48North Bolsters Board with Gertner After VanderMarel Moves to Beleave

Toronto-based cannabis producer 48North [stock_market_widget type="inline" template="generic" color="default" assets="NRTH.V" markup="(TSXV: {symbol} {currency_symbol}{price} ({change_pct}))" api="yf"] has bolstered its senior management team by appointing industry veteran Alan Gertner as a company director.

Gertner founded Hiku Brands, the parent company of Tokyo Smoke, which was then sold to Canopy Growth Corp. [stock_market_widget type="inline" template="generic" color="default" assets="WEED.TO" markup="(TSX: {symbol} {currency_symbol}{price} ({change_pct}))" api="yf"] in a $600 million deal. Gertner stayed on at Canopy as chief retail officer and worked on developing the company’s brands across the world.

His arrival coincides with the departure of co-founder Jeannette VanderMarel, who has just taken over as chief executive at Beleave Inc. [stock_market_widget type="inline" template="generic" color="default" assets="BE.CN" markup="(CSE: {symbol} {currency_symbol}{price} ({change_pct}))" api="yf"]. VanderMarel is another industry heavyweight, who co-founded The Green Organic Dutchman [stock_market_widget type="inline" template="generic" color="default" assets="TGOD.TO" markup="(TSX: {symbol} {currency_symbol}{price} ({change_pct}))" api="yf"] as well as 48North.

Alison Gordon, who is now the sole chief executive at 48North after previously sharing the role with VanderMarel, said the firm is honoured to welcome Gertner to the board. “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,” she added.

48North recently appointed Charles Vennat as chief corporate officer and Kristen Gauthier as chief marketing officer. It previously announced that VanderMarel would remain on the board after resigning from her co-CEO role, but she has now cut ties with the company to join Beleave.

VanderMarel is investing her own money in Beleave and she will only take a nominal salary of $1 as her main compensation will be options-based.

Beleave reached an all-time high share price of $0.88 last year, but it decreased to $0.03 by the time VanderMarel took over as chief executive this week. It has since increased to $0.04.

She is tasked with raising capital to complete construction of the firm’s expansion of its facility in Hamilton, Ontario. She will also bid to steady the ship after a tumultuous period in which Beleave was forced to reach a settlement with the British Columbia Securities Commission for conduct that was “abusive” to its capital markets.

Beleave admitted that it sold $10 million worth of securities through two private placements to the Purported Consultants. The remaining $7.5 million was returned through pre-paid fees to the Purported Consultants, even though they did not provide any services.

The firm changed its management team and strengthened its internal controls and management processes after those developments, and now it has turned to VanderMarel to lead it forward.

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The opinions provided in this article are those of the author and do not constitute investment advice. Readers should assume that the author and/or employees of Capital 10X hold positions in the company or companies mentioned in the article. For more information, please see our Content Disclaimer.

Martin Green
Martin Green is an experienced journalist with a strong focus on the cannabis, alcohol, and gambling industries. He is particularly interested in the political issues affecting the global marijuana trade, and he has a keen focus on regulation changes and legal topics. He holds a BA English Literature, MA Creative Writing and a National Qualification in Journalism diploma. He has worked in journalism since 2009 and written for a broad range of newspapers, business titles and magazines, including The Sun, The Metro, The Journal, Livestrong, Drinks Retailing News, Harpers, Sportsbook Review, Vital Football, Essex Live and Surrey Live. Address: 682 Indian Road, Toronto, Ontario, M6P 2C9. Phone: 416-721-8257.
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