FOR IMMEDIATE RELEASE:
Contact: Raquel Hochroth
NUG Expands Leadership Lineup
To Support Rapid Company Growth
—New Chairman, Chief Financial Officer and Sales Director
Join High-Powered Team—
OAKLAND (January 17, 2019)—NUG—the fastest-growing cannabis brand in California—has expanded its ranks with the addition of three new hires: Bryant Tong, Michael Molkentin and Ted Whitney. This staffing announcement comes on the heels of the company’s marked success in 2018, a year that exceeded revenue projections, setting the stage for heightened momentum in 2019.
“Following a banner year in 2018, we are operating full steam ahead to expand our product line and brand reach in the coming months,” said Dr. John Oram, CEO and Founder of NUG. “Fueled by three knowledgeable and experienced new team members dedicated to driving forward the NUG mission of normalizing cannabis, we are well on our way to offering high-quality, pure and effective products on both a national and international scale.”
Bryant Tong has been appointed Chairman of the NUG Board of Directors. Mr. Tong has an extensive background in developing and growing early stage companies, bringing more than two decades of experience in venture capital, finance, operations and fundraising. He has helped numerous companies develop successful strategic and tactical plans for rapid growth. Currently, Mr. Tong serves as Managing Director at a leading venture capital firm based in the bay area. Prior to that, he was the Founder, President and CEO of Pacific Venture Capital: A wholly owned subsidiary of PG&E. In addition, Mr. Tong co-founded ReSource/Phoenix, a financial outsourcing company that he took public on the Nasdaq Stock Market.
Michael Molkentin joins as Chief Financial Officer of NUG. Mr. Molkentin is a financial executive with over 30 years of international business and leadership experience across numerous industries including biotechnology and high-technology. Previously, he spent 10 years as CFO and Corporate Secretary for Astex Pharmaceuticals, Inc., an international, publicly-traded life science company that was acquired by Otsuka Pharmaceutical Co., Ltd. in 2014. Prior to Astex, Mr. Molkentin served as interim CFO at Aradigm Corporation, a publicly-traded emerging specialty pharmaceutical company. Prior to that, he was Division Controller for Thermo Finnigan Corporation, a subsidiary of Thermo Electron (now Thermo Fisher Scientific). Mr. Molkentin has also served in a variety of financial management positions at technology companies including Vanstar Corporation, Republic Telcom Systems, Inc. and Computer Automation, Inc.
Ted Whitney comes on board as NUG’s Sales Director to develop a highly effective sales team focused on developing a meaningful and rewarding place for its members to thrive. Mr. Whitney is a seasoned sales professional with deep experience in the craft beer industry. Before coming to NUG, he built out Avery Brewing Company’s sales program in Boulder, CO and expanded the organization’s footprint nationally. Following his role as Sales Director at Avery, Mr. Whitney worked as National Sales Director for 21st Amendment in San Francisco, growing the brewer’s sales team and developing various programs that increased demand for craft beer. There, he hired and led a 30-person sales team and helped the organization become one of the fastest-growing breweries in the country. After just two years under Mr. Whitney’s supervision, 21st Amendment moved from its position as 150th to being ranked the 38th largest craft brewer of nearly 6,500 brewers at the time. Most recently, Mr. Whitney served as National Sales Director and Partner at Melvin Brewing, growing the organization’s sales team and playing an integral role in helping it become the third brewer ever to reach 20,000 beer barrels in sales in less than two years.
About NUG, Inc.
NUG, Inc. is an Oakland-based, vertically-integrated cannabis company with strong historical growth and performance. From its cutting-edge technology, to its award-winning products and dedication to community involvement, the company is comprised of true creators, innovators and pioneers, taking pride in their craft in an organic and efficient style that sets the industrywide standard from seed to sale. The company was founded in 2014 and houses the largest cultivation operation in Northern California across three facilities, along with world-class R&D, extraction, distillation, and post-processing laboratories. Follow NUG on Facebook, Twitter, Instagram and YouTube.