Cresco Labs co-founder Joe Caltabiano has resigned from the company's board of directors, effective immediately. He had left his executive role as president at the company in March but had remained on the board until now.
"As a co-founder of Cresco, I'll admit it's difficult to leave after watching Cresco Labs grow to one of the more successful cannabis companies in the United States," Caltabiano said. "But I feel good knowing the board is in a good position to push the vision forward, especially as cannabis use increases and this essential industry expands."
Caltabiano co-founded the Chicago-based multi-state operator in 2013 and led it as president until stepping down this year.
His resignation from both posts comes after he led Cresco Labs to top market-share positions throughout the U.S. He also boosted Cresco's market penetration, sales velocity and brand awareness and was integrally involved with the development of more than a million square feet of real estate, the design and opening of numerous retail locations, public and private capital campaigns and new market acquisitions. He also helped Cresco launch the Sunnyside national retail brand and multiple M&A transactions.
As a leukemia survivor, Caltabiano helped drive philanthropic and educational initiatives focused on the fight against cancer. Before founding Cresco Labs, Caltabiano worked in the highly regulated banking industry for 15 years, where he closed more than $2.5 billion in debt transactions.
"This is a challenging time for the cannabis industry, but it's also an exciting one," Caltabiano said. "I'm grateful for all I've learned while at Cresco, and I look forward to their continued success as all of us strive to make the industry better for businesses and consumers."