Just weeks after Wana Brands hired a new chief operating officer, the Boulder-based cannabis edibles company has recruited a new chief financial officer.
Sandy Li joins Wana after a stint as vice president of finance at cannabis company Parallel, a company that last year merged with special acquisition firm Ceres Acquisition Corp.
“I am thrilled to join Wana, a company that I have long admired for its reliable and innovative products, its strategy of entering new markets and its commitment to racial justice within the cannabis industry” , said Li. “I look forward to working with [Wana CEO Nancy Whiteman] and team to drive Wana forward on its financial and operational goals during this exciting time of Wana’s growth.
Wana’s trajectory hit an inflection point last year when it agreed in principle to a potential merger with cannabis giant Canopy Growth Corp. (TSX: WEED, Nasdaq: CGC) for $297.5 million in cash and other considerations.
The agreement gives Canopy call options to purchase each of Wana’s three entities – Mountain High Products LLC, Wana Wellness LLC and The Cima Group LLC – for 15% of their fair market value at the time the option is exercised. . The deal is contingent on the US government legalizing cannabis at the federal level.
This article was first published by BizWest, an independent news agency, and is published under a license agreement. © 2022 BizWestMedia LLC.