CFOs depart Trulieve, Weedmaps at tough time for cannabis

Be at the forefront of cannabis and psychedelics science and innovation. Register today & Save $200 on tickets to The Emerald Conference by MJBiz Science, April 1-3 in San Diego.


(This story has been corrected to note that Alex D’Amico accepted the job of CFO in April 2020. His appointment took effect on June 1 of that year.)  

The departures of chief financial officers at Trulieve Cannabis Corp. and Weedmaps’ parent company come at a challenging time for the marijuana industry, which is dealing with high interest rates, low share prices and the slow pace of federal reform in the United States.

Tim Mullany, who was appointed to the CFO role at Florida-based multistate operator Trulieve earlier this month, stepped down from the job on July 20 after only 10 days, according to Reuters.

A Trulieve news release said Mullany departed for “personal reasons.”

Mullany was appointed after the resignation of Alex D’Amico in June.

D’Amico had accepted the role in April 2020 with a June 1, 2020, start date.

Ryan Blust, Trulieve’s vice president of finance, will serve as interim CFO, according to the Trulieve release.

The company has also hired an executive recruitment firm to begin a search for a permanent replacement.

Trulieve, which trades on the U.S. over-the-counter markets as TCNNF and on the Canadian Securities Exchange as TRUL, will report its second-quarter earnings on Aug. 9.

Arden Lee resigned from his role as CFO of California-based marijuana advertising and technology company WM Technology, effective July 14, according to regulatory filings.

WM Technology is the parent company of Weeedmaps.

Lee left to pursue another opportunity, according to regulatory filings. He joined in 2019.

“Mr. Lee’s resignation was not the result of any disagreement between Mr. Lee and the Company, its management, board of directors or any committee thereof, or with respect to any matter relating to the Company’s operations, policies or practices,” according to the filing.

A spokesperson for the company said Mary Hoitt has been appointed interim CFO while an executive search is underway for a permanent replacement.

The company is led by acting CEO Doug Francis, a co-founder and the executive chair.

Chris Beals left his role as CEO at WM Technology last November.

WM Technology trades on the Nasdaq as MAPS.

The company will report its second-quarter financial results on Aug. 8.

Kate Robertson can be reached at kate.robertson@mjbizdaily.com.