Vertically integrated cannabis producer and retailer Item 9 Labs Corp. has initiated a restructuring plan that includes cutting expenses by $3.5 million and an executive shake-up.
Along with the reduction in operating costs, the Arizona-based company on Tuesday announced the resignations of CEO Michael Weinberger, who took the top job in December, as well as Chief Legal Officer Michael Keskey and board director Lawrence Taylor.
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The resignations and restructuring plan prompted several management changes, including:
Weinberger taking a role as strategic adviser, focusing on the company’s retail franchise Unity Rd. Chair Doug Bowden, who has invested more than $15 million in the company, is now interim CEO. Chief Operating Officer Chris Wolven is now overseeing operations and leading the company. Director Jeffrey Rassas was appointed as strategic adviser, primarily driving investor and public relations as well as capital needs.
The company, according to
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