Troubled cannabis retailer Green Growth Brands announces CEO’s departure

Green Growth Brands, an embattled cannabis retailer in the process of selling off its line of mall-based CBD kiosks, said its CEO has stepped down, effective immediately.

The outgoing CEO, Peter Horvath, came to the Columbus, Ohio, company after leading company strategy for retail giants such as Victoria’s Secret, American Eagle Outfitters, DSW and Limited Brands.

Horvath’s departure comes after a tumultuous few months for the company, which owns the nation’s largest chain of CBD retail kiosks.

After a disappointing holiday sales period, Green Growth Brands announced in February that it is selling most of that business to focus on running marijuana dispensaries.

This week, the company said it has temporarily closed all its CBD kiosks because of the coronavirus pandemic while also suspending CBD e-commerce sales for its Seventh Sense line of CBD topical products.

In September, the company laid off about 50 employees to rein in costs.

Horvath told investors that “overhead costs” and unidentified “constraints on liquidity” required shedding the CBD side of its business.

Green Growth Brands said that former Chief Operating Officer Randy Whitaker would take over as interim CEO.

The company owns The Source marijuana dispensaries in Nevada and also has dispensaries in Florida and Massachusetts.

Green Growth Brands trades on the Canadian Securities Exchange as GGB and on the U.S. over-the-counter markets as GGBXF.

4 comments on “Troubled cannabis retailer Green Growth Brands announces CEO’s departure
  1. Natalie on

    I would like to add as a former employee of a kiosk based in Ontario, California. Myself as well as my team recurved HORRIFIC news regarding our paycheck that they REFUSE to give us ALL! It is disgusting.

  2. Espy on

    They just laid off all cbd employee and are refusing to pay for the hours worked before store closures. They gave no warning of any kind. Peter Horvath still got paid but none of us who put time in did. They left us with nothing in the middle of a crisis.

  3. Brian on

    This was a real s#@t-show of an exit by the Columbus team…when the stock value cratered, so did the overblown projections of dominating the CBD landscape…guess what…users don’t want to buy from a corporate freakin kiosk for CBD, medical or recreational

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