(The headline has been updated to clarify that Caltabiano is the co-founder of Cresco Labs.)
Joe Caltabiano, the co-founder of multistate marijuana operator Cresco Labs, on Monday announced he has resigned as president of the Chicago-based company, becoming the second high-profile founder to step down from a top post in less than a week.
Caltabiano will continue to serve on the board of Cresco, one of the largest vertically integrated marijuana companies in the United States.
Caltabiano, who co-founded Cresco Labs in 2013, didn’t give many details about why he is stepping down, other than to say in a statement that, “as a serial entrepreneur, I know it’s time for the next challenge.”
On Feb. 28, Andy Williams announced he was leaving Denver-based Medicine Man Technologies, a vertically integrated marijuana company he founded in 2014.
In a statement, Caltabiano listed his accomplishments as president:
- Helped Cresco Labs gain access to major cannabis market in the country.
- Launched and rolled out the Sunnyside national retail brand.
- Sourced numerous multiple merger and acquisition transactions.
- Developed more than a million square feet of cultivation space.
He also led several sale-leaseback transactions for Cresco Labs and a number of capital raises.