Marijuana giant Green Thumb’s president steps down

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(This story has been updated to correct the two states where Armen Yemenidjian will focus on GTI operations until his departure.) 

Armen Yemenidjian resigned as president of multistate cannabis operator Green Thumb Industries.

Yemenidjian, who is leaving the company to spend more time with his family, will continue to work with Chicago-based GTI for the next six months to ensure a smooth transition, the company said in a statement.

During that period, he will focus primarily on GTI’s businesses in California and Nevada.

Yemenidjian joined the company in November 2018, after GTI paid $290 million in stock and cash for Integral Associates, a Nevada company he co-founded.

Green Thumb CEO Ben Kovler described Yemenidjian as a “pioneer” in the cannabis industry.

Yemenidjian’s departure comes at a time when the marijuana industry is struggling to make a profit after years of heavy spending and a number of founders are leaving their companies.

Green Thumb, which owns the luxury cannabis brand Beboe, trades on the U.S. over-the-counter markets as GTBIF and on the Canadian Securities Exchange as GTII.

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