The co-founder of one of the most recognizable cannabis brands in the industry will serve as a member of the board of managers of Canopy USA.
Nancy Whiteman, co-founder of Wana Brands, one of the most recognizable cannabis brands in the industry, will be stepping down from her day-to-day role as CEO at the end of May, the company announced April 16.
Whiteman will focus on serving as a member of the Board of Managers at Canopy USA, which first announced its plans to acquire Wana Brands in October 2021 for $297.5 million cash upfront upon federal legalization, but announced it was accelerating acquisition plans about a year later.
“Following Canopy Growth’s shareholder vote April 12, 2024, Canopy USA is positioned to advance with completing the acquisitions of Wana, Jetty, and Acreage with the intention to leverage the best of each brand’s offerings to accelerate growth and market expansion as key states across the country continue to allow recreational cannabis usage, realizing value in the near term,” according to the press release about the transition.
Whiteman will help drive Canopy USA’s strategy, as well as the integration and future growth of the companies within the Canopy USA ecosystem, including Wana Brands, Jetty Extracts, and Acreage Holdings, according to the press release.
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Joe Hodas, Wana’s current CMO, a four-year veteran of the company and 12-year veteran of the legalized industry, will be overseeing the day-to-day leadership as president of Wana Brands, which is based in Boulder, Colo.
Joe Hodas will serve as president of Wana Brands. Photo courtesy of Wana Brands.
“This move follows an incredible founder story that saw Wana rise from a kitchen creation to its position as one of the leading edibles brands in North America,” the company noted in a press release. Whiteman co-founded Wana in 2010.
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In addition to expanding domestically to East Coast states, the company said the leadership team is looking to break “new ground in international markets, such as Switzerland.”
“This transition has been in the works for a while …. While it is never easy for a founder to step away from the company they started, I’ve got full confidence that Joe [Hodas] and our Wana leadership team are well-positioned to continue Wana’s growth,” Whiteman said in the press release.
In addition to her role as a member of the board of Canopy USA, Whiteman will remain in an active role with the Wana Brands Foundation (WBF), which she created in 2022 and is one of the largest cannabis-related philanthropy funds to date with a $50 million grant from Whiteman, according to the company. To date, the foundation has supported research, food security, shelter, safety, mental health, sustainability, human connection and social justice.
“I am looking forward to being able to devote more time to the Wana Brands Foundation. While we have already made almost $5 million in donations to over 150 organizations, I’m excited to learn more about the issues that the Foundation supports so we can increase our impact and be more effective in making the world a better place,” she said.
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“To say it is equal parts exciting and intimidating to fill some of the largest shoes in cannabis would be a gross understatement,” Hodas said, according to the press release announcing the move. “I am so honored and privileged to have been part of Wana’s history, learning from Nancy and being inculcated in her vision, and to now be tapped to take that vision into the future.”
