Vivo Cannabis (TSX: VIVO) appears to be going through in-fighting in terms of the direction of the company. The firm this morning announced that a total of four directors have resigned from their role with the company, leaving just one director on the firms board. The firm has also lost its interim CEO.
The company announced that Rick Fitzgerald, whom was also interim CEO of the company until June 30, 2021 and formerly the chairman and CEO of Diageo Canada, as well as John Easson, Christie Henderson, and Daryl Kramp have resigned from their directorships. They also will not be standing for re-election at the firms shareholding meeting slated to take place today.
The move effectively leaves Roy Laflamme, whom is president of the firms Canna Farms subsidiary, as the sole director on the firms board. A new slate of directors is said to be announced after the firms meeting scheduled for today.
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The departures of the firms board is said to be a result of “strategic differences” between the firms largest shareholders and the board, however the company was clear in saying that it was “not related to the Company’s financial performance, liquidity, or regulatory standing.” The firm also claims there is to be no material impact to the firms operations, despite it being unclear whom is currently acting as CEO for the company.
Vivo Cannabis last traded at $0.13 on the TSX.
Information for this briefing was found via Sedar and Vivo Cannabis. 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.
