Investors are pushing out the founders of troubled cannabis startup Civilized. We got ahold of the the full memo.
The investors say the founders, Derek and Terri Riedle, saddled the company with debt.Investors are pushing out the husband-and-wife founders ofDerek and Terri Riedle have agreed to step aside from the company and cede most ownership, according to a memo circulated among investors on Tuesday and obtained by Insider. As part of the deal, the Riedles will keep a 10% stake in Civilized.
The investors asked Civilized Chief Commercial Officer Tricia Vanderslice to take over as CEO, and she has agreed, an investor told Insider. The investor asked to remain anonymous because the situation is still in flux. The investor said that they still believe in the company's core mission — connecting cannabis consumers to marketers, with an editorial operation underpinning it — and that they hope the company will be able to move forward.Civilized relaunched in June and said it had a plan to repay its biggest creditor
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