Pasha Brands (CSE: CRFT) has finally released news following its two day trading halt, revealing that the firm has seen a large portion of its Board of Directors resign as of late. The news follows last weeks announcement of conducting a layoff of twelve of its employees as a result of refocusing on revenue generating operations.
Three directors have resigned effective immediately. Those resigning include Scott Walters, Rosy Mondin, and Hugo Alves – all notable names within the Canadian cannabis sector whom have seen success at other listed issuers. The resignations have resulted in only Patrick Brauckmann, Executive Chairman of the board remaining.
The resignations follow recent struggles at the issuer, which include layoffs that were conducted last week. The layoffs were reportedly largely contained to the communications and client services divisions while the firm focuses on reducing overhead costs and getting its product to markets.
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The firm indicated that it will now begin working towards establishing a new board consisted of committed investors focused on the future of the firm. A timeline for the restructuring of the Board of Directors was not provided.
Pasha Brands last traded at $0.085 on the Canadian Securities Exchange.
Information for this briefing was found via Sedar and Pasha Brands. 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.
