Derrek Higgins to Lead California Cannabis Enterprises’ Series A, Drive Financial Performance, Operations and Growth of the Company and Its Subsidiaries, including Glass House Farms, Glass House Brands, Roam Escapes, Retailers The Pottery, Bud & Bloom and Others
July 9, 2019 — LOS ANGELES — California Cannabis Enterprises (CCE), a fully vertically integrated cannabis company and one of the top five largest cultivators in the U.S. via its subsidiary Glass House Farms that recently secured an independent valuation of $380 million, announced the appointment of Derrek Higgins as its chief financial officer (CFO). In his new role, effective immediately, the former CFO and board member of FLRish Inc., the parent company of publicly-traded Harborside Inc. (CSE: HBOR), will report to CCE Chief Executive Officer (CEO) Kyle Kazan and is responsible for leading CCE’s Series A, managing its financial actions and planning, overseeing cash flow, analyzing financial strengths and implementing growth strategies.
Higgins brings more than 20 years of public and private company financial expertise to CCE in preparing venture-backed startups for public listings, representing shareholders and implementing comprehensive profitability and working capital plans. Derrek has held various key roles throughout his career, including most recently as the CFO of FLRish Inc., the parent company of Harborside Inc., one of the oldest, largest and most respected cannabis operators in the world. At FLRish/Harborside, Higgins helped: lead the completion of Harborside’s reverse takeover of FLRish, Inc.; closed a $19.65 million capital raise prior to Harborside’s public listing on the Canadian Securities Exchange (CSE), which began trading under the ticker symbol “HBOR” on June 10, 2019; and implemented public reporting frameworks, accounting policies and operational transformation initiatives across the financial operations of the company, its subsidiaries and controlled entities.
“Derrek’s comprehensive financial, operational and cannabis industry experience, along with his experience successfully leading capital raises and taking companies public while driving profitability and growth, will be a competitive advantage as we expand our footprint and explore new deals, mergers, acquisitions and ultimately go public,” said CCE CEO Kyle Kazan. “With a vertically integrated model that already includes Glass House Farms, Glass House Brands, Roam Escapes, retailers The Pottery, Bud & Bloom, influencer and celebrity partnerships, a host of deals in the works, a sizable California footprint, a proven profitable model and zero debt on our books, Derrek’s appointment underscores our commitment to the cannabis industry and hiring top talent with a proven track record. We look forward to working closely with him as we continue to scale our company as the global cannabis market emerges and matures.”
Prior to FLRish/Harborside, Higgins served as a consultant for The Brenner Group LLC, where he provided CFO advisory services to venture-backed startups and mid-size companies, developed and executed strategic plans, raised capital and managed shareholder representation. Derrek also served as a consultant at Alvarez & Marsal, a global professional services firm known for its work in turnaround management and performance improvement of large, high-profile businesses both in the U.S. and internationally, providing critical assistance to companies in crisis situations and helping to stabilize financial and operational performance by developing and implementing comprehensive profitability and working capital plans.
“The cannabis industry is extremely competitive and capital intensive,” said CCE CFO Derrek Higgins. “Understanding the landscape is everything. I look forward to bringing my expertise in the space to successfully lead CCE’s capital raises and close smart deals, and am excited to work with the all-star team Kyle has put together as we scale up our footprint, drive profitability and increase investor value.”
About California Cannabis Enterprises, Inc.
One of the top five largest cultivators and vertically-integrated cannabis companies in the world, California Cannabis Enterprises, Inc. (CCE) is setting a new bar for what cannabis done right means. CCE’s family of environmentally, community-conscious cannabis companies, brands and product lines span across the entire cannabis industry’s ecosystem and include Glass House Farms, Glass House Brands, Roam Escapes, retailers The Pottery and Bud & Bloom and others. As the cannabis industry’s leading brand-enabler, celebrities, artists, athletes and influencers turn to CCE to create powerful partnerships that reach new audiences and drive consumer engagement. Currently, CCE is rapidly expanding its family of companies, product lines, brands and number of employees, and is expected to see sizable growth throughout 2019 and beyond. For more information, visit http://www.cacannabisenterprises.com/, https://twitter.com/calcannaenter or https://www.linkedin.com/company/calcannabisenterprises/.