SAN FRANCISCO, June 2, 2021 /PRNewswire-PRWeb/ -- Union Cannabis Group (UCG Inc.; UCG), a leading product manufacturing and brand licensing company in the recreational cannabis industry, solidified its executive team this week by appointing Adam Siskin as the Company's Chief Financial Officer (CFO).
Siskin has been an advisor to UCG since November 2019, helping put together the business plan and go to market strategy. Siskin's background is focused in supporting CPG companies in the natural product industry which started off with building the financial infrastructure of Rao's Homemade which was acquired for over $400M.
Post acquisition, Adam worked with over 25 food and beverage brands in a finance, strategy, and business advisory capacity as well as VC funds in the space. Like many CPG executives, Siskin started to focus his efforts in the Cannabis arena, where he supported companies such as the Stanley Brother's Recreate brand as well as Lowell Farms.
He has extensive experience in private equity lending, M&A and corporate finance, healthcare and technology, and start-up/acquisition integration.
A graduate of Lehigh University, Siskin is excited to be joining the Company in an expanded role and continuing his work in the cannabis arena during this crucial stage of the industry where certain sectors and products of the cannabis industry will become more commoditized and brands with market capture will become increasingly more important.
"From day one, I was impressed with UCG's team and business model," Siskin said. "Running a cannabis brand in the challenging regulatory and legal environment – as well as the cash burn often involved in growing a brand – makes for a difficult journey. By having a licensing model, UCG is able to expand its brand and presence fast without incurring the CapEx and OpEx costs, which I find to be an attractive way to approach the industry at this time."
UCG also owns and operates the award-winning brand Dabstract, a connoisseur recreational brand that is available throughout the state of Washington and is currently expanding to four additional states. "Having Adam join the team has helped set UCG up for rapid expansion across the rest of the country and internationally," said Sushanta Parikh, CEO of UCG. "His expertise in CPG market development as well as mergers and acquisitions will be invaluable as we approach deal tables with potential partners throughout the legal cannabis market."
Siskin's CPG background has spanned from working with pre-revenue companies to private equity owned entities - an experience that he looks forward to leveraging for the Dabstract brand and UCG's future brands. "I've built out financial infrastructures that have allowed dozens of CPG brands to scale and grow effectively," he said. "Utilizing the same financial lens and analytical approach will allow UCG to scale with confidence."
About UCG:
Union Cannabis Group (UCG Inc.; UCG) is a cannabis brand and product company that also offers design and installation services for cannabis extraction facilities, manufacturing process training, product formulation, and brand licensing. UCG serves clients in multiple states, with clients including Washington's leading cannabis producer, where UCG also designed and currently operates the largest processing facility in the State. Dabstract, a premier award-winning brand of recreational cannabis extracts, is a wholly-owned subsidiary of UCG.
Media Contact
Hana Rexroth, UCG, 707-536-1864, [email protected]
SOURCE UCG
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