Wana Brands continues C-suite shakeup with new CFO

BOULDER — Just weeks after Wana Brands hired a new chief operating officer, the  Boulder-based cannabis edibles company has brought aboard a new chief finance officer.

Sandy Li joins Wana after a stint as vice president of finance at cannabis firm Parallel, a company that last year merged with special-acquisition company Ceres Acquisition Corp.

“I’m delighted to join Wana, a company that I have long admired for its trusted and innovative products, strategy entering new markets and commitment to racial justice within the cannabis industry,” Li said.  “I look forward to working with [Wana CEO Nancy Whiteman] and the team to move Wana forward on its financial and  operational goals during this exciting time in Wana’s growth.”

Wana’s trajectory reached an inflection point last year when it agreed in principle to a potential merger with cannabis giant Canopy Growth Corp. (TSX: WEED, Nasdaq: CGC) for $297.5 million in cash and other considerations. 

The agreement gives Canopy call options to buy each of Wana’s three entities — Mountain High Products LLC, Wana Wellness LLC and The Cima Group LLC — for 15% of their fair market values at the time the option is exercised. The deal is contingent on the U.S. government legalizing cannabis at the federal level. 

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