MMJ Group shares surge 30% following significant management changes at cannabis investee
MMJ Group is one of the largest shareholders of Harvest One Cannabis, which is transitioning to become a cannabis-focused consumer packaged goods company.
() (OTCMKTS:MMJJF) shares surged 30% today after its investee () (OTCMKTS: HRVOF) revealed a number of management and board changes