Wana Edibles CEO and Co-Founder Nancy Whiteman Stepping Down

Wana, one of the largest makers of cannabis-infused gummies in North America, is undergoing a leadership change.

Nancy Whiteman, who co-founded Wana in a Boulder kitchen fourteen years ago, has announced that she is stepping down from her CEO position and day-to-day role with the company at the end of May. She will be replaced by current chief marketing officer Joe Hodas, according to an announcement from Wana.

Whiteman will remain attached to the Wana brand as a member of the board of managers for Canopy USA, part of Canopy Growth Corporation, which agreed to purchase Wana in 2021. She will also retain an active role with the Wana Brands Foundation, a cannabis-related philanthropy fund founded by Whiteman.

According to Whiteman, the transition had been "in the works for a while."

“I’m thrilled that Joe Hodas will be taking my place at the helm of Wana. While it is never easy for a founder to step away from the company they started, I’ve got full confidence that Joe and our Wana leadership team are well-positioned to continue Wana’s growth," she says in a statement. "I also look forward to staying connected through my role on the Canopy USA board of managers.”

A longtime marketing expert in legal cannabis, Hodas joined Wana four years ago after working for Dixie Elixirs and General Cannabis. Before moving into the pot industry, Hodas's marketing clients included brands like Frontier Airlines, Centura Health, Xcel Energy and Smashburger; he also worked on major tourism campaigns.

In a statement announcing the move, Hodas calls the new role "equal parts exciting and intimidating," and describes following Whiteman as filling "some of the largest shoes in cannabis."
"I am so honored and privileged to have been part of Wana’s history, learning from Nancy and being inculcated in her vision, and to now be tapped to take that vision into the future. I also greatly appreciate the leadership team she assembled, with whom I’ve been working for several years, as I know them to be the most talented, hardworking and visionary leaders in cannabis or any industry," he adds.

Hodas will head Wana during the Canopy USA takeover. In a 2021 interview with Westword after the deal was announced, he said the agreement was "like buying the first-round draft pick three years from now."

The 2021 buyout, valued at $300 million, was thought to be contingent on federal legalization at the time, but was actually dependent on cannabis becoming “federally permissible,“ which isn't necessarily the same as legalization. According to Canopy USA, the recently formed offshoot of the Canadian cannabis giant, permissibility is more about financing and the ability to conduct business in the country, even if the plant is still federally prohibited.

Canopy shareholders voted to approve the formation of Canopy USA as a publicly traded entity last week. According to an April 12 announcement from Canopy, this positions the company to "advance imminently with triggering acquisition of U.S. assets," with the Wana buyout expected to be completed by the second quarter of 2025.

Wana products are sold in dispensaries in seventeen U.S. states, Puerto Rico and nine Canadian provinces and territories. According to the company, it generates almost $300 million in retail sales across more than 3,000 dispensaries.

Two other companies owned by Wana, including CBD product brand Wana Wellness and Cima Group LLC, are also part of the Canopy purchase, according to the two parties.