Minority-Owned Cannabis Company TheraTrue Inc. Announces New CEO, $50 Million in Funding Commitments, and Submits License Application in Georgia
Today, TheraTrue, Inc., a minority owned medical cannabis production company, announced the addition of cannabis industry veteran Victor E. Mancebo as the company’s Chief Executive Officer. In addition, TheraTrue has received $50 million in funding commitments and submitted medical cannabis license applications in Georgia. This application marks the first major action of TheraTrue Inc. in the medical cannabis industry. TheraTrue is committed to using extensive research and cutting-edge technology to provide vertically integrated production facilities designed to safely deliver medical grade cannabis products to patients in Georgia.
“The TheraTrue team is driven by a focus on science and innovation to develop world-class medical products and treatments for the qualified patients in Georgia, a role that Victor has proven to be able to do successfully.” said TheraTrue’s founder Dr. Paul Judge. “As the company’s founder, I am keenly aware of the history of cannabis and how it has disproportionately impacted black Americans. We believe that it is important for the African American community to be represented in the cannabis industry and that we embrace diversity in ownership, leadership, and those we intend to treat.”
“I am beyond thrilled to join the TheraTrue team and lead our historic journey into the cannabis industry,” said Victor E. Mancebo, CEO of TheraTrue. “I believe that TheraTrue’s strategy of focusing on new medical markets with limited licenses is key to long term success. Our team is uniquely positioned to deploy key initiatives into these emerging markets, and provide Georgia’s medically qualified patients with consistent, quality, medical grade cannabis derived products.”
In Georgia, TheraTrue applied for a Medical Cannabis Production License with intention to establish its facilities in Louisville, located in Jefferson County. Georgia made the production of medical grade pharmaceutical medication containing low levels of THC to treat specific medical conditions for patients registered with the state’s Low THC Registry legal in 2019.
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TheraTrue was founded in 2019 by scientist, entrepreneur, and investor, Dr. Paul Judge. TheraTrue prides itself on its commitment to operating fully regulated, transparent, and highly professional facilities that will deliver vital products to improve the quality of life for patients suffering from debilitating medical conditions. TheraTrue will redefine the medical cannabis patient experience by offering an elevated in-store atmosphere, opportunities for patient education and unparalleled customer service. TheraTrue’s mission is to deliver safe, quality products developed at our processing site and thoughtful, personalized patient care through our proposed retail outlets. TheraTrue’s medical advisory board includes over 20 physicians, pharmacists and scientists. TheraTrue has partnered with several universities in Georgia and Virginia to conduct research. Virginia, TheraTrue submitted an application for the Pharmaceutical Processor License in Health Service Area 1 (HSA1), with its projected facility to be located in Staunton, Virginia. For more information, visit theratrue.com.
Bio: Dr. Paul Judge
Dr. Paul Judge is an entrepreneur and investor. He has co-founded three companies that were acquired and has invested in over 60 companies. Additionally, Paul is a cofounder at Pindrop and cofounder at Panoramic Ventures. Previously Paul was cofounder of TechSquare Labs, an early stage tech hub and Luma Home that was acquired by a Fortune 500 in 2018. Paul was also cofounder of Purewire, a web security company, that was acquired by Barracuda in 2008. Paul served as Chief Research Officer at Barracuda through its IPO in 2013. Prior to this, Paul was Chief Technology Officer of CipherTrust, a leader in email security, which was acquired by Secure Computing in 2006. Paul has received many awards including being named to Fortune Magazine’s “40 Under 40” list, MIT’s Technology Review Magazine’s “Top 100 Innovators under 35”, Black Enterprise’s “50 Most Powerful Players Under 40”, Atlanta Business Chronicle’s “40 under Forty” and Atlanta Magazine’s “Atlanta’s 500 Most Powerful Leaders”. He is a member of the 2016 Class of Henry Crown Fellows and the Aspen Global Leadership Network at the Aspen Institute. Paul is the lead inventor on over 30 patents. Judge earned a B.S. from Morehouse College and a M.S. and Ph.D. from Georgia Tech in Computer Science.
Bio: Victor Mancebo
Victor E. Mancebo has joined TheraTrue as Chief Executive Officer (CEO) and Board Director. Mr. Mancebo also serves as President and Chief Operating Officer of TheraTrue Georgia LLC and TheraTrue Virginia LLC. Prior to joining TheraTrue, Mr. Mancebo served as President and CEO of Liberty Health Sciences, Inc. (LHS) (CSE: LHS) (OTCQX: LHSIF) a prominent vertically integrated medical cannabis company based in Florida. Under his leadership, the company expanded its footprint from four (4) to twenty-nine (29) dispensaries and operated a 250,000 square foot production facility. During his tenure at Liberty Health Sciences, the company served over 105,000 patients and witnessed the dispensation of over 4 million milligrams of medical cannabis oil and 1.2 million ounces of cannabis flower. Mr. Mancebo increased Liberty Health Sciences’ annual gross revenue from $5 million to over $54 million, a 980% growth and profitability trajectory within a 2-year period of Mr. Mancebo’s appointment. TheraTrue will leverage Mr. Mancebo’s direct experience with medical cannabis supply chain and operations to meet and exceed the patients’ needs.