Organigram Trades Higher As Cannabis Company Appoints New CFO, CSO

Cannabis company Organigram Holdings Inc. OGI OGI said Wednesday it has hired current CFO Paolo De Luca as its chief strategy officer and hired Derrick West, a member of the company's board of directors, as CFO. 

De Luca has served as Organigram’s CFO since the end of 2017. Before he joined the company, he works at various international companies such as Potash Ridge, C.A. Bancorp, TD Securities and West Face Capital.

West has served as chairman of the Organigram board's audit committee since the end of 2017; he's resigning the position to assume the CFO role.

His professional experience includes positions at Landdrill International and Plazacorp Retail Properties Limited, now Plaza Retail REIT. 

“In this highly dynamic and growing industry, we are strengthening the skill and scope of our leadership team," Organigram CEO Greg Engel said in a statement.

“I am thrilled to have Paolo take on the role of chief strategy officer. He has been intimately involved in our strategy development since he joined Organigram and has an excellent track record of rapidly and profitably scaling the company through substantial growth. This dedicated role will allow him to resolutely focus on the ongoing evolution and execution of strategy critical to our continued success.”

West is an experienced financial and accounting professional with "strong knowledge" of Organigram and the cannabis industry, Engel said. 

The stock was trading 5.88% higher at $2.26 at the time of publication Wednesday.

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