Kannaway in crisis? Mfinity Global executives gone.
Kannaway and parent company Medical Marijuana appear to be in crisis.
Following the acquisition of Mfinity Global a year ago, Bill Andreoli signed on as Kannaway’s new President.
In an communication sent out last Friday, Kannaway has advised Andreoli “and his executive team … are moving to an opportunity with a new company”.
That takes effect at the end of November 2023.
Andreoli’s stint as Kannaway’s President hasn’t amounted to much. Outside of Mexico and Slovakia there isn’t much happening.
SimilarWeb tracked just ~15,000 visits to Kannaway’s website in September 2023. Parent company Medical Marijuana’s stock price is at half a cent, down from a high of 10 cents in February 2021.
Keep in mind this is after the acquisition of Mfinity Global and KZ1 over the past year. Neither of which seems to have paid off.
Of potential further concern is Kannaway announcing a “strong new manufacturing and distribution team”. No idea what happened to the previous team.
As of December 2023, Kannaway will be headed up by existing CEO Tim Scott. No other replacement executives have been named.
Details of Andreoli’s and his executive team’s move are expected to be made public following the December transition.
One potential candidate is TranzactCard, following the purchase of Kannaway’s affiliate and customer information in July.