Vireo Growth Inc. Announces Leadership Transition
Vireo Growth Inc. (CSE: VREO; OTCQX: VREOF) announced key leadership changes. Amber Shimpa, a long-time company executive, has been promoted to Chief Executive Officer, effective immediately. Josh Rosen has resigned from his roles as CEO, interim CFO, and Board member to focus on other ventures, but will remain as a consultant. Joe Duxbury has been appointed Interim Chief Financial Officer.
Executive Chairman Kyle Kingsley expressed confidence in Shimpa's leadership, while Shimpa voiced excitement about leading Vireo into the future, particularly with the upcoming launch of adult-use sales in Minnesota. The company also announced the termination of its advisory agreement with Grown Rogue International, Inc., effective September 30, 2024, forfeiting 4.5 million of 8.5 million Grown Rogue warrants received as part of the agreement.
Vireo Growth Inc. (CSE: VREO; OTCQX: VREOF) ha annunciato importanti cambiamenti nella leadership. Amber Shimpa, una storica dirigente dell'azienda, è stata promossa a Amministratore Delegato, con effetto immediato. Josh Rosen si è dimesso dai suoi ruoli di CEO, CFO ad interim e membro del consiglio per concentrarsi su altre iniziative, ma rimarrà come consulente. Joe Duxbury è stato nominato CFO ad Interim.
Il Presidente Esecutivo Kyle Kingsley ha espresso fiducia nella leadership di Shimpa, mentre Shimpa ha manifestato entusiasmo per guidare Vireo verso il futuro, in particolare con il prossimo lancio della vendita per uso adulto in Minnesota. L'azienda ha inoltre annunciato la risoluzione del contratto di consulenza con Grown Rogue International, Inc., efficace dal 30 settembre 2024, rinunciando a 4.5 milioni dei 8.5 milioni di warrant Grown Rogue ricevuti come parte dell'accordo.
Vireo Growth Inc. (CSE: VREO; OTCQX: VREOF) anunció cambios clave en la dirección. Amber Shimpa, una ejecutiva de larga data en la empresa, ha sido promovida a Directora Ejecutiva, con efecto inmediato. Josh Rosen ha renunciado a sus puestos como CEO, CFO interino y miembro de la Junta para concentrarse en otros emprendimientos, pero permanecerá como consultor. Joe Duxbury ha sido nombrado CFO Interino.
El Presidente Ejecutivo Kyle Kingsley expresó su confianza en el liderazgo de Shimpa, mientras que Shimpa expresó su entusiasmo por liderar a Vireo hacia el futuro, particularmente con el próximo lanzamiento de ventas para adultos en Minnesota. La empresa también anunció la terminación de su acuerdo de asesoría con Grown Rogue International, Inc., que entrará en vigor el 30 de septiembre de 2024, renunciando a 4.5 millones de los 8.5 millones de warrants de Grown Rogue recibidos como parte del acuerdo.
Vireo Growth Inc. (CSE: VREO; OTCQX: VREOF)는 주요 리더십 변경을 발표했습니다. 앰버 심파는 회사의 오랜 임원으로 즉시 최고 경영자로 승진하였습니다. 조쉬 로젠은 CEO, 임시 CFO, 이사직에서 사임하고 다른 사업에 집중하기로 했으며, 상담역으로 남아있을 것입니다. 조 듉스버리는 임시 최고 재무 책임자로 임명되었습니다.
행정 의장 카일 킹슬리는 심파의 리더십에 대한 신뢰를 표명했으며, 심파는 미네소타에서 성인을 위한 판매를 시작하는 것에 대해 특히 Vireo를 이끌게 되어 기쁘다고 밝혔습니다. 회사는 또한 Grown Rogue International, Inc.와의 자문 계약 해지를 발표했으며, 이는 2024년 9월 30일 효력이 발생하며 계약의 일환으로 받은 850만 Grown Rogue 워런트 중 450만 개를 포기합니다.
Vireo Growth Inc. (CSE: VREO; OTCQX: VREOF) a annoncé des changements clés dans sa direction. Amber Shimpa, une dirigeante de longue date de l’entreprise, a été promue au poste de Directrice Générale, avec effet immédiat. Josh Rosen a démissionné de ses fonctions de DG, de CFO par intérim et de membre du Conseil pour se concentrer sur d'autres projets, mais il restera consultant. Joe Duxbury a été nommé CFO par intérim.
