WOODBURN, Ore.–(BUSINESS WIRE)–Socati Corp., a leading scale processor of broad spectrum hemp extract with undetectable levels of THC, announced today the appointment of four new board members with decades of experience in rapid-growth companies and in high-potential CBD markets, including food, consumer packaged goods and pharmaceuticals.
The appointments help further position Socati as an industry leader that has developed proprietary technologies and large-scale production capabilities to meet the rapidly expanding market demand for high-quality, hemp-derived ingredients, including CBD and other cannabinoids.
The new board members are:
- Edward Lonergan, former president and CEO of Chiquita Brands International Inc. (NYSE:CQB) and of Diversey Inc. He was president of Gillette Europe from 2002-2006 and spent more than 20 years before that in management at Procter & Gamble (NYSE:PG). Lonergan serves as executive chairman of Zep. Inc., chairman of DRB Systems and on the board of Owens Corning (NYSE: OC). He also is a senior adviser at New Mountain Capital.
- Jonathan Peacock, former chief financial officer of Amgen Inc. (NASDAQ: AMGN) and former CFO of the pharmaceuticals division of Novartis AG (NYSE: NVS). Before joining the pharmaceuticals industry, Peacock was a partner at McKinsey and Co., where he was co-head of the European Corporate Finance practice. Earlier, he was a partner at Price Waterhouse in London and New York. He also serves as chairman of Arix Bioscience (LSE: ARIX), chairman of Bellerophon Therapeutics (NASDAQ:BLPH) and chairs the audit and finance committee of Avantor Inc. (NYSE:AVTR).
- Lorne Abony, CEO of FastForward Innovations Ltd., an early-stage venture capital firm. He has raised more than $1.3 billion through the public and private debt and equity markets and is the former CEO of Mood Media Corp. and FUN Technologies. Both of which, under his leadership, were listed on the London Stock Exchange and Toronto Stock Exchange.
- Eric Ball, general partner at Impact Venture Capital. He previously served as treasurer at Oracle (NYSE:ORCL), one of the world’s largest technology companies. He also chairs the audit committee at Glu Mobile, a publicly traded leader in 3D freemium mobile gaming.
“To build the future we envision for Socati, we have always known we would need proven leaders who share our vision for the growth potential of this industry,” Socati CEO Josh Epstein said. “This important group of executives brings years of invaluable experience in their industry sectors, as well as the foresight to help mature the industry. Under their guidance, we intend to bring much-needed certainty and stability to the industry.”
The board appointments follow Socati’s recent acquisition of Blue Marble Biomaterials, a manufacturer of natural and sustainable specialty compounds for the global food, fragrance and cosmetic sectors.
Blue Marble’s 22,000-square-foot Missoula, Mont., production facility will feature a proprietary, mass-scale manufacturing process capable of processing 10 tons of hemp feedstock per working day. The testing laboratory will be equipped with the most state-of-the-art analytical capabilities to identify cannabinoids, ensure product purity and quality, and confirm that its broad-spectrum hemp contains undetectable levels of THC.
Socati is a leading processor of broad-spectrum hemp extracts. The company provides a top-quality and consistent product for a market projected to reach $22 billion by 2022. Leveraging investments in new technologies, Socati engages in large-scale manufacturing and has logistics in place to process increasing amounts of hemp biomass to meet customer demand. With the ability to manufacture broad-spectrum hemp extracts at scale, Socati is built to serve the needs of large, international CPG companies that are seeking high-quality raw materials. To learn more about Socati, visit www.socati.com.