ABcann Global Appoints Barry Fishman as Chief Executive Officer
September 07 2017 - 8:00AM
ABcann Global Corporation (TSX-V:ABCN) ("ABcann"
or the "Company") is pleased to announce the appointment of Barry
Fishman as Chief Executive Officer of the Company, effective
October 1, 2017.
Mr. Fishman has almost 20 years of experience as
a business leader, most recently as CEO of international specialty
pharmaceutical company Merus Labs (TSX:MSL) (NASDAQ:MSLI).
Under his leadership, sales and EBITDA grew at a compound annual
growth rate above 50%, culminating in the acquisition of Merus by
Norgine B.V. in July, 2017 for approximately $342 million. He also
has several years of experience serving as a director of public
companies in the cannabis sector.
Mr. Fishman previously served as CEO of both
Teva Canada and Taro Canada, and is a past Chair of the Canadian
Generic Manufacturers Association. He began his pharmaceutical
career at Eli Lilly, where he advanced through several
cross-functional leadership roles, including Vice President of
Marketing.
"Barry's proven experience as a CEO of complex,
highly-regulated organizations with international operations will
serve ABcann and our shareholders well as we continue to execute
our growth strategy, including the significant expansion of our
production capacity, and establishing our unique leadership
position in the cannabis industry," stated Ken Clement, Executive
Chairman. "We would also like to take this opportunity to thank
Aaron Keay for the committed and dedicated work he has done
positioning ABcann within the capital markets and we look forward
to his continued active involvement with the Company, including
serving on our Board of Directors."
"I am delighted to join ABcann and to become
part of a dynamic team that will continue to drive innovation and
elevate quality standards in the cannabis sector," commented Mr.
Fishman.
"This is an exciting day for everyone associated
with ABcann. I am very pleased to welcome Barry to the ABcann team
as we continue to evolve and enhance the leadership within the
Company," said Aaron Keay, CEO and Director of ABcann. "Barry's
experience operating in international markets will be a welcome
addition to ABcann. I look forward to working very closely with him
and the entire ABcann team as we increase sales and production
capacity, and continue our next level of growth in the domestic and
international markets."
In connection with Mr. Fishman's appointment,
the Company has: (i) granted Mr. Fishman 1,250,000 stock options,
each of which is exercisable into one common share for five years
at a price of $0.83 per share, being the closing price of the
Company's common shares on the TSXV on September 6, 2017, and
vesting monthly over 36 months from the date of grant; and (ii)
agreed to issue Mr. Fishman 1,175,000 common shares, as a signing
bonus, which will vest in six equal installments every six months,
commencing on October 1, 2017.
About ABcann Global:
ABcann was one of the first companies to obtain
a production license under the Marijuana for Medical Purposes
Regulations, which it received in March, 2014. The Company obtained
its sales license in December, 2015. ABcann’s flagship facility in
Napanee, Ontario contains proprietary plant-growing technology,
including environmentally-controlled chambers capable of monitoring
and regulating all variables in the growing process. This approach
and the systems in place allow ABcann to produce organically grown
and pesticide-free, high-yielding plants, which, in turn, can
generate high-quality products that are consistent from batch to
batch. ABcann is able to control environmental and nutrient
demands, tailor-made for a particular strain of cannabis, without
the variation that is typical when producing large quantities in
less-controlled, larger rooms and greenhouse-type structures.
ABcann’s modular approach to systems technology eliminates scale-up
risk and enables ABcann to expand anywhere in the world and
maintain consistency and quality of product.
ABcann is expanding capacity in its current
facility to approximately 30,000 sq ft and concurrently undertaking
its expansion into a new 150,000 sq ft facility in Napanee. ABcann
is pursuing opportunities in Germany, Australia, Israel and other
jurisdictions as well as exploring the development of multiple
delivery vehicles.
ON BEHALF OF THE BOARD OF
DIRECTORS
"Ken Clement"
Ken ClementExecutive Chairman
For further information, please contact Aaron Keay by email at
aaron@ABcannglobal.com, or Leo Karabelas by phone at 416 543-3120
or by email at leo.k@ABcannglobal.com
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Disclaimer for Forward-Looking Information
Certain statements in this release are
forward-looking statements, which are statements that are not
purely historical, including any statements regarding beliefs,
plans, expectations or intentions regarding the future. Forward
looking statements in this news release include statements relating
to: Mr. Fishman’s expected contributions to ABcann; ABcann’s growth
strategy and plans to expand production capacity and sales; ABcann
establishing a unique leadership position in the cannabis industry;
ABcann’s ability to continue to drive innovation and elevate
quality standards in the cannabis sector; and ABcann’s proposed
expansion and development plans in Napanee. Such statements are
subject to risks and uncertainties that may cause actual results,
performance or developments to differ materially from those
contained in the statements, including: (i) that ABcann may not be
able to substantially expand its production capacity; (ii) that
ABcann may not be able to meet its aggressive construction and
expansion timelines at its Napanee facilities; (iii) that ABcann
may not be able to increase the sales of its premium, organically
grown, pesticide free cannabis products in the current domestic
market or internationally; (iv) that ABcann may not be able to
distribute globally in the emerging markets it has targeted; (v)
that ABcann may experience delays or obstacles in pursuing its
growth strategy; (vi) regulatory risks; (vii) that ABcann may not
be able to serve larger and broader markets as a result of its
production increase; and (viii) other factors beyond the Company's
control. No assurance can be given that any of the events
anticipated by the forward-looking statements will occur or, if
they do occur, what benefits the Company will obtain from them.
Readers are urged to consider these factors, and the more extensive
risk factors included in the Company’s filing statement dated March
31, 2017 and MD&A for the three and six months ended June 30,
2017, which are available on SEDAR, carefully in evaluating the
forward-looking statements contained in this news release and are
cautioned not to place undue reliance on such forward-looking
statements, which are qualified in their entirety by these
cautionary statements. The forward-looking statements in this news
release are made as of the date hereof and the Company disclaims
any intent or obligation to update publicly any such
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by applicable
securities laws.
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