It appears Bruce Linton has finally decided on which US focused cannabis firm to work with. Vireo Health International (CSE: VREO) announced this morning that the firm has signed Linton on as Executive Chairman of the firm, with former director Chad Martinson resigning from the board to make way.
The appointment of Linton however did not come cheap. In total, incentive warrants to acquire up to 15 million subordinate voting shares have been issued to Bruce Linton as a result of him coming on board. The warrants consist of three tranches, with 10 million having an exercise price of US$1.02, The second tranche consists of 2.5 million warrants at a price of $3.81, and the remainder are at a price of $5.86. All warrants are for a term of five years, with expiry being November 7, 2024. The shares are to vest over a term of two years, with the first 50% vesting November 6, 2020, and the remainder a year later.
Linton is to manage Vireo Health’s strategic decision-making, capital markets activity, and future partnerships within his current role. He’s to serve hand in hand with current CEO and founder Kyle Kingsley.
I am delighted to be joining Vireo, one of the most exciting cannabis companies in the United States with an impressive medical and scientific team developing the next generation of cannabis products. Beyond the attractive collection of strategic assets and intellectual property that Dr. Kingsley has assembled, I have taken this role because I share the Company’s ambitious vision for the future of cannabis. We are confident Vireo can become a top US producer and distributor of high-margin, proprietary products within the next several years and create unprecedented long-term shareholder value.
Bruce Linton, Executive Chairman of Vireo Health
Vireo Health is currently trading at C$1.85, up $0.50 or 37.04%.
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Information for this briefing was found via Sedar and Vireo Health. 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.
