Jushi CFO Resigns To Accept Job At Competing Company

Ed Kremer has resigned from his position as chief financial officer of Jushi Holdings Inc. JUSHF JUSH to accept a role at a competing large cannabis multi-state operator.

Kremer is party to an employment agreement with Jushi, which, among other things, prohibits him from working for a competitor for a 12-month period. While Jushi is appreciative of Kremer’s hard work to support the timely filing of audited financials, the company takes such post-employment obligations seriously and will take steps to enforce its contractual rights.

President and founder of Jushi, Jon Barack, will assume the additional role of interim chief financial officer. Since Jushi’s founding, Jon has played an instrumental role in overseeing multiple business lines and corporate activities, including capital raising, going public and deal-making as well as operational oversight of various departments such as FP&A, business development, IT, construction and real estate.

James Cabral has been promoted to chief accounting executive. Cabral joined Jushi in July 2021 as senior vice president of finance. He previously held audit and accounting roles at various organizations, including vice president, global controller at Brightstar Corp., a multi-billion dollar wireless company, and as senior manager at PricewaterhouseCoopers’ national office.

“Over the past year, we have made tremendous progress upgrading our talent and building out our bench strength across our finance and accounting departments,” stated Jim Cacioppo, CEO, chairman and founder of Jushi Holdings Inc. “I am confident that the team we have assembled, with the support of senior leadership, will provide continuity as we recruit a new chief financial officer with the qualifications to support our expansion initiatives and complete the securities registration process in the U.S.”

Jushi clarified that Kremer’s resignation was not the result of any financial problem, dispute or matter relating to accounting practices or financial statements.

Photo: Benzinga; Sources: Jushi logo courtesy of Jushi; Management courtesy of Tumisu via Pixabay

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Posted In: CannabisNewsPenny StocksSmall CapMarketsBrightstar Corp.Ed KremerJames CabralJim CacioppoJon BarackPricewaterhouseCoopers

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