48North’s VanderMarel Resigns as Co-CEO

48North Cannabis Corp (TSXV: NRTH) announced after the bell today that co-CEO Jeannette VanderMarel has resigned from her position on the executive team. Co-CEO Alison Gordon will take on the role in full capacity on a go forward basis.

VanderMarel, who came to the company via 48North’s acquisition of Good and Green in December 2018, will remain on the Board of Directors of the firm. She indicated within the release that her departure is for personal reasons, and instead elected to focus on the future of 48North stating, “I have made the difficult decision to step aside as co-CEO but am incredibly proud of the work we done together, seeing the farm through concept to its current state of readiness. The future of cannabis is outdoor and 48North investors, employees and consumers have every reason to believe 48North will be at the forefront.”

The acquisition of VanderMarel’s Good and Green brought a second licensed facility under the belt of 48North, with the firm having a 46,000 square foot facility on five acres of land located in Brantford, Ontario. The move was also pivotal, in that the purchase included 100 acres of land on which 48North is set to soon harvest its first full outdoor crop. VanderMarel, who also co-founded The Green Organic Dutchman (TSX: TGOD), first began the quest of outdoor production as a result of the energy-intensive greenhouses she had previously been subject to.

48North Cannabis closed today’s session at $0.78, unchanged on the days trading.

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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.