Zenabis Global (TSX: ZENA) has seen its chief financial officer retire after just a few short months on the job. Mike Smyth, who was appointed as the firms chief financial officer effective May 14, 2019 has stepped down from his role. In his place will be Eric Rasmussen, effective immediately.
The new chief financial officer most recently worked as a consultant for mid and large cap Canadian issuers, with a particular focus on that of corporate strategy and post-merger integration. Prior to working as a consultant Rasmussen served with an energy services company for a stretch of twenty years, wherein he focused on corporate and operations finances.
Rasmussen will have his work cut out for him as Zenabis continues to struggle with its finances. The firm has had notable funding difficulties, with the equity tumbling from $6.00 to that of $0.18 over the last several months as it struggles to cover its debts and obtain additional sources of funding. Most recently, the firm managed to raise $20.8 million through an over subscribed rights offering that brought with it significant dilution. Shortly thereafter, then CEO Andrew Grieve was replaced by former CEO Kevin Coft.
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Zenabis Global last traded at $0.185 on the TSX.
Information for this briefing was found via Sedar and Zenabis Global. 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.
