the CFO of Solace Holdings/Aether Gardens, a private equity backed cannabis company focused on production and extraction. Further to Marshall's strong cannabis knowledge, he brings senior executive experience as a CFO of a billion-dollar real estate development company, Vice President of Corporate Finance and M&A for MGM Resorts in Las Vegas and extensive capital markets and investment banking experience with bulge bracket firms in New York and regional firms in California.

"My diverse career path has allowed me to work across several high-caliber companies, generating development growth in some of the most sophisticated and competitive markets within cannabis, real estate, and investment banking," said Minor. "I'm looking forward to applying my experience gained on Wall Street, Main Street, and in the cannabis world to GABY and helping it establish its place as a leader in the cannabis market," said Mr. Minor.

"Marshall's hiring comes at an exciting time for GABY as it expands its retail operations across California," said Margot Micallef, Founder and CEO of GABY. "Mr. Minor's impressive executive history in cannabis, gaming and investment banking will be a major asset to GABY shareholders as we continue to make acquisitions and expand the GABY brand across California. The right leadership talent is paramount in a high growth company like GABY, and I am excited about GABY's future with the executive team I have brought together."

GABY continues to realize synergies from its merger with Mankind and will be consolidating its distribution and manufacturing facilities from a segmented multi-city effort into a single streamlined operation based out of its headquarters of San Diego. To facilitate this change, GABY will be closing its Sonoma Pacific Distribution location in Santa Rosa and will transition all pertinent operations to Wild West Industries. This move will allow Mankind to better serve its customers by decreasing time-to-shelf of products, improving availability of proprietary products, and ensuring a single point of quality assurance, all while furthering the Company's commitment to sustainability through the decrease of transportation emissions.

The Company is also pleased to confirm that in keeping with its policy of ensuring that all full-time employees of GABY or its subsidiaries are aligned with GABY's shareholders, it has issued an aggregate of 16,200,000 Restricted Share Units (each an "RSU") to 102 employees pursuant to the terms of its Restricted Share Unit Plan. Further, the Company has issued an aggregate of 940,000 common shares in the capital of the Company ("Common Shares") to employees with vested RSU's and 1,465,667 Common Shares to three consultants who elected pursuant to their consulting agreements to receive compensation in Common Shares instead of cash.

About GABY Inc.
GABY Inc. is a California-focused retail consolidator and the owner of Mankind Dispensary, one of the oldest licensed dispensaries in California. Mankind is a well-known, and highly respected dispensary with deep roots in the California cannabis community operating in San Diego, California. GABY curates and sells a diverse portfolio of products, including its own proprietary brands, Kind Republic™ and Lulu's™ through Mankind and manufactures and distributes the brands through its wholly-owned subsidiary, Wild West Industries™, based in San Diego. A pioneer in the industry with a multi-vertical retail foundation, and a strong management team with experience in retail, consolidation, and cannabis, GABY is poised to grow its retail operations both organically and through acquisition.

GABY's shares trade on the Canadian Securities Exchange ("CSE") under the symbol "GABY" and on the OTC under the symbol "GABLF". For more information on GABY, visit www.GABYInc.com

For further inquiries, please contact:
General
Margot Micallef, Founder & CEO or Investor Relations at IR@GABYinc.com or 800-674-2239.

Media Contact:
Charlie Rohlfs
Senior Communications Manager
GABY Inc.
Charlie@GABYInc.com

Disclaimer and Forward-Looking Information
The CSE does not accept responsibility for the adequacy or accuracy of this release. Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, certain of which are beyond the control of the Company. Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Forward-looking statements include, but are not limited to, the Company's realization of synergies from its merger with Mankind, the expansion of the Company's retail operations in California, future acquisitions of the Company, and the closing of the Company's Sonoma Pacific Distribution location in Santa Rosa and the transition of the Company's operations to Wild West Industries. Although GABY believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because GABY can give no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed. Without limitation, these risks and uncertainties include: the severity of the COVID-19 pandemic; risks associated with the cannabis industry in general; failure to benefit from partnerships or successfully integrate acquisitions; actions and initiatives of federal, state and provincial governments and changes to government policies and the execution and impact of these actions, initiatives and policies; the size of the medical-use and adult-use cannabis market; competition from other industry participants; adverse U.S., Canadian and global economic conditions; failure to comply with certain regulations; and departure of key management personnel or inability to attract and retain talent. GABY undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

Each of Mankind and Sonoma Pacific Distribution, Inc., are subsidiaries of GABY and hold a cannabis license in the State of California. Readers are cautioned that unlike in Canada which has Federal 032320-F legislation uniformly governing the cultivation, distribution, sale and possession of medical cannabis under the Cannabis Act (Federal), in the United States ("U.S."), cannabis is largely regulated at the State level. Cannabis is legal in the State of California; however, cannabis remains illegal under U.S. federal laws. Notwithstanding the permissive regulatory environment of cannabis at the State level, cannabis continues to be categorized as a controlled substance under the Controlled Substances Act in the U.S. and as such, cannabis-related practices or activities, including without limitation, the manufacture, importation, possession, use or distribution of cannabis are illegal under U.S. federal law. To the knowledge of the Company, the businesses operated by each of GABY's subsidiaries are conducted in a manner consistent with the State law of California, as applicable, and are in compliance with regulatory and licensing requirements applicable in the State of California, respectively. However, readers should be aware that strict compliance with State laws with respect to cannabis will neither absolve GABY, or its subsidiary of liability under U.S. federal law, nor will it provide a defense to any federal proceeding in the U.S. which could be brought against any of GABY, or its subsidiary. Any such proceedings brought against GABY, or its subsidiary may materially adversely affect the Company's operations and financial performance generally in the U.S. market specifically.

Neither the CSE nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

SOURCE: GABY Inc.

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https://www.accesswire.com/657133/GABY-Signs-20-Year-Veteran-Executive-Marshall-Minor-as-Chief-Financial-Officer-and-Continues-to-Consolidate-its-Asset-Base-and-Realize-Synergies-within-its-California-Operations

FAQ

Who is the new CFO of GABY as announced on July 27, 2021?

GABY appointed Marshall Minor as its new Chief Financial Officer.

What is GABY's stock symbol on the OTC?

GABY's stock symbol on the OTC is GABLF.

What operational changes is GABY making after the merger with Mankind Dispensary?

GABY is consolidating its operations by closing Sonoma Pacific Distribution and streamlining to improve efficiency.

How many Restricted Share Units did GABY issue to employees?

GABY issued 16.2 million Restricted Share Units to its employees.

What industries did Marshall Minor work in before joining GABY?

Marshall Minor previously worked in the cannabis and real estate industries, including executive roles at Shryne Group and MGM Resorts.