CEO of multistate medical marijuana operator Green Thumb steps down

Just Released! Get realistic market forecasts, state-by-state insights and benchmarks with the new 2024 MJBiz Factbook member program, now with quarterly updates. Make informed decisions.

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.