Caliper Holdings COO Steps Down, Company Moves Into Licensing

Jeremy Goldstein, co-founder of cannabis company Ripple and CBD brand Caliper Foods, is stepping down from his role as COO.

He will continue to serve as an advisor and board member for the company, of which he remains the owner/co-owner, while exploring new career opportunities, Goldstein told NOSH.

Colorado-based Ripple launched in 2014, producing cannabis-derived, water-soluble powders and gummies under the Stillwater brand during the early years of legalized sales in the state. In 2018, the company expanded its purview to provide “enterprise-grade ingredients to large brands,” Ripple co-founder and Caliper CEO Justin Singer said. Caliper Holdings manages both Ripple and Caliper Foods, a hemp-derived CBD ingredient and CPG company.

As the environment for CBD and THC products has constantly changed with new states legalizing medical and recreational use, Singer accused the U.S. Food & Drug Administration (FDA) of destroying the market for CBD products by failing to regulate the industry. As a result, going forward Caliper will focus the bulk of its attention on THC ingredients, though continue to service hemp-derived CBD customers on a limited basis.

“When you create a marketplace like legalization without regulation. It’s the Wild West,” Singer said. “It is and has always been a stupid philosophy.”

He continued: “The FDA is only paying attention to claims insofar as they infringe upon pharmaceuticals. They are not paying attention to anything that actually relates to consumer safety. These products are all being produced without federal oversight for food safety, for traceability, for claims, for manufacturing practices, for just not lying.”

In light of that, Caliper Holdings is changing its business strategy as well.

While earlier this year the company helped launch a new Ripple manufacturing facility in Lansing, Michigan, it now plans to use its prior experience to instead start licensing its IP. Ripple’s successful entrance across over 200 doors encouraged the company’s leaders to put the production platform in the hands of cannabis manufacturers and retailers in other states via licensing agreements, a move that takes some of the pressure off Caliper Holdings and allows the company to focus on its innovation rather than dealing with regulatory issues on a state-by-state level.

That model will also require fewer roles within the executive leadership team. Singer will be taking on some of the COO responsibilities from Goldstein and other leadership members will fill in on other duties as necessary.

For now, Caliper continues to manage the Michigan facility but is looking to re-lease it in the coming months as part of the company’s shift in strategy. Caliper’s Colorado facility will remain company-owned.

“We’re not managing multiple production facilities anymore. So the scope of what is needed has shrunk a bit,” Singer said.

Despite his frustration with the FDA, Singer noted that there is more evidence now than ever that cannabis products help people. As for Goldstein’s decision to take a step away from the company, Singer is “nothing but supportive.”

“We have been here since 2014. It is a long road and Jeremy and I both are in different places than we were when we started the company,” he continued. “We’ve got families, we’ve got kids and we just have to look at things differently.The calculus has shifted and I think that’s fine. That’s life.”