Chuck Rifici — former CEO of Canada’s Tweed, Inc. — stepped down from his position last week on August 27, though Rifici has stated he will remain on the company’s board and will help find a replacement CEO.
For Rifici, stock investments in the company have paid off handsomely, leaving him with a stockpile of company shares currently worth about 20 million Canadian dollars (18 million USD). He bought many of the shares when they were priced at less than half of what they’re worth today.
Tweed initially opened up for public trading in April, and was the first marijuana cultivation company to do so under Canada’s new federally-regulated MMJ market. Since then several other companies have also entered the public trading scene. Since its initial public offering, Tweed’s worth has fluctuated between $20 and $100 million.
Health Canada reports that the number of Canadian citizens using medicinal marijuana continues to grow, and is expected to grow tenfold over the next decade. By 2024, the market could be worth $1.3 billion, the department says.
Photo Credit: Mark