It all comes down to leadership. The CEO is weak and listens to the last person (or podcast) to bend her ear, so it pays to cozy up to her. It must pay well because her tightknit circle of senior leaders (including family members and close friends) are quick to get between her and an idea that could upset the natural order at the top.
Initiatives or concepts or projects are approved and announced and then disappear.
The company is constantly scrambling to figure out some path to profitability and reinvention, which is never going to happen as long as those she surrounds herself with are protecting their paychecks and status . Most know little to nothing about the industry they're serving and they have been building a toxic culture of paralysis for years and it is showing in Vangst's bottom line results.
By 'toxic,' I mean gaslighting, condescension, playing favorites, bullying, and putting the company into a position of big layoffs year after year.
Why the investors haven't forced a restructuring or leadership overhaul or sale is a constant conversation in the lower ranks. Are they paying attention?
The biggest investors are big names in the marijuana industry and listed on the Vangst website and Crunchbase. You can look at their portfolios and how some of their other marijuana-adjacent businesses are doing and judge for yourself.
