Cannabis Movers & Shakers: WeedMD, Flower One, Wikileaf, Australis, Green Thumb, Harborside, PSYC, Indus, Common Citizen, ECHO Connection

The year has kicked off to a strong start. Here’s a summary of the latest company shakeups within the cannabis industry.

Australis Capital Hires New CFO

Australis Capital Inc. AUSA AUSAF has hired a seasoned financial expert Jon Paul to serve as its new CFO.

Paul has four decades of experience in finance.

Previously, he oversaw PLUS Products' financial department.

"Jon comes to us with a stellar track record in driving business performance across various sectors, including the U.S. cannabis industry," shared Dr. Jason Dyck, Chairperson of AUSA's Compensation and Nominating Committee.

Meantime, over the past year, the Las Vegas-based company reported several management changes, including the resignation of Executive Chairman Scott Dowty from the board of directors and the appointment of cannabis industry veteran Sameer Kumar to the board in September.

Board Member Exits Green Thumb

Alex Yemenidjian has resigned from Green Thumb Industries Inc.'s GTII GTBIF board of directors.

Yemenidjian opted to part ways with the Chicago-headquartered company to pursue gaming license opportunities.

“I continue to have the utmost confidence in Green Thumb as a significant shareholder and look forward to watching the company continue to serve as an industry leader,” he said.

The company’s founder and CEO Ben Kovler shared his appreciations for Yemenidjian’s contributions, wishing him “success in his future endeavors.”

Meantime, according to its recent earnings report, Green Thumb’s revenue increased by 31.3% sequentially and 131.1% year-over-year to $157.1 million in the third quarter..

WeedMD Strengthens Board, Appoints Interim CEO

Medical cannabis company WeedMD Inc. WMD WDDMF confirmed Monday it has appointed its Executive Chairman George Scorsis to serve as interim CEO after Angelo Tsebelis opted to step down.

The move came a month following the departure of the company’s Chief Commercial Officer, Stephen Ng.

Scorsis sharpened his commercial skills for two decades while working in the consumer packaged goods (CPG), beverage, and cannabis industries.

Simultaneously, the Toronto-based company reported that its Chief Legal Officer Jason Alexander joined the board of directors.

Prior to this, the senior corporate expert held an executive position at Starseed and was also legal counsel for Shoppers Drug Mart.

Scorsis thanked Tsebelis for his “contributions to our growth, his counsel during our transition."

Flower One Names Interim CFO

Cannabis company Flower One Holdings Inc. FONE FLOOF tapped Richard Groberg to oversee its finance department on the heels of appointing Nitin Kaushal to its board of directors.

Groberg, who will assume the role of interim CFO, replaces David Kane.

He brings years of finance experience, working in a number of companies, including start-ups and high-growth, multi-unit operations.

“We look forward to leveraging Richard’s broad and extensive range of finance, accounting, investment banking, capital markets, and operational experience,” Ken Villazor, the company’s President and CEO, said Monday.

The Toronto-headquartered company disclosed earlier it expects to generate $11.5 million in revenue in the third quarter. The company also secured $39 million in financing in October via a debt loan agreement with Subversive Real Estate Acquisition REIT LP.

Wikileaf Technologies Shakes Up Management

Wikileaf Technologies Inc. revealed Monday its Chief Growth Officer Dan Nelson stepped down from his position.

Nelson will continue to serve in the company as a director.

“I look forward to continuing to be a part of the transformation of the business model of the Company in a Director capacity,” he said.

In addition, finance expert and Meta Growth Corp.’s CFO, Mike Best, opted to join Wikileaf’s team, as it pivots the company’s business model, Chairman and Interim CEO Connor Cruise noted.

Simultaneously, the Seattle-based provider of data services to the cannabis industry parted ways with Manoj Hippola, who oversaw its financial department.

Harborside Parts Ways With Co-Founder

Vertically-integrated cannabis company Harborside Inc. HBOR HBORF confirmed Monday it has parted ways with Steve DeAngelo, who co-founded the company in 2006.

In addition, Harborside said it has eliminated the role of Chairman Emeritus.

The California-based retailer was one of the first in the country to obtain a medical cannabis license.

“I’m proud of the immense work that has been completed to get us to where we are today and wish the very best for the Company as it continues to grow,” he stated, adding his focus in the future would be on “environmental, social and corporate governance (ESG) issues and opportunities in the legal cannabis industry.”

PSYC Forms Advisory Board

Global Trac Solutions, Inc. PSYC has formed an Advisory Board.

The members of the newly created board are George Y. Salameh, MD, Hyder A. Khoja, Ph.D., and Kelli Foulkroud, MS, LPA, LPC, RYT.

Dr. Salameh is a seasoned medical expert with over 35 years of experience in family and emergency practice.

Dr. Khoja brings 19 years of experience in molecular biology and genetic engineering fields.

Foulkrod spent roughly two decades working in the mental health field.

“We are incredibly grateful and privileged to have the opportunity to welcome such a diverse and highly-skilled group of experts to our Advisory Board,” said David Flores, CEO of the Las Vegas-based psychedelics company.

Indus Holdings Names New CRO

Indus Holdings, Inc. INDS INDXF appointed Kevin Lawrence to serve as Chief Revenue Officer.

Lawrence has over 25 years of experience in working in cannabis, retail, and finance.

Previously, he served at Flora California, Inc. as Vice President of Sales, Field Marketing, and Distribution.

“It is a privilege to work alongside the Indus team, and I look forward to merging my expertise and ideas with their forward-thinking strategy,” Lawrence said.

Meantime, the Salinas, California-based company recently disclosed its intention to expand its cultivation operations by leasing a facility in the vicinity of its Monterey County operations, on the heels of appointing a new CFO.

Common Citizen Welcomes Marketing Expert Allison Hornev

Cannabis producer Common Citizen welcomed former Bell’s Brewery Inc. marketing lead Allison Hornev.

Hornev opted to work on developing the Common Citizen brand as the company increases its footprint in Michigan.

“Allison’s experience in marketing and brand management will make her an invaluable member of the Common Citizen team as we continue to provide safe, high-quality cannabis products to patients and adult-use customers across Michigan,” CEO Michael Elias stated.

ECHO Connection Taps New President And Board’s Chair

CBD oriented non-profit charitable organization ECHO Connection has appointed Brian Higuera as its new President and Chairman of the Board of Directors.

“When I was asked to step into this new position, I was honored and excited,” the CBD advocate noted. “I took a look back on the last seven years of my daughter’s life and knew that the next chapter of my life is meant to be spent changing as many lives for the better as I can, just like ECHO has for my family, through the benefits of CBD."