Marijuana giant Trulieve Cannabis Corp. TRUL TCNNF announced the appointment of Ryan Blust, the company's VP of finance, to be its interim chief financial officer as CFO Tim Mullany departs after only 10 days. Each is effective July 20, 2023.
What happened: Mullany resigned from this position within 10 days of starting, stating personal reasons. He has over 20 years of experience in accounting and finance including prior CFO roles at publicly traded companies Jack in the Box Inc. and RAVE Restaurant Group.
The news comes some 7 weeks after Trulieve announced plans to close a cannabis retail location in Grover Beach, California, as part of its initiative to save money and improve financial performance.
The Florida-based company said it also plans to wind down its operations in Massachusetts, including closing retail shops in Framingham, Northampton and Worcester by the end of June. Trulieve says it expects to cease operations in the Bay State by the end of 2023.
Why it matters: This is the second senior Trulieve executive to resign in less than a month after the company’s previous CFO Alex D’Amico resigned in June. Amico went on to accept a CFO position at publicly traded CytoSorbents Corp, a New Jersey-based company involved in the R&D and commercialization of medical devices and proprietary polymer adsorption technology.
What’s next: Trulieve retained the services of an executive recruitment firm to commence a search for a new chief financial officer.
See Also: Trulieve Seeks To Reclaim Debt, Enters Multi-Million Dollar Legal Battle With Ohio Dispensaries
Trulieve's CEO Kim Rivers is a keynote speaker at the upcoming Benzinga Cannabis Capital Conference in Chicago on Sept 27-28. Get your tickets today before prices increase and secure a spot at the epicenter of cannabis investment and branding.
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