Here is a summary of the latest company shakeups within the cannabis industry.
Renee Merrifield Steps Down from Valens Board
Renee Merrifield has opted to resign from the board of directors at The Valens Company Inc. (TSX:VLNS) (OTCQX:VLNCF).
The move comes on the heels of her election as a member of the Legislative Assembly of the Kelowna-Mission district of British Columbia.
Merrifield also serves as CEO and co-founder of Troika Management Corp., a land and real estate development company.
“On behalf of the Board of Directors and Executive leadership team, I would like to congratulate Ms. Merrifield on this exciting next step in her career and wish her the best for the future,” Valens CEO Tyler Robson said.
The company’s latest earnings report revealed $18.1 million in net revenue for the third quarter — up by 10% year-over-year. In addition, product sales accounted for 83% of net revenue at $15.1 million.
In April, the Kelowna-based company started trading on the Toronto Stock Exchange.
Cannabis Growth Opportunity Corporation Names New CEO
Cannabis Growth Opportunity Corporation has named Paul Crath its new CEO and Director, replacing Paul Andersen.
The company also appointed Ashish Kapoor as a Director and Graham Simmonds to chair the board.
According to a Thursday’s update, Sean Conacher would serve as a new Chief Strategy Officer.
Michael Johnston remained at the CFO position, Corporate Secretary and Director, while Bruce Campbell would continue to manage the company’s portfolio through his firm StoneCastle Investment Management Inc.
The Toronto-based cannabis-focused investment company also disclosed it intends to purchase the CGOC Management Corp.
The new shake-ups in the company’s leadership team came on the heels of the company’s announcement, it has parted ways with three executives, including Nick Richards, Gary Yeoman, and Phillip Millar.
iAnthus Promotes Robert Galvin To Be Interim COO
Cannabis company iAnthus Capital Holdings Inc. (CSE:IAN) (OTC:ITHUF) revealed Friday it had promoted its current Senior Vice President and Chief Administrative Officer Robert Galvin to serve as Interim COO.
Galvin – who previously served as a member of the company’s board – replaces Patrick Tiernan.
He brings extensive financial and leadership experience and would focus on maintaining iAnthus’ operational momentum in the year to come, the company said.
Simultaneously, iAnthus reported generating roughly $40.6 million in revenue during the third quarter of fiscal 2020 – by 17% sequentially and approximately 82% year-over-year.
Khiron Appoints Former Colombia’s Minister of Finance Juan Carlos Echeverry To Its Board
Khiron Life Sciences Corp. (TSXV:KHRN) (OTCQX:KHRNF) noted Monday it has tapped Juan Carlos Echeverry, a seasoned Colombian economist, and medical cannabis advocate, to its board of directors.
Echeverry is a former CEO and President of Ecopetrol, a Colombia-based corporation and the fourth largest Latin American oil and gas producer. In addition, he also served as Colombia’s Minister of Finance from 2010 to 2012.
At his new position, he would further improve the global growth of the company’s business model.
Alvaro Torres, the company’s CEO and Director, is “very pleased” Echeverry opted to join the company as it continues to execute on our sales strategy in Latin American and global markets.”
As a vertically integrated medical and CPG cannabis company Khiron operates across Europe and North America with core operations in Latin America.
In September, Khiron teamed up with an e-commerce company, Rappi, to introduce and distribute a line of CBD products to Uruguay and Costa Rica. Shortly after, the company appointed Joel Friedman to serve as a new CFO, replacing Wendy Kaufman.
Allied Corp. Taps Elite Athlete Camille Leblanc-Bazinet To Promote The Brand
International medical cannabis company Allied Corp. (OTCQB:ALID) disclosed that athlete Camille Leblanc-Bazinet opted to endorse the brand.
Leblanc is a nine-year individual Crossfit Games veteran and former gymnast.
Currently, Leblanc serves as a Crossfit Level 1 Seminar Staff and is under Red Bull energy drinks sponsorship.
The British Columbia-based company tapped Leblanc on the heels of a new product launch — a CBD-infused electrolyte replacement beverage — in partnership with Reef Drink Company.
“With the launch of Equilibrium, this extends our brand portfolio beyond the typical CBD products currently in the marketplace,” Founder and CEO Calum Hughes said Monday.
Will.i.am, Alyssa Milano And Other Celebs Invest In German Startup Sanity Group
Sanity Group confirmed Tuesday it has received investment from four celebrities, including Black Eyed Peas founding member and musician Will.i.am, actress Alyssa Milano, German soccer player Mario Goetze and model Stefanie Giesinger.
The new endorsers backed the Berlin-based CBD and medical cannabis company by investing in its latest funding round of $4.8 million.
The German startup “has found the right approach and have created high-quality products to help people,” The Voice star Will.i.am commented.
The financing coincides with the launch of the firm’s CBD lifestyle brand VAAY into the UK market.
“Support for our brand from celebrities such as Will.i.am is a sure-fire catalyst for growth,” Fabian Friede, the company’s co-CEO, noted.
Fitness Expert Gunnar Peterson Endorses ALTWELL CBD
ALTWELL CBD said Tuesday that the fitness expert Gunnar Peterson opted to endorse the company.
Peterson – who is a personal trainer and Director of Strength and Endurance for the Los Angeles Lakers – agreed to promote the use of CBD in recovery and for overall wellness, the Benicia, California-based company noted.
“In trying and testing their sports balm and body lotion, the results were noticeable…I use both to aid and prevent personal injuries and have noticed immense progress,” Peterson said, adding he was skeptical about using CBD at first.
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.