GOODNESS GROWTH HLDGS INC Stock Price, News & Analysis

Goodness Growth Holdings, a cannabis company, has announced a reorganization of its executive team. Josh Rosen has been promoted to Interim Chief Executive Officer, while founder Dr. Kyle Kingsley becomes Executive Chairman. Chief Administrative Officer Amber Shimpa steps up as President and CEO of subsidiary Vireo Health of Minnesota.

This restructuring aims to create a more decentralized organization, allowing state-level teams greater flexibility for tailored strategies. Kingsley highlighted Rosen's experience in guiding the company through evolving industry challenges and capital allocation.

Vireo Health announces the appointment of Amber Shimpa as its new Chief Executive Officer, effective immediately. Shimpa brings eight years of leadership experience, including her previous role as the first Chief Financial Officer. She will work alongside founder Dr. Kyle Kingsley, who remains involved in strategic priorities. Vireo Health, founded in 2014, serves over 46,000 medical cannabis patients in Minnesota and focuses on community engagement and restorative justice. The company aims to navigate current federal regulatory challenges while continuing its mission of providing safe, quality cannabis products.

Goodness Growth Holdings, Inc. (CSE: GDNS; OTCQX: GDNSF) has announced the departure of Chief Operating Officer Christian Gonzalez-Ocasio, effective immediately. He will assist as a consultant during the transition. Gonzalez-Ocasio has been COO since November 2020 and previously served as Executive VP of Operations. The company does not plan to replace him immediately; responsibilities will be managed by existing internal staff. CEO Kyle Kingsley expressed gratitude for Gonzalez-Ocasio's contributions, highlighting his role in expanding manufacturing and dispensary networks.

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Goodness Growth Holdings has appointed Josh Rosen as Interim President, effective immediately. Rosen, who joined the board in August 2021, will focus on enhancing operational efficiencies and preparing for adult-use cannabis markets. His leadership aims to align resources strategically to support growth in adult-use regulations and manage key relationships. Dr. Kyle Kingsley remains CEO, collaborating with Rosen on strategic initiatives. Rosen brings extensive cannabis and capital markets expertise, positioning the company for potential value creation following the recent termination of a merger with Verano.

Goodness Growth Holdings (GDNSF) has announced three free expungement clinics in Maryland, Minnesota, and New Mexico aimed at aiding individuals with non-violent cannabis convictions. These clinics address the lasting impact of cannabis charges that disproportionately affect BIPOC communities. The company has been actively hosting these clinics, with plans for more in collaboration with local organizations. The next clinic is scheduled for Nov. 18 in Minneapolis. Goodness Growth also partners with non-profits to support cannabis criminal justice reform.

Goodness Growth Holdings reported Q3 2022 revenue of $18.9 million, a 41.0% YoY increase. Excluding discontinued operations, revenue surged 59.6%. The company faced disappointment due to Verano's decision to terminate a planned acquisition, prompting legal action for damages. Gross profit reached $9.5 million with a margin of 50.6%, up from 38.3% a year ago. Despite strong retail performance in Minnesota, the net loss deepened to $8.4 million, attributed mainly to increased expenses.

Goodness Growth Holdings, a cannabis company (CSE: GDNS; OTCQX: GDNSF), will report its financial results for Q3 on November 14, 2022, after market close. The company will host a conference call on November 15, 2022, at 8:30 AM ET to discuss the results. Goodness Growth is focused on developing cannabis products and operates in five markets with 18 dispensaries. The company emphasizes sustainable practices and scientific innovation in its product development.

Goodness Growth Holdings has initiated legal action against Verano Holdings in the Supreme Court of British Columbia, claiming damages for the wrongful termination of their share exchange agreement on October 14, 2022. Goodness Growth alleges that Verano had no legitimate basis for this termination and is seeking compensation for breach of contract, costs, and interest. The litigation's outcome remains uncertain, which may potentially impact Goodness Growth's financial standing.