Mark Cells Where 2 Column Conditions Are Met

I have a macro that's supposed to update the value in column 1 when two conditions are met. Unfortunately it doesn't update the column at all:

Sheets("All_Records").Select

Dim item, rownum, maxrownum As Integer

Application. ScreenUpdating = False
maxrownum = Range("A2000").End(xlUp).Row

For rownum = 2 To maxrownum

If (Cells(rownum, 1).Value = "=") & (Cells(rownum, 29).Value = "OPEN") Then
With Cells(rownum, 1)
.Value = "APPROVED TRIAL"
End With
End If

Next rownum

End Sub

I took the code from another spreadsheet I have where it works fine. But there only one condition has to be met before the field is updated.