Canna Provisions, home to Smash Hits Cannabis, to transition from a privately held company to Employee Stock Ownership Plan
There have been a lot of things to note out of Canna Provisions, which operates dispensaries in Lee and Holyoke. For one, it’s home to Smash Hits and iconic cultivator Greg “Chemdog” Krzanowski, along with all the magic he puts out into the world.
At the same time, the company is currently part of a coalition that is suing US Attorney General Merrick Garland, asserting the federal government “has no basis for enforcing the Controlled Substances Act against intrastate, state-regulated cannabis operations.”
And today, Canna Provisions announced that it is changing the structure of its business to run under an ESOP (Employee Stock Ownership Plan). Per a media release, “This significant move marks a milestone in the company’s journey towards a more inclusive and sustainable business model, emphasizing employee empowerment, community, and sustainability.” More from their team below:
The transition to an ESOP signifies a commitment to embedding core values of empowerment, community, and sustainability deeper into its business practices. It enables employees, who have been key to the company’s success, to partake in the growth and prosperity of Canna Provisions as stakeholders.
The team at Canna Provisions, viewed as a family, has propelled the company to the forefront of the Massachusetts cannabis market, establishing it as one of the state’s most profitable cannabis operators. The transition to an ESOP ensures that employees are not just participants in the company’s journey but are key drivers of its future. This initiative underscores the company’s belief in collective ownership and shared success.
Sustainability lies at the core of Canna Provisions’ operations, from cultivation practices to retail operations, aiming for a positive impact on the environment and community. The ESOP aligns with this mission, fostering a culture of long-term thinking and collective responsibility. As owners, Canna Provisions employees will be even more invested in the company’s success and the well-being of the community.
With the ESOP in place, Canna Provisions continues its commitment to offering high-quality cannabis products and an unmatched shopping experience. This transformation into an employee-owned company marks the beginning of a new chapter, with excitement for future growth and gratitude for the continued support from customers, employees, and the community.
“Providing an opportunity for our team to benefit from the value we are all building in Canna Provisions has been our top priority,” Canna Provisions CEO Meg Sanders said in a statement. “We are incredibly proud to ensure that with this move, we now all win together. This transition, and now our ‘ownership,’ will extend to a diverse spectrum of the community across social equity, veterans, and women in cannabis.”
“Employee ownership has been our goal since founding,” Canna Provisions COO Erik Williams added. “We are so happy to have found a way to do that within existing regulations. For me personally, this move is indicative of my entire adult career—empowering and rewarding the people that help build and grow businesses. Canna Provisions is committed to our Western Massachusetts host communities in the long term and this move solidifies that.”
