48North Co-CEO Jeannette VanderMarel Resigns

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48North Cannabis Corp. (TSXV: NRTH) co-chief executive Jeannette VanderMarel has resigned from her role with immediate effect.

VanderMarel is an early entrepreneur in the Canadian cannabis industry and co-founder of Good & Green and The Green Organic Dutchman. She joined 48North in December 2018 after it purchased Good & Green, in an all-stock transaction valued at $18 million.

She was installed as co-chief executive alongside Alison Gordon, who has headed up the company since 2017. Gordon will now serve as sole chief executive once again.

VanderMarel, a registered nurse and passionate cannabis advocate, cited personal reasons for stepping down. She said she remains incredibly proud of the work Good & Green has done, calling it the highlight of her career, and she also sought to reassure investors that 48North is in safe hands.

“The future of cannabis is outdoor and 48North investors, employees and consumers have every reason to believe 48North will be at the forefront,” said VanderMarel.

She will remain as a director of 48North, but she will be a loss to the executive team as the firm aims to drive growth in the competitive Canadian cannabis sector.

Yet 48North recently bolstered its C-suite by appointing Charles Vennat as chief corporate officer and Kristen Gauthier as chief marketing officer, and it feels it has a strong team in place to deliver upon its vision.

It describes its Good:Farm venture as Canada’s largest organic outdoor cultivation facility. It has the capacity to eventually produce 40,000 kg on an annualized basis. Trader Tomasz Lang also revealed he is impressed by its strategy in a recent guest column.

Last month, the firm shipped its first order of recreational marijuana to the Ontario Cannabis Store for retail sale, following supply deals covering Quebec and Alberta. It also made a $1.25 million strategic investment in Friendly Stranger Holdings Corp., a cannabis accessories retailer that has been operating in Ontario for 25 years.

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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