Sign In
Upcoming Event
Free Newsletter
LOGO/PROVIDED BY ORGANIC REMEDIES
Carlisle medical marijuana company transitions to ESOP
Organic Remedies of Carlisle is transitioning to an Employee Stock Ownership Plan (ESOP).
An ESOP is a retirement benefit that holds company stock. As the company grows and realizes success, the value of the shares’ increases. The stock is allocated to employees over time at no cost to them, and when the employees retire or leave the company, the company buys those shares back from them.
According to a release, Chief Executive Officer Mark Toigo and his wife and co-owner Jaime Toigo made the decision to transition to an employee-owned organization to allow Organic Remedies operations to continue while preserving the future of the business.
“Transitioning to an employee-owned organization ensures that our mission and service continue, while rewarding the employees who helped us build this special organization,” Mark Toigo said in a statement.
Mark Toigo will remain CEO, and all other members of the company’s management team will stay in their roles.
Organic Remedies was founded in 2018 and is Pennsylvania‘s first employee-owned medical marijuana organization. The company cultivates, manufactures, and dispenses medical marijuana products for certified Pennsylvania patients.
A horticultural expert in the organic food industry, Mark operated the largest organic tomato greenhouse in North America, per the release. Jaime, a third-generation family member in the construction industry, operated her restoration business.
Mark, Jaime, and Ryan Simpson, then chief financial officer of Toigo Farms, looked to provide an organic alternative to traditional pharmaceutical medications, and a meeting with pharmacist Eric Hauser at a medical marijuana convention in California led to a partnership and the opening of the first Organic Remedies dispensary in February 2018.
Dispensaries are in Bethel Park, Chambersburg, Enola, N. Pittsburgh, Paoli, and York.
