Jesse Channon
About Jesse Channon
Jesse Channon is President of The Cannabist Company (CBSTF), promoted effective January 15, 2024 after joining in December 2019 as Chief Growth Officer and serving as Chief Commercial Officer in 2023. He is a digital marketing and commercialization executive with more than a decade of experience leading revenue and partnerships at PageLever (Y Combinator) and Unified, and later serving as Chief Revenue Officer at Social Native; he also serves on the Entrepreneurship Advisory Board at Auburn University and the Marketing Board for UJA in New York City . His current employment agreement dated March 11, 2024 sets core compensation levers of $410,000 annual base salary, 85% target annual cash bonus, and $1,300,000 target annual equity grant, with severance and change-of-control protections subsequently enhanced on July 17, 2025 to include “Good Reason” resignation eligibility .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| PageLever (Y Combinator) | Founding team; led revenue and partnerships | Not disclosed | Built one of the first real-time apps on Facebook’s API; certified Preferred Marketing Developer |
| Unified (Ad Tech) | Senior management team | Not disclosed (six years tenure mentioned) | Scaled partnerships with major brands; digital marketing and social media execution |
| Social Native | Chief Revenue Officer | Not disclosed | Led commercialization of custom content marketplace |
External Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Auburn University, Harbert School of Business | Entrepreneurship Advisory Board member | Not disclosed | Advises founders and entrepreneurship program initiatives |
| UJA (New York City) | Marketing Board member | Not disclosed | Industry engagement and network building |
| Early-stage startups | Mentor | Not disclosed | Mentors first-time founders |
Fixed Compensation
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Base Salary ($) | $347,917 | $408,852 |
| Target Bonus % of Base | 85% | 85% |
| Actual Annual Incentive ($) | $162,500 | $209,100 |
| Target Annual Equity Grant ($) | Not disclosed | $1,300,000 |
Notes:
- The March 11, 2024 agreement sets base salary at $410,000 and target bonus at 85% of base; the FY 2024 salary paid reflects timing and payroll recognition .
- The company grants annual equity, typically in Q2 following the annual meeting and Q1 results, aligning with salary review timing .
Performance Compensation
Annual Equity Awards
| Year | RSUs Granted (shares) | PSUs Granted (shares) | Share-Based Awards Value ($) |
|---|---|---|---|
| 2023 | 1,818,182 | — | $763,636 |
| 2024 | 845,000 | 455,000 | $364,000 |
Outstanding Equity (as of 12/31/2024)
| Category | Units/Shares | Market/Payout Value ($) |
|---|---|---|
| Unvested share-based awards (RSUs/PSUs) | 2,628,664 | $184,006 |
Incentive Plan Structure and Metrics
- Annual cash bonus: Target 85% of base salary; payout based on corporate and individual goals; Committee applies judgment with multiple measures and individual payout caps to mitigate risk .
- PSUs: Vest upon achievement of internal performance targets; company monitors probability annually and adjusts expense; PSUs awarded and outstanding at the company-level disclosed; executive-level metric details not itemized .
- Equity grant timing policy: Awards typically granted in Q2 during open trading windows; options priced at closing market price on grant date; no timing programs around material nonpublic info .
Transaction Bonus Plan (strategic transactions)
| Plan Element | Details |
|---|---|
| Pool size | 1.50% of transaction value for divestitures/strategic transactions not previously Board-approved; capped at $5,000,000 |
| Allocation to Channon | 29% of Bonus Pool |
| Payment timing | 1/3 at close, 1/3 at 60 days post-close, 1/3 at 90 days post-close |
| Forfeiture/eligibility | Voluntary termination/for cause post-close forfeits unpaid amounts; involuntary without cause post-close pays unpaid bonuses subject to release; pre-close involuntary without cause ineligible for transactions not yet closed |
Equity Ownership & Alignment
| Ownership item | Value |
|---|---|
| Common shares beneficially owned | 2,083,453; <1% of common shares outstanding |
| Shares outstanding basis | 499,178,724 common shares (as of Aug 8, 2025) |
| Unvested RSUs/PSUs (12/31/2024) | 2,628,664 units; $184,006 market value |
| Hedging/derivatives | Prohibited under Insider Trading Policy |
| Pledging/margin | Prohibited (no holding in margin accounts or pledging as collateral) |
| Trading windows/blackouts | Prescribed trading windows; blackout periods around quarterly and annual results |
| Section 16 filings | One late Form 4 (two late transactions) and one late transaction reported on Form 5 for Channon in FY 2024 due to administrative error |
Employment Terms
| Term | Current Agreement (Mar 11, 2024) and July 17, 2025 amendment | Prior Disclosures (FY 2023) |
|---|---|---|
| Employment status | At-will; position: President; primary work location: home office in Milton, Georgia | — |
| Base salary | $410,000 | — |
| Target bonus | 85% of base salary | — |
| Target annual equity grant | $1,300,000 | — |
| Severance (without cause) | 18 months base + target bonus; company pays share of health premiums for 18 months; conditioned on NDA and general release; RSUs/PSUs forfeited on involuntary termination without cause | 12 months base + target bonus; 12 months health premiums; estimated value $506,419 |
| Good Reason resignation | Eligible for same as involuntary without cause (18 months base + target bonus + health premiums) per July 17, 2025 amendment | — |
| Change-of-control (CIC) with qualifying termination | 18 months base + target bonus; 18 months health premiums; full vesting of all RSUs/PSUs (PSUs at actual or target depending on determinability); estimated incremental payments $1,350,570 (as of last business day of most recent fiscal year) | $1,954,239 estimated (prior-year basis) |
| CIC without qualifying termination | Full vesting of RSUs/PSUs granted in FY 2022 and FY 2023 (PSUs at actual or target depending on determinability); estimated incremental payments $91,189 | $1,049,721 estimated (prior-year basis) |
| Restrictive covenants | Non-competition, non-solicitation, and non-disclosure; breach forfeits severance | |
| Governing law | New York |
Compensation Committee Analysis
- Compensation Committee members overseeing executive compensation include James A.C. Kennedy (Chair), Jonathan P. May, Frank Savage, and Alison Worthington; all independent directors; ClearBridge Compensation Group engaged for benchmarking and program design in 2023 (fees $634,124) .
- Program attributes considered to mitigate risk: use of RSUs/PSUs tied to long-term value creation, multiple performance measures, judgmental discretion, and payout caps .
Investment Implications
- Alignment: A high variable pay mix (85% target bonus and meaningful RSU/PSU grants) plus prohibitions on hedging and pledging supports shareholder alignment; beneficial ownership is modest in percent terms but includes a sizable unvested equity position that is sensitive to share price performance .
- Retention/transition risk: The 2025 amendment expanding “Good Reason” eligibility and 18-month severance with health benefits strengthens retention but also increases transition costs; accelerated vesting under CIC may create incremental selling pressure around a transaction close, although RSU/PSU terms generally vest rather than cash settle .
- Trading signals: The Transaction Bonus Plan (29% pool allocation to Channon) financially incentivizes execution and closing of divestitures/strategic transactions, potentially increasing near-term transaction cadence; monitor 8-Ks and Q filings for deal closes to anticipate bonus-funded cash outflows and leadership focus .
- Governance/risk flags: Late Section 16 filings (administrative error cited) are a minor governance blemish; absence of executive stock ownership guidelines (directors only) and reliance on discretionary bonus judgment warrant monitoring of pay-for-performance rigor in future proxies .