A milestone that champions employee ownership while alleviating the impact of 280E.
NEW YORK, NEW YORK – April 16, 2024 – MBO Ventures, the leading investment bank specializing in Employee Stock Ownership Plans (ESOPs) within the cannabis industry, has achieved another significant milestone with the completion of an ESOP for Canna Provisions, an award-winning, woman-led cannabis dispensary and cultivation based in Massachusetts. This marks a pivotal moment in the evolution of ESOP structures for cannabis businesses, particularly in navigating the complex landscape of tax regulations such as 280E while embracing and empowering employee ownership in the cannabis industry.
“Through our collaboration with Canna Provisions, we continue to demonstrate the potential of ESOPs in helping cannabis businesses not just merely survive, but thrive,” said Darren Gleeman, Managing Partner of MBO Ventures. “By embracing employee ownership, Canna Provisions puts itself in a position for sustainable growth and long-term success. By alleviating the negative impact of 280E, freeing up a tremendous amount of cash flow, and empowering its employees with the financial upside of being employee-owners, this is a big win for Canna Provisions and a big leap forward for the industry.”
The ESOP model adopted by Canna Provisions not only signifies a strategic move towards employee ownership but also serves as a solution to mitigate the adverse effects of 280E. By empowering employees through ownership, Canna Provisions reinforces its dedication to fostering a supportive and inclusive work environment while simultaneously addressing regulatory challenges.
“Providing an opportunity for our team to benefit from the value we are all building in Canna Provisions has been our top priority,” says Meg Sanders, CEO and co-owner Canna Provisions. “We are incredibly proud to ensure that with this move, we now all win together. This transition, and now our ‘ownership’, will extend to a diverse spectrum of the community across social equity, veterans, and women in cannabis.”
Darren Gleeman has been instrumental in spearheading this initiative. With a distinguished background in finance and a track record of successful ventures, Darren’s expertise has been pivotal in developing innovative ESOP methodologies tailored to the unique needs of the cannabis industry.
MBO Ventures continues to solidify its position as the premier investment bank dedicated to ESOPs in the cannabis sector. With a patent pending for its groundbreaking methodology, MBO Ventures remains at the forefront of driving innovation and fostering financial empowerment within the industry.
To learn more about MBO Ventures, please visit MBOVentures.com.