Le Président Exécutif Kyle Kingsley a exprimé sa confiance dans le leadership de Shimpa, tandis que Shimpa a exprimé son enthousiasme à l'idée de diriger Vireo vers l'avenir, notamment avec le prochain lancement des ventes à usage adulte dans le Minnesota. La société a également annoncé la cessation de son contrat de conseil avec Grown Rogue International, Inc., qui prendra effet le 30 septembre 2024, renonçant à 4,5 millions des 8,5 millions de warrants Grown Rogue reçus dans le cadre de cet accord.
Vireo Growth Inc. (CSE: VREO; OTCQX: VREOF) hat wichtige Veränderungen in der Unternehmensführung bekannt gegeben. Amber Shimpa, eine langjährige Unternehmensführungskraft, wurde mit sofortiger Wirkung zur Geschäftsführerin befördert. Josh Rosen hat von seinen Positionen als CEO, Interim CFO und Vorstandsmitglied zurückgetreten, um sich auf andere Unternehmungen zu konzentrieren, bleibt jedoch als Berater tätig. Joe Duxbury wurde zum Interim CFO ernannt.
Der Executive Chairman Kyle Kingsley äußerte Vertrauen in die Führung von Shimpa, während Shimpa ihre Begeisterung darüber zum Ausdruck brachte, Vireo in die Zukunft zu führen, insbesondere mit dem bevorstehenden Start des Verkaufs für Erwachsenen in Minnesota. Das Unternehmen kündigte außerdem die Beendigung seines Beratervertrags mit Grown Rogue International, Inc. an, der am 30. September 2024 wirksam wird. Dadurch verfallen 4,5 Millionen der 8,5 Millionen Grown Rogue Warrants, die im Rahmen des Vertrags erhalten wurden.
- Promotion of experienced internal executive Amber Shimpa to CEO, ensuring leadership continuity
- Upcoming launch of adult-use cannabis sales in Minnesota, potentially expanding market opportunities
- Retention of former CEO Josh Rosen as a consultant, maintaining access to his expertise
- Resignation of CEO and interim CFO Josh Rosen, potentially causing short-term leadership instability
- Termination of advisory agreement with Grown Rogue International, resulting in forfeiture of 4.5 million warrants
– Amber Shimpa promoted to the role of Chief Executive Officer –
– Josh Rosen resigns from leadership and governance roles and retained as advisor –
MINNEAPOLIS, Oct. 10, 2024 (GLOBE NEWSWIRE) -- Vireo Growth Inc. ("Vireo" or the "Company") (CSE: VREO; OTCQX: VREOF), a cannabis company committed to providing safe access, quality products and great value to its customers, today announced several leadership updates. Amber Shimpa, who has been with the Company since 2014 in various leadership roles of increasing responsibility, has been promoted to the role of Chief Executive Officer, effective immediately.
Josh Rosen has resigned from the Company's Board of Directors and as the Company's Chief Executive Officer and interim Chief Financial Officer, effective immediately, to focus on his other business ventures. Mr. Rosen was first elected to the Board in August 2021, and appointed to executive leadership roles in November 2022, including, most recently, the roles of Chief Executive Officer and interim Chief Financial Officer. The Company has engaged Mr. Rosen going forward with a consulting agreement.
Joe Duxbury has been appointed as Interim Chief Financial Officer while the Company searches for a permanent replacement. Mr. Duxbury has been with the Company since 2019 in financial and accounting roles of increasing responsibility, and most recently was serving as Vice President of Finance leading external reporting and investor relations.
Executive Chairman Kyle Kingsley, M.D., commented, “We are very pleased to announce Amber Shimpa as Vireo’s next Chief Executive Officer. Amber is a natural leader and has become an invaluable executive for the organization during her tenure as President, and we look forward to her continued contributions as CEO. I would also like to thank Josh for his stewardship of the Company through some very challenging circumstances and for his support of Amber in this transition. We wish Josh continued success in his next chapter.”
Amber Shimpa commented, “I am exceptionally proud to lead Vireo as Chief Executive Officer and excited to continue working with our teams in Minnesota, Maryland and New York to drive our organization forward. We believe Vireo has a very bright future, beginning with the launch of adult-use sales in Minnesota next year, and I look forward to helping our teams continue achieving many more major milestones in the years ahead.”
