WINCHESTER, KY — GenCanna Global USA, Inc. announced that it has received approval from the U.S. Bankruptcy Court for the Eastern District of Kentucky to sell substantially all of its assets to funds managed by its long-term investor MGG Investment Group.
This will let GenCanna maintain its operations in Kentucky as a leading standalone CBD and wellness business with significantly reduced debt and substantial new capital to pursue growth opportunities.
GenCanna has also appointed veteran executive Andrew Barnett as Chief Executive Officer, effective immediately.
“GenCanna is a proud Kentucky-bred business and has a bright future under Andrew’s leadership,” said Founder of GenCanna Matty Mangone Miranda, who will continue to serve as an advisor to the Company. “Importantly, I would like to thank GCG’s employees, vendors, partners and farmers, as well as MGG, for their support throughout this process.”
GenCanna says Barnett has spent his career overseeing the strategic, operational and financial needs of private and publicly held companies, in healthcare and wellness, retail, manufacturing, and distribution. He has served in various C-suit roles as well as a consultant to operating company management, lenders, and investors.