First it was Slang Worldwide this week that noticed the departure of the corporate’s CEO Chris Driessen, together with Board Chair Peter Miller stepping down and several other different board members who left. At this time, Cover Development Company (NASDAQ: CGC) introduced that Government Vice President and Chief Monetary Officer Mike Lee and President and Chief Product Officer Rade Kovacevic would depart the corporate on December 31, 2021.
New Cover Executives
The modifications are coming shortly after the corporate blamed the decline in flower gross sales within the third quarter on an inadequate provide of flower with in-demand attributes, together with increased THC, within the premium and mainstream classes as nicely heightened competitors centered on single pressure choices within the worth flower class. Cover mentioned that it managed to maintain its primary market share within the premium flower class however conceded that it fell by 310 bps quarter over quarter. The worth flower class maintained its quantity two market share, however that additionally dropped by 540 bps from the primary quarter.
Cover Development named Judy Hong as interim Chief Monetary Officer and Tara Rozalowsky as interim Chief Product Officer. Along with serving as members of the corporate’s Government Administration Committee, each will report on to CEO David Klein efficient instantly. The corporate mentioned it has initiated an exterior seek for each roles and to help a seamless transition has
“These selections replicate Administration and the Board’s imaginative and prescient for constructing a best-in-class group that’s well-positioned to ship long-term development and shareholder worth,” mentioned David Klein, CEO, Cover Development. “We admire Mike and Rade’s contributions to advancing Cover Development to our place as a hashish business chief. Judy and Tara are established leaders who’ve performed pivotal roles throughout their tenure at Cover Development. I’m assured of their skill to execute towards our strategic priorities as we speed up our path to profitability,” added David Klein, CEO.
HEXO Corp (NASDAQ: HEXO) introduced that Sebastien St-Louis has resigned from HEXO’s Board of Administrators. The corporate additionally introduced that it has appointed President and CEO, Scott Cooper, as a Director to exchange Sebastien St-Louis, efficient yesterday.
“I want to take this chance to thank Sebastien for over eight years of service on HEXO’s Board of Administrators. By means of his years of dedication, he has helped construct HEXO right into a market chief in Canada,” mentioned Dr. Michael Munzar, Chair of the Board. “It’s my pleasure to welcome HEXO’s President and CEO, Scott Cooper, to the HEXO board. Scott’s expertise with Truss, Molson Coors, and several other different publicly-traded client packaged items firms might be instrumental to HEXO’s success as we proceed to drive development and profitability via the commercialization of superior hashish merchandise and to defend our place as a market chief in Canada.”
Hexo is making the modifications not lengthy after it gave a sobering warning about upcoming convertible debt. Hexo additionally said that whereas it sufficient cash for ongoing working capital necessities, the present funds readily available, mixed with operational money flows,gained’t be sufficient for the money necessities underneath the Senior Secured Convertible Observe, plus the investments required to proceed to develop cultivation and distribution infrastructure, and the longer term development plans of the corporate. Administration mentioned it’s exploring a number of choices to safe the required financing, which might embrace the issuance of latest public or personal fairness or debt devices, supplemented with working money inflows from operations.
twenty second Century
twenty second Century Group, Inc. (Nasdaq: XXII) joined the membership in making large modifications because it introduced that Richard Fitzgerald has turn into the brand new Chief Monetary Officer, efficient November 15, 2021. John Franzino, the Firm’s earlier Chief Monetary Officer, was transitioned to Chief Administrative Officer, the place he might be accountable for additional growing the corporate’s enterprise processes and main the corporate’s monetary planning and evaluation, operational finance, human sources, and knowledge expertise features.
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