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.
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