Former Cannabis Executives Share Key Lessons on Successful Exits and Life After Legal Weed

As the cannabis industry matures beyond the early “green rush,” many pioneering entrepreneurs are choosing to exit their ventures—at a time when opportunities for successful sales have become increasingly rare. From philanthropic ventures to new business initiatives, these industry veterans offer valuable insight for those looking to navigate exits in today’s challenging market.

Nancy Whiteman Focuses on Philanthropy After Leading Wana Brands to Major Acquisition

Nancy Whiteman, the founder of Wana Brands, left the cannabis space after steering the company into a $297.5 million deal with Canopy Growth Corp. in 2021. After more than a decade building one of the most recognized cannabis edible brands, she shifted focus to managing the Wana Brands Foundation, supporting causes like mental health, food security, and social justice. Whiteman emphasized aligning with a strong partner and having clarity on post-exit plans as essential for founders planning their departures.

Pete Kadens Leaves Green Thumb to Pursue Broader Impact Through Education and Business

Former Green Thumb Industries executive Pete Kadens exited in 2018, motivated by personal values and timing that aligned with a booming stock market. Since then, he’s diversified into various sectors—owning funeral homes and construction companies, serving on nonprofit boards, and expanding a family foundation that has helped thousands of students access higher education. Kadens highlights the importance of finding fulfillment and contributing to society after leaving the cannabis space.

Joe Caltabiano Transitions from Cresco Labs to Health-Centered Real Estate Ventures

Joe Caltabiano left Cresco Labs in early 2020 after internal disagreements, marking the end of his time at one of the nation’s largest cannabis companies. Following a brief venture into cannabis-focused SPACs, he founded Healing Realty Trust, which invests in outpatient medical facilities. Drawing from personal experiences as a childhood leukemia survivor, Caltabiano’s work reflects a passion for improving access to healthcare while continuing his entrepreneurial journey beyond cannabis.

Gail Rand Builds a Legacy with ForwardGro Exit and Strategic Advocacy for Social Causes

Gail Rand co-founded ForwardGro to secure access to medical cannabis for her son with special needs. Her exit in 2019 not only secured long-term financial support for her family but also enabled her to advocate for vulnerable populations. Now advising cannabis businesses and serving on nonprofit finance committees, Rand emphasizes realistic valuations and the importance of aligning with trustworthy buyers when planning a company exit.

Marc Beginin Grows Precision Extraction, Exits, and Launches a New Venture Amid Challenges

Marc Beginin scaled Precision Extraction Solutions from a $45,000 startup to a $40 million business in five years before selling it to Agrify Corp. in 2021. After exiting, he launched a new venture, Prodigy Processing Solutions, showing how a well-executed exit can fuel further innovation. He stresses that founders should prioritize building strong, scalable businesses before seeking exit opportunities and always prepare a reliable succession plan.

Exit Strategies Should Be Intentional, Mission-Aligned, and Future-Focused

The shared experiences of these five cannabis industry leaders reveal a common theme: successful exits are rarely accidental. They require foresight, strategic timing, and a clear vision for what comes next. For current cannabis entrepreneurs, learning from these stories may be the key to not just exiting the industry—but thriving afterward.