48North Cannabis (TSXV: NRTH) has seen its chief financial officer depart from the company after less than a full month on the job. Sean Bryne, whom joined the company on March 1, 2021, has elected to resign from his role of CFO as of this morning, amid a number of operational changes announced by the firm.
The announcement of Bryne’s resignation was mixed in with a number of operational changes made public by the firm this morning. Chief among such changes is the move to cease operations at Good:Farm, which is the firms outdoor cultivation facility located in Ontario. The decision to halt operations at the site follows the firm refocusing on efficient product manufacturing, branding, and distribution amid excess supply of product across the industry. Profitability meanwhile is currently being targeted for the first half of 2022.
The ceasing of operations is expected to result in the firms entire workforce being reduced by roughly 20%. Based on company filings, this is anticipated to amount to an estimated 29 jobs. Financially, the employee reduction and related facility closures are expected to amount to annualized fixed operating cost reductions of $5.0 million.
Also included in this mornings update was the announcement that Kirsten Gauthier, Chief Growth Officer of the company, will be leaving the company effective today, with no replacement named. In terms of the CFO role, Donnacha Rahill, the former interim CFO of the company will again assume the role on an interim basis, with Byrne formally leaving the company in early April.
48North last traded at $0.18 on the TSX Venture.
Information for this briefing was found via Sedar and 48North Cannabis Corp. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
2 Responses
CFO gone, CMO gone, VP of Comms gone, SVP Sales and Marketing also soon to leave. Head of IT left and they haven’t filled the position. Their operating costs are through the roof and they have yet to control it. From the health canada website, the Good House doesn’t have a sales license so they’re running everything through their Delshen site for sales or else they would have probably dropped that too. Their topicals are a joke compared to everything else available now. Bought in at 8cents, will hold to see if someone bigger bites or sell before they shutter
Watch the price go down and down and down and down… We’re still waiting for the good news that may not even come… I don’t believe it anymore. If this 48NRTH s**t goes up to 0.19 I sell everything… I’ve had enough…