Josh Rosen said, “I’m proud of what Vireo has accomplished over the last two years, most notably the diligence and camaraderie of the team that drove the financial and operational improvements. Through our work together executing our CREAM & Fire strategy, it’s clear that Amber has the right combination of leadership, communication skills and experience to take the helm of Vireo. This is a natural transition for Amber as she’s largely been performing many of these duties already, and I’m excited to get back to focusing full-time on investing and advising with Bengal Capital.”
The Company also announced that it has mutually agreed to terminate its advisory agreement with Grown Rogue International, Inc. effective September 30, 2024. As part of the termination agreement, Vireo forfeited 4.5 million of the 8.5 million Grown Rogue warrants the Company received as part of the advisory agreement. Amber Shimpa noted, “From the outset, the Grown Rogue team rolled up their sleeves and collaborated as trusted advisors and teammates and we are appreciative of their contributions to our business, including their help with upgrading our internal talent and capabilities. Despite ending our formal agreement, we look forward to remaining friendly industry peers.”
About Vireo Growth Inc.
Vireo was founded as a pioneer in medical cannabis in 2014 and we are fueled by an entrepreneurial drive that sustains our ongoing commitment to serve and delight our key stakeholders, most notably our customers, our employees, our shareholders, our industry collaborators, and the communities in which we live and operate. We work every day to get better and our team prioritizes 1) empowering and supporting strong local market leaders and 2) strategic, prudent capital and human resource allocation. For more information, please visit www.vireogrowth.com.
Contact Information
Media Inquiries:
Amanda Hutcheson
Senior Manager, Communications
amandahutcheson@vireogrowth.com
(919) 815-1476
Investor Inquiries:
Joe Duxbury
Interim Chief Financial Officer
investor@vireogrowth.com
(612) 314-8995
Forward-Looking Statement Disclosure
This press release contains “forward-looking information” within the meaning of applicable United States and Canadian securities legislation. To the extent any forward-looking information in this press release constitutes “financial outlooks” within the meaning of applicable United States or Canadian securities laws, this information is being provided as preliminary financial results; the reader is cautioned that this information may not be appropriate for any other purpose and the reader should not place undue reliance on such financial outlooks. Forward-looking information contained in this press release may be identified by the use of words such as “should,” “believe,” “estimate,” “would,” “looking forward,” “may,” “continue,” “expect,” “expected,” “will,” “likely,” “subject to,” “transformation,” and “pending,” variations of such words and phrases, or any statements or clauses containing verbs in any future tense. Forward-looking statements in this press release include statements regarding the Company’s launch of adult-use sales in Minnesota and Vireo’s potential for future growth. These statements should not be read as guarantees of future performance or results. Forward-looking information includes both known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company or its subsidiaries to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements or information contained in this press release. Financial outlooks, as with forward-looking information generally, are, without limitation, based on the assumptions and subject to various risks as set out herein and in our Annual Report on Form 10-K filed with the Securities Exchange Commission. Our actual financial position and results of operations may differ materially from management’s current expectations. Forward-looking information is based upon a number of estimates and assumptions of management, believed but not certain to be reasonable, in light of management’s experience and perception of trends, current conditions, and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment, and the availability of licenses, approvals and permits.
Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, the reader should not place undue reliance on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to: risks related to the timing and content of adult-use legislation in markets where the Company currently operates; current and future market conditions, including the market price of the subordinate voting shares of the Company; risks related to epidemics and pandemics; federal, state, local, and foreign government laws, rules, and regulations, including federal and state laws and regulations in the United States relating to cannabis operations in the United States and any changes to such laws or regulations; operational, regulatory and other risks; execution of business strategy; management of growth; difficulties inherent in forecasting future events; conflicts of interest; risks inherent in an agricultural business; risks inherent in a manufacturing business; liquidity and the ability of the Company to raise additional financing to continue as a going concern; the Company’s ability to meet the demand for flower in Minnesota; risk of failure in the lawsuit with Verano and the cost of that litigation; our ability to dispose of our assets held for sale at an acceptable price or at all; and risk factors set out in the Company's Form 10-K for the year ended December 31, 2023, which is available on EDGAR with the U.S. Securities and Exchange Commission and filed with the Canadian securities regulators and available under the Company's profile on SEDAR at www.sedar.com.
The statements in this press release are made as of the date of this release. Except as required by law, we undertake no obligation to update any forward-looking statements or forward-looking information to reflect events or circumstances after the date of such statements.
FAQ
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