48North Cannabis Corp (TSXV: NRTH) announced this morning that former co-CEO Jeannette VanderMarel has stepped down from the board of directors. In her place, industry veteran Alan Gertner will be taking a position on the board as an independent director.
With VanderMarel stepping down from the board, it marks the complete departure of the Good and Green founder from that of 48North. VanderMarel, who previously served as co-CEO of the firm along with Alison Gordon, stepped down from her executive position back on September 10. At the time it was indicated that the departure from the outdoor grower was for personal reasons.
In the time since her departure, VanderMarel has been appointed as the Chief Executive Officer of Beleave Inc (CSE: BE), a Hamilton-based grower of cannabis behind the Seven Oaks brand. VanderMarel this week was also appointed to a board position at Beleave following her appointment as CEO.
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Alan Gertner, who will be taking VanderMarel’s place on 48North’s board of directors, has become an industry veteran following the sale of Hiku, owner of the Tokyo Smoke brand, to Canopy Growth Corp (TYSX: WEED) (NYSE: CGC) in 2018. The acquisition of the cannabis brand, which was purchased for a total of $600 million following a significant run in the equity price of Canopy shortly after the initial acquisition announcement, is considered one of the most excessive purchases in the cannabis industry. Gertner most recently served as the Chief Retail Officer for Canopy Growth following the acquisition of Tokyo Smoke. He departed from Canopy in January, after less than six months on the job.
Alan’s finger is on the pulse of the cannabis industry both domestically and internationally, his experience in building successful brands and executive experience at the world’s largest cannabis company will be critical to the future success of 48North.
Alison Gordon, CEO of 48North
48North closed yesterdays session at $0.58 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.
