Kentucky hemp processor and CBD product manufacturer GenCanna Global has named veteran executive Andrew Barnett as its new CEO.
The move came with the completion of selling the majority of GenCanna Global’s assets to MGG Investment Group, a New York-based private direct lender that was also one of the company’s creditors.
The deal, valued at $77 million, allowed MGG Investment Group to recoup its investment and bought GenCanna Global out of Chapter 11 bankruptcy protection to maintain operations in Winchester, Kentucky with “significantly reduced debt and substantial new capital to pursue growth opportunities,” a company release stated.
Barnett took the reins as CEO immediately following GenCanna’s sale of assets.
Barnett’s background includes the oversight of strategic, operational and financial needs of private and publicly held companies in healthcare and wellness, retail, manufacturing and distribution. Specifically, Barnett has focused on restructuring and building companies that have been in financial dire straits.
“GenCanna is a proud Kentucky-bred business and has a bright future under Andrew’s leadership,” said Matty Mangone Miranda, the founder of GenCanna Global and former CEO, who will remain an advisor to the company.