Cision PR Newswire
Trade Roots Secures Final Retail License and Announces Management Restructuring Ahead of Store Opening
News provided byTrade Roots
Jan 24, 2022, 5:00 AM ET
WAREHAM, Mass., Jan. 24, 2022 /PRNewswire/ --
- Massachusetts Cannabis Control Commission awards Trade Roots a final retail license to go along with Trade Roots' final cultivation and product manufacturing licenses
- Adds two executive officers to further Trade Roots' growth and achievement of strategic objectives
LDE Holdings, LLC (d/b/a Trade Roots) ("Trade Roots"), a vertically-integrated Massachusetts-based adult-use craft cannabis company, today announced the appointment of two executive officers ahead of its much anticipated retail store opening.
On January 20, 2022, Trade Roots was awarded a final license for retail operations by the Massachusetts Cannabis Control Commission (the "CCC"). With this license, Trade Roots becomes the first Massachusetts Social Equity Program participant to obtain final licensure in all three categories: cultivation, product manufacturing and retail.
Trade Roots' commencement of retail operations is subject to a Post-Final License Inspection by the CCC and satisfaction of certain final license conditions.
This is the final step in bringing Trade Roots' founders Jesse Pitts and Carl Giannone's vision to life. "It's a dream come true to be able to bring high quality, legal cannabis to the place where I grew up and where the community has been so supportive of our efforts," said Mr. Pitts, a Wareham native. He added, "We're also extremely proud to achieve these successes as a Social Equity Program participant and are excited to continue to support the Program's goals of inclusion in the industry."
Trade Roots' highly acclaimed concentrate products, including Northeast Leaf's "Concentrate of the Month" for November, "LSD x Lemon Skunk wax" are currently available in 30 storefronts throughout The Commonwealth. Sold under its Captain's Reserve brand, Trade Roots produces ultra-high quality, small batch cannabis extractions. Trade Roots branded craft cannabis flower will be available primarily at Trade Roots' retail store located at Six Thatcher Lane in Wareham.
With the anticipated launch of the store, growth in personnel and continued streamlining of operations, Trade Roots' Board of Managers approved a corporate restructuring that it believes best utilizes the company's talent to execute its strategic vision. Key to this restructuring is the addition of two executive officers from Trade Roots' existing team, Roger Williamson as Chief Operating Officer and Ilya Ross as Vice President – Corporate Development and Legal. These appointments are subject to and conditioned upon approval by the CCC via a Change-of-Ownership-and-Control application.
Mr. Williamson is currently the Trade Roots Director of Sales, where he has spearheaded relationship-building with valued wholesale partners. Prior to joining Trade Roots, Mr. Williamson was a Key Accounts Manager for Crocs, Inc. for over 10 years. "Working in the cannabis industry has been the most challenging and rewarding part of my career. A passion for the plant combined with incredible people is continuously driving innovation in cannabis. I am proud to be a part of it," said Mr. Williamson.
Mr. Ross is currently the Company's General Counsel and Compliance Officer. He has helped guide Trade Roots through final licensing and launch of operations. Before joining Trade Roots, Mr. Ross was Counsel at Vicente Sederberg LLP, a national cannabis law firm, where he oversaw and structured some of the first multi-state cannabis acquisition transactions as Chair of the corporate group of the firm's Massachusetts office. Prior to then, Mr. Ross was a capital markets attorney for over a decade at several New York-based firms.
As part of the restructuring, Mr. Giannone will also step into new roles as Executive Chairman of the Board of Managers and Chief Strategy Officer. "In these dual roles, I endeavor to assist the Company in further aligning its daily operations with our overall strategic vision," said Mr. Giannone. He added, "I'm confident that our new management team's experience and passion for our company's mission will take us to an exciting new phase of our corporate life cycle."
Mr. Pitts will continue to serve as the Company's Chief Executive Officer.
About Trade Roots
As an artisanal purveyor of "Craft Cannabis at The Gateway to Cape Cod," Wareham-based Trade Roots is a locally-owned, operated, and staffed business providing the highest-quality adult-use cannabis and cannabis products to Massachusetts residents. Trade Roots is a Massachusetts Cannabis Control Commission-designated Social Equity Program Participant committed to driving positive impact and economic growth in its host community. Trade Roots will offer an extensive selection of locally produced, sourced and curated products in a beachtown boutique environment.
Forward Looking Statements
This press release contains forward-looking information and forward-looking statements within the meaning of applicable securities laws ("Forward-Looking Statements"). Forward-Looking Statements are based on certain expectations and assumptions and are subject to known and unknown risks and uncertainties and other factors that could cause actual events, results, performance and achievements to differ materially from those anticipated in these Forward-Looking Statements.
Forward-Looking Statements should not be read as guarantees of future performance or results. Readers are cautioned not to place undue reliance on these Forward-Looking Statements, which speak only as of the date of this press release. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any Forward-Looking Statements as a result of new information or future events, or for any other reason.
VP Corporate Development and Legal
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SOURCE Trade Roots