Green Thumb Industries announces board and leadership changes

On December 13th, Green Thumb Industries announced that it will appoint Dawn Wilson Barnes as a member of its board of directors and promote four executive leadership positions starting January 1, 2023. Green Thumb Industries is a cannabis company.

Barnes, founder and CEO of the Atlanta-based financial services company Aurora Bay Capital, will join the GTI board as an independent director and member of the audit committee. This announcement comes after three former board members, William Gruver, Glen Senk, and Dorri McWhorter, resigned in October citing disagreements regarding policies and practices related to improper behavior both within the company and personally.

When GTI announced their resignation, the multi-state operator based in Chicago also announced that Richard Drexler and Jeff Goldman would join the board of directors. Now, Barnes is in line to fill the third vacancy left by those who resigned.

Furthermore, the executive leadership team of GTI has been promoted, including Anthony Georgiadis being appointed as President, Matt Faulkner as Chief Financial Officer (CFO), Bret Kravitz as General Counsel and Secretary, and Rachel Albert as Chief Administrative Officer.

In a press release, founder, chairman, and CEO of Green Thumb, Ben Kovler, stated that "these changes reflect high-performing team members naturally evolving into positions of greater responsibility and demonstrate our confidence in leadership strength.

I am pleased to acknowledge Anthony Georgiadis' critical role over the past seven years," said Kofler. "He remains an outstanding partner in leading the business, an excellent problem solver, and a creator of shareholder value. His deep understanding of operations and finance, as well as his recognized leadership in empowering teams to deliver results, make him well-suited for the new role of President. I believe these measures will prepare us for long-term success as we make progress in this rapidly changing environment.

Georgiadis joined GTI in 2015 and has served as Chief Financial Officer since 2017. As the company's new President, he will oversee all operational and financial affairs while continuing to assist in guiding overall company strategy and operations. This will allow Kovler to focus more on capital allocation, strategic partnerships, brand positioning, investor relations, and mergers and acquisitions.

Georgiadis stated that he feels humble in his new role and is happy to hand over the Chief Financial Officer position to Faulkner. Faulkner joined GTI in 2018 and has served as the Chief Accounting Officer since 2020.

Georgiadis stated that Green Thumb's ability to identify and cultivate talent from within is crucial to the execution of our strategic plans. Despite the evolving nature of our business, we remain steadfast in our commitment to creating authentic brands, high-quality flowers, and memorable experiences for our consumers.

Meanwhile, Kravitz, who has been serving as the Chief Corporate Legal Counsel since 2017, will now become the primary legal advisor to the management and board of directors, while also overseeing all legal affairs as the company's General Counsel and Secretary.

In 2020, Albert joined GTI as a consultant and led the human resources department. She will now support administrative initiatives and decision-making in her new role as Chief Administrative Officer, while also helping to shape Green Thumb's culture.

Barnes will form a board of directors consisting of six members, including Wendy Berger in addition to Coffler, Georgiadis, Drechsler, and Goldman.

As an experienced financial professional with expertise in capital markets and auditing, she will be a strong addition to our team," said Kofler about Barnes. "Dawn's appointment as a member of our board will further strengthen our corporate governance, which remains a top priority for Green Thumb.

Before founding Aurora Bay Capital, Barnes held positions in private finance, equity capital markets, and investment management at JP Morgan & Co. and Goldman Sachs & Co. Prior to that, she worked in auditing and accounting at Honeywell, where she was responsible for financial audit of the company in Minneapolis and the military aerospace electronics division based in St. Petersburg, Florida.

A press release states that Green Thumb has hired an external recruitment firm to assist in finding ways to actively recruit more board members in preparation for a possible federal cannabis reform and going public in the United States.