ABcann Global Appoints New Independent Chair
October 17 2017 - 7:00AM
ABcann Global Corporation (TSX-V:ABCN)
(“
ABcann” or the “
Company”) today
announces that Ken Clement, founder and Executive Chair, has
decided to step down from his position as Executive Chair, but will
continue as a member of the Company’s board of directors (the
“
Board”). As a result, the Board has unanimously
appointed Paul Lucas as Chair of the Board. Mr. Lucas is an
independent director of the Company and Chair of the Nominating and
Corporate Governance Committee.
Mr. Lucas previously served as President and CEO
of GlaxoSmithKline Canada (“GSK”) from 1994 until
2012, where he was responsible for all pharmaceutical operations
in Canada. Prior to joining GSK in 1986, he held progressive
management positions at Eli Lilly Canada and McNeil Pharmaceutical.
Mr. Lucas previously served as chair of the board of TM Bioscience,
a member of the boards of directors of Biochem Pharma, the Toronto
Regional Research Alliance, Montreal inVivo and AllerGen, and the
board of trustees of Queen’s University. Currently, Mr. Lucas is a
member of the board of directors of Rna Diagnostics Inc. and chair
of the boards of directors of EcoSynthetix Inc. and Induran
Ventures Inc.
The appointment of Mr. Lucas as independent
Chair, together with the recent appointment of Barry Fishman as
Chief Executive Officer, represent important steps in the Company’s
enhancement of its operational oversight and corporate governance
standards. The focussing of responsibility for the Company’s
strategic vision and operations under their strong leadership is
expected to further the advancement and efficient execution of
ABcann’s business plan.
Mr. Clement said, “The past few years at ABcann
have been among the most exciting and rewarding times of my life.
However, the time has come for me to pursue other interests, and I
lend my full support to Paul and Barry, along with the entire Board
and leadership team, to guide ABcann into a successful future as an
industry leader.”
“Ken’s visionary leadership has given ABcann a
great foundation to build upon and we appreciate his years of
dedicated service and contributions. Having him maintain his
position on the Board will help the Company maintain continuity of
leadership and historical knowledge,” said Mr. Lucas. “I am
thrilled to take on the Chair position as we enter the next phase
in our evolution. I very much look forward to helping to shape
ABcann’s future under Barry’s leadership as CEO. He is uniquely
qualified, with his experience in complex, highly-regulated
pharmaceutical organizations with international operations, to
capitalize on the significant opportunities in the rapidly growing
regulated cannabis market.”
Mr. Fishman said, “In my first few weeks, I have
been impressed with our advanced technology, superior products and
passionate team. My vision for ABcann is to build on our great
foundation to create a successful long-term business that creates
superior products for customers, value for shareholders and a great
workplace for our team. I have known Paul for many years and have
great respect for his business acumen and strategic thinking. I
look forward to working with him in his role as Chair.”
About ABcann:
ABcann, which holds production and sales
licenses from Health Canada, is based in Napanee, Ontario. Its
flagship facility contains proprietary plant-growing technology,
centred on its specially designed, environmentally-controlled
growing chambers. 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. 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
Paul Lucas Chair
For further information, please contact Barry
Fishman at barry.fishman@abcannglobal.com or Aaron Keay at
aaron@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.
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