In what could be part of a trend, Cresco Labs (OTC:CRLBF) has dipped into the ranks of the consumer goods industry for its latest executive hire. The Chicago-based company announced Thursday that it has drafted Greg Butler, a veteran of that sector, to be its first chief commercial officer (CCO).
In this newly created position, Butler will be responsible for, in Cresco's words, "demand and commercial strategic planning, bolstering Cresco Labs' sales and marketing teams with top talent, leading the launch of all new products and innovation, brand [mergers and acquisitions] and integration, and driving enterprise strategies."
Previous to accepting the new role, Butler was an operating partner at an affiliate of Cresco called MNML Ventures. In this capacity, says Cresco, he repositioned seven of its cannabis brands, managed the creation of a product pipeline, and was instrumental in the establishment of Cresco's Sunnyside dispensary brand.
In his career, Butler has branding and marketing experience at a range of high-profile consumer goods companies, including pharmaceutical giant Pfizer, pharmacy chain operator Walgreens Boots Alliance, and Molson Coors Brewing (NYSE:TAP).
His Molson Coors experience is particularly notable, as the brewer has been directly involved in the cannabis industry through Truss, a joint venture it has with HEXO that has developed a line of cannabis-infused beverages.
Butler's ascension marks the second time so far in 2020 that a former Molson Coors manager has accepted a high position at a marijuana company. Last month, Tilray announced that Michael Kruteck, who held a variety of high-level finance jobs at the brewer over a nine-year stint, has been hired as its CFO.
Following news of Butler's hire Thursday, Cresco's stock closed up marginally higher on the day.