Cannabis Movers & Shakers: Pure Harvest, Allied, Bluma, Vitalis, Aurora, MedMen, Flora Growth
Here is a summary of the latest company shakeups within the cannabis industry.
Pure Harvest Welcomes David Chessler As Strategic Investor
Cannabis and hemp-CBD company Pure Harvest Corporate Group Inc. (OTCQB:PHCG) has tapped David Chessler's family office, Chessler Holdings, to serve as a strategic investment group.
Chessler will support Pure Harvest CEO Matt Gregarek on acquisitions as well as other capital and corporate challenges.
Chessler, a founder of telematics company ParView, has invested in various industries during his career, including technology, media, and content delivery. He is also a member of more than a dozen boards of directors, and serves as managing director of both Jordyn Holdings and Great White Shark Opportunity Fund.
“It is a privilege and opportunity to join the team at Pure Harvest,” Chessler said, adding that he is “eager to assist in the launch of a game changing, soon to be released, product that is guaranteed to disrupt the entire CBD industry.”
Denver-based Pure Harvest has been eager to become a carbon-neutral business. Its subsidiary, Sofa King Medicinal Wellness Products LLC, recently opted to implement solar, storage, and intelligent distribution technology at its dispensary in Dumont, Colorado, under a deal between Pure and Solar Cultivation Technologies Inc. Shortly afterwards, Pure acquired Solar.
Athlete David Lipson Becomes Allied’s New Brand Ambassador
Thunder Bro Athletic Co. founder David Lipson has endorsed medical cannabis company Allied Corp. (OTCQB:ALID).
The move comes on the heels of Allied's welcoming Camille Leblanc-Bazinet to its brand ambassadors team.
Lipson is a professional baseball player, as well as a strength and conditioning leader.
Allied’s branded products include Equilibrium Bio, Tactical Relief, MaXXa, and Buds Pure Naturals.
"I believe in the products and stand behind Allied’s vision in creating pharmaceutical and natural health products for targeted health and wellness,” Lipson said in a prepared statement.
Bluma Wellness Changes Auditors
The decision is effective Nov 19.
“We would like to thank SRCO Professional Corporation for their services and guidance, and we are excited to work with Marcum and their experienced team as we continue to scale up our operations in Florida,” Bluma CEO Brady Cobb stated.
Meanwhile, the Toronto-based company announced revenue for the third quarter amounted to $3.2 million, up by 47.7% sequentially. Its net income for the period was approximately $300,000, or $0.003 per basic and diluted share.
Vitalis Extraction Technology Names New CEO
Vitalis Extraction Technology Inc., a producer of industrial supercritical CO2 extraction systems for the cannabis, hemp, pharmaceuticals, F&B, and essential oil industries, has appointed Joel Sherlock as its new CEO.
Sherlock is a seasoned entrepreneur known for building profitable ventures, including ten start-ups and corporate exits.
“Having all departments reporting to me directly will ensure a more modern and adaptable structure, one that helps us safeguard the longevity of our business,” Sherlock said.
He will also retain his position as acting CRO.
Aurora Cannabis Confirms Layoffs
Aurora Cannabis Inc. (NYSE:ACB) has halted operations at one of its facilities in Alberta, Canada.
The move resulted in roughly 30 layoffs.
In June, the company laid off 700 workers and announced plans to cease operations at five facilities in Saskatchewan, Ontario, Alberta and Quebec (h/t CBC). Aurora plans to consolidate production and manufacturing at four facilities after incurring $3.3 billion in losses in 2020.
MedMen Appoints Tracy McCourt As CRO
The moves came on the heels of the election of the company's new directors.
At her new position, McCourt will oversee the Los Angeles company's omni-channel marketing strategy and conduct buying, merchandising, and business intelligence efforts.
She brings over two decades of experience in customer experience management, having worked for brands such as Skechers, Guess, Murad, Frederick's of Hollywood, and Zappos.com.
"Tracy is a tremendous addition to the MedMen leadership team and will be instrumental in working cross-functionally to boost revenue streams," Tom Lynch, Interim CEO, commented.
Meantime, over the fourth quarter, MedMen's revenue dropped by 40% to $27.4 million.
Flora Growth Strengthens Its Board, Welcomes Dr. Beverley Richardson and Luis Merchan
Flora Growth Corp. disclosed Thursday it has welcomed Dr. Beverley Richardson and Luis Merchan to its board of directors.
The two experts replace Con Steer, who opted to resign.
Merchan is an executive who spent over a decade serving in consumer package goods companies, sharpening his enterprise sales management skills. Most recently, he served as Macy's Inc.'s Vice President of Workforce Strategy and Operations.
Richardson has a Doctorate Degree and in Psychology. She is also a B.C. Registered Clinical Counsellor, Internationally Certified Eating Disorder Specialist, and EMDR Level II Trauma Therapist.
She brings years of experience in health and wellness.
Richardson noted she looks forward to working with the Flora team, adding that "early research indicates that the cannabis plant has properties that are promising for the development of medicines and nutraceuticals for people."
Flora Beauty division of the Toronto-based company – founded by former Miss Universe Paulina Vega – recently inked a distribution deal with retailer Grupo SACI Falabella (BCS: FALABELLA) to put its Mind Naturals CBD skincare brand products on shelves in 111 Falabella stores across Latin America.
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