WINCHESTER, Ky. (Business Wire) — GenCanna Global USA Inc. announced Monday that it has received approval from U.S. Bankruptcy Court for the Eastern District of Kentucky to sell substantially all of its assets to funds managed by its long-term investor MGG Investment Group.
This transaction will enable GenCanna to maintain its operations in Kentucky as a leading standalone CBD and wellness business with significantly reduced debt and substantial new capital to pursue growth opportunities. In conjunction with the completion of the sale to MGG, GenCanna has appointed veteran executive Andrew Barnett as CEO, effective immediately.
“I am pleased to join GenCanna at this critical time in its evolution and look forward to stewarding the company into its next chapter,” said Barnett. “GenCanna’s industry-leading technology and deep customer focus will enable it to continue to deliver great products, especially at a time when consumers are increasingly aware of and incorporating high-quality CBD into their health and wellness routines. Today, GenCanna is a stronger, better capitalized, and more competitive company that is poised to further its leadership position in the still emerging hemp industry.”
“GenCanna is a proud Kentucky-bred business and has a bright future under Andrew’s leadership,” said Matty Mangone Miranda, founder of GenCanna, who will continue to serve as an advisor to the company. “Importantly, I would like to thank GCG’s employees, vendors, partners and farmers, as well as MGG, for their support throughout this process.”
Barnett has spent his career overseeing the strategic, operational and financial needs of private and publicly-held companies, from start-up to mature enterprises, in healthcare and wellness, retail, manufacturing and distribution. He has served in various C-suite roles as well as a consultant to operating company management, lenders and investors. Barnett holds a BBA from Emory University and attended the New York University Stern School of Business.
Huron Consulting Services LLC has served as operational advisor, Jefferies LLC has served as financial advisor, and Benesch Friedlander Coplan & Aronoff LLP along with Dentons Bingham Greenebaum LLP have served as the Company’s legal counsel.