SANTA ANA, Calif., June 5, 2020 /PRNewswire-PRWeb/ -- UMBRLA, Inc. ("UMBRLA" or the "Company"), a multi-state premier brand owner and retail operator in the legal cannabis industry, today announced that it has appointed Jason Vegotsky, former President and Chief Revenue Officer of KushCo Holdings, Inc. ("KushCo") (OTCQX: KSHB), as the Company's Executive Chairman. Vegotsky brings over a decade of consumer packaged goods ("CPG"), wine and spirits, and cannabis experience to UMBRLA.
As UMBRLA's Executive Chairman, Jason will collaborate with UMBRLA's executive team to develop and drive strategies for future growth, as well as identifying opportunities for value-added strategic initiatives, including acquisitions, joint ventures, and leveraging key relationships in the industry. At KushCo, Jason fostered relationships with many of the leading brands and multi-state-operators in the cannabis industry, which he intends to expand into this new role. Jason will also preside over board meetings, supporting strategy, collaboration, and communication among directors, the executive team and the Company's shareholders.
Jason Vegotsky is a successful entrepreneur with an extensive background in implementing new strategies for revenue growth, building and scaling brands, and developing leading sales organizations. During his two-year tenure at KushCo, Vegotsky led a team of over 200 employees encompassing sales and operations personnel, and played a critical role in helping the company increase its sales by more than 600% from approximately $18.8 million in fiscal 2017 to $149.0 million in fiscal 2019. Prior to KushCo, Vegotsky was the co-founder of Summit Innovations, the leading distributor of hydrocarbon gasses to the cannabis industry, which was sold to KushCo in 2018. The early part of Vegotsky's career was spent developing leading brands in the wine and spirits as well as the food and beverage space. He graduated with a Bachelor of Arts in Economics at Bucknell University.
"This is a pivotal moment in UMBRLA's short, and successful, history," said Dallas Imbimbo, UMBRLA's Chief Executive Officer. "UMBRLA is a rapidly growing organization outpacing the growth of what is still an emerging cannabis industry poised for significant expansion, and Jason's broad background in cannabis and CPG is a perfect complement to support our strategy of expanding our retail footprint and deepening our relationships with our retail partners. There are very few individuals within the cannabis space that have traditional CPG, cannabis CPG, and financial markets expertise, along with the relationships to complement this rare technical know-how. I'm proud to say that Jason checks all of those boxes, and I could not be more excited to have him lead our strategy to both organically grow our CPG brand and retail portfolio and also shape our M&A strategy."
Vegotsky added: "I have had the privilege of witnessing UMBRLA's rapid growth from a distance, as they continue to create and gather the industry's premier brands, while securing the prime real estate to complement them. My passion has always revolved around building brands that can engage, energize, and capture consumers, and this opportunity at UMBRLA represents a perfect outlet to contribute my brand expertise, industry relationships, and deep understanding of how to drive substantial growth. During my time at KushCo, I had a unique perch from which to observe the most promising brands developing in this emerging industry. I'm excited to now bring that unique perspective and experience to UMBRLA, and to help the Company's innovative and entrepreneurial team realize UMBRLA's tremendous potential for outsized growth and success in this marketplace."
ABOUT UMBRLA INC.
UMBRLA is a premier brand house and retail operator in the legal cannabis industry active in California, Oregon, Arizona, and Oklahoma. UMBRLA's brands are among the most recognizable in the industry and include Korova, Sticks, Cabana, and Beaucoup. UMBRLA's holdings also include distributor LTRMN, and cannabis storefront retail locations operating as The Spot.
SOURCE UMBRLA Inc
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