CEO of multistate medical marijuana operator Green Thumb steps down

Peter Kadens, one of the more notable names in the U.S. cannabis industry, has stepped down as CEO of multistate medical marijuana company Green Thumb Industries (GTI).

The 40-year-old entrepreneur, who will stay with Chicago-based GTI as a board member, told he was stepping down for personal and family reasons.

Ben Kovler, who founded GTI in 2014 and serves as the chair of board directors, will take over as CEO on Aug. 29, according to a statement from the company. Kadens was not immediately available for comment.

“Pete now plans to step back from his day-to-day responsibilities as CEO to concentrate on his true passion – philanthropy and social justice for the communities that have been impacted by the war on drugs,” Kovler, 39, said in a statement provided by company spokeswoman Linda Marsicano.

GTI has cultivation and retail operations in Illinois, where he company started, plus Nevada, Massachusetts, Florida, Pennsylvania, Maryland and Ohio.

Kadens started three companies before entering cannabis, including SoCore Energy, which he sold to Fortune 500 giant Edison International.

Kadens also is chairman of StreetWise, a nonprofit that supports the homeless, and CEO of Purpose Investors, a firm that invests in businesses that make social impacts.

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2 comments on “CEO of multistate medical marijuana operator Green Thumb steps down
  1. HaloHat on

    The timing and lack of comment from Mr. Kadens is disturbing.

    Yes I own shares and have this as a long term investment. I suppose we will draw our own conclusions after the upcoming conference call in a couple days.

  2. Angel Investor on

    Agreed – dubious timing. The sterile, boiler public statement raises more questions than it answers.

    I’m inclined to think Mr. Kadens was pushed out by Mr. Kovler and other more sophisticated managers. Mr. Kadens clearly relishes the spotlight and has a documented history of making factually inaccurate public statements about himself and/or his business.

    Now that GTI is public, the level of legal and regulatory scrutiny is heightened. That is despite it being listed on the CSE which by nearly all accounts has rather lax & limited disclosure requirements.

    Neither I nor my family owns any shares of this company.

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