TerrAscend CEO Steps Down, Ackerman Named Interim Replacement

TerrAscend Corp (CSE: TER) this morning announced management changes as it continues to focus on its US-based operations. Co-founder and Chief Executive Michael Nashat will be stepping down from his role, while Executive Chairman Jason Ackerman will be taking over the role on an interim basis.

The reason for the change in leadership is stated to be a result of the continued focus on US operations for the firm, which naturally requires a US-based leadership team. Nashat will not be departing from the company however, as he will continue to serve on the Board of Directors, as well as act as a strategic advisor to the firm.

Jason’s experience in omnichannel retail, distribution and operations are skills that TerrAscend will lean on as it enters this new growth phase. In my time working alongside Jason, it is clear that he is the right person to take on this role, and as a large shareholder, I believe this is what is best for securing TerrAscend’s future. I look forward to continuing to advise the Company in my board position and as a strategic advisor.

Michael Nashat

Ackerman’s claim to fame within the business world is being a founder of FreshDirect, an online fresh food grocer for which he helped build to over $600 million in annual sales across seven states. Following his successful exit from the firm, he has served as a consultant to a number of firms, as well as worked as a senior advisor for Boston Consulting Group. His experience includes omnichannel retail, distribution, and operations, which is expected to be utilized significantly as TerrAscend continues to develop and grow its operations across the US.

TerrAscend last traded at $2.94 on the CSE.

Information for this briefing was found via Sedar and TerrAscend 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.