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 with current Cresco CEO Charlie Bachtell. Caltabiano led the company as president until stepping down this year.
His resignation from both posts at Cresco comes after he led the company to top market-share positions throughout the U.S. during his time there. He also boosted Cresco’s market penetration, sales velocity and brand awareness. He was involved with the company’s 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.
As a leukemia survivor, Caltabiano helped drive numerous Cresco 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 noted. “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.”