Worcester Business Journal

wbjournal.com | March 18, 2019 | Worcester Business Journal 5 B R I E FS Sunovion picks new CEO Marlborough drugmaker Sunovion Pharmaceuticals has named its executive vice president and medical chief as its new CEO beginning April 1. Anthony Loebel will take over for Nobuhiko Tamura, the company's leader since 2014 who will assume new respon- sibilities including executive director of compliance and quality assurance in Sumitomo Dainippon Pharma Co., Ltd., Sunovion's parent company. Loebel joined the parent organiza- tion in 2007 aer seven years in senior leadership roles at Pfizer. He has served as an executive leadership team member at Sunovion and Sumitomo. Marsh-Kemp Insurance acquired by Virginia firm A Virginia insurance firm has ac- quired Worcester's Marsh-Kemp Insur- ance Agency for an undisclosed figure. e Richmond insurance firm e Hilb Group's acquisition became effec- tive March 1. Marsh-Kemp's locations on Park Avenue in Worcester and on Auburn Street in Auburn will continue to be led by President omas McLear. Ease marijuana startup costs Caroline's Cannabis in Uxbridge will be the first small business to open a marijuana retail store in Massachusetts on March 15. The woman-owned company isn't backed by investors or a board of directors, unlike nearly all the other operators in the state's legal marijuana industry. When polled online, the plurality of WBJ readers said the state Cannabis Control Commission should try to cut down on these businesses expenses through either lower regulation or easier applications processes. F L AS H P O L L What is the best way for state regulators to encourage and protect small marijuana businesses? American Airlines reduces Philadelphia flights American Airlines has confirmed it is dropping one of its flights from Worcester Regional Airport to Phila- delphia one year aer adding a second flight to the route. Beginning in June, just one flight will be available for the route that began in October every- day except Tuesday, Wednesday and Saturday. Spokesperson Nichelle Tait said the decision was based on the size of flights on the route. e airport, MassPort and American Airlines announced the service last April, which made American the third airline to fly out of the airport. American Airlines started flying out of Worcester in October. Ease some regulations requiring high capital costs. 27% "I know that things will ease up as time goes by but initially, improved communication and assis- tance from the CCC folks to those of us getting into the business is the best first step," Kimberly Gib- son, Gibby's Garden LLC in Uxbridge "These businesses are making millions of dollars per week. They don't need government help to make this thing go." Nothing. Let the free market rule. 35% Make the application process easier so companies don't have to hire expensive attorneys. 21% Continued on Page 6 Hosting Culture & Community for 160 + years Mechanics Hall Experts at hosting your concert or event! Call to inquire! Mechanics Hall • 321 Main Street, Worcester, MA 01608 508-752-5608 • events@mechanicshall.org Built in 1857 • National Register of Historic Places Provide training and financial- assistance programs. 5% "Allowing and encourag- ing the sale of addictive drugs is the dumbest thing we have done to ourselves in a long time. Where are the responsible adults?" Keep the number of licenses low to prevent competition. 12% Forbes: IPG CEO Gapontsev lost $1.2B in net worth in 2018 Valentin Gapontsev, CEO of Oxford laser manufacturer IPG Photonics, lost $1.2 billion of net worth in 2018, according to Forbes' list of billionaires. Forbes' annual list of the world's billionaires, published Monday, listed Gapontsev at No. 1,281 out of 2,153, with a net worth of about $1.8 billion. One year ago, his net worth was $3 billion when he was listed at No. 791. According to his Forbes profile, he owns a 23.2-percent stake in the compa- ny, which has been hit hard by the U.S. trade war with China. Charlton pot farm project gets court win Massachusetts Land Court has struck down a Charlton bylaw prohibiting the recreational marijuana industry, clear- ing one of many legal hurdles for the 1-million-square-foot pot cultivation facility proposed by Valley Green Grow. A land court judge said the town meeting article was an improper attempt to ban the industry. Instead, the town's zoning bylaws regulate the industry by allowing for marijuana cultivation in certain zones. Boston engineering firm opens Worcester office Boston engineering firm Howard Stein Hudson has opened a Worcester office in the Guaranty Building. e 370 Main St. office is the firm's third aer Boston and Chelmsford. e office will be managed by Steven Tyler, the former Department of Public Works director for the Town of Spencer. e firm has done work for a variety of state transportation agencies as well as private companies, including MGM's Springfield casino and a litany of Boston developments. Central Massachusetts projects include an elementary school in Milford and the Tatnuck Square safety improvements in Worcester. Clinton Savings purchases Berlin branch for $565K Clinton Savings Bank has pur- chased its longtime home in Berlin for $565,000. e bank has leased the 35 Central St. location since 1998. Cur- rently, the bank uses only a third of the 4,400-square-foot location. With the purchase, which closed at the end of January, the bank now expects to fill out most of the space to enhance services and expand the bank's relation- ship banking model.

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