Former cannabis executives share tips for successful exits

The green rush of the early cannabis industry created a wave of entrepreneurs who rode the tide of legalization to significant success.Now, as the industry matures, a growing number of those pioneers are leveraging their hard-earned capital to explore new horizons.

ADVERTISEMENT MJBizDaily spoke with five founders of cannabis businesses about their decisions to exit their operations.From new companies to foundations, these five are demonstrating that their entrepreneurial spirit extends beyond the realm of cannabis.

One thing they all have in common is exiting their companies at the right time, a luxury many founders don’t have today.Nancy Whiteman, Wana Brands Nancy Whiteman (Courtesy photo)After entering a $297.5 million deal in 2021 that positioned Colorado-based Wana Brands for a sale to Canada’s Canopy Growth Corp., Nancy Whiteman remained with the company she founded in 2010 until last May, when she left to focus more on philanthropic endeavors.

Since establishing the Wana Brands Foundation with $50 million in 2021, Whiteman has donated more than $6 million to more than 150 nonprofits.Causes the foundation is dedicated to include mental health and substance abuse, food security and social justice issues.

“We look for people who are doing things that are innovative and taking different or more wholistic approaches to solving problems,” Whiteman said of the Wana Brands Foundation.Whiteman determined it was time for an exit from the cannabis industry after watching large players consolidate and multistate operators launch their own brands.

“I felt that it was going to be increasingly difficult for a small independent brand to continue to grow and thrive,” Whiteman said.“It was a good time to align Wana with a larger player in the industry with more resources.” Whiteman landed on Canopy for several reasons.

She especially liked the Canadian operator’s relationship with Constellation Bra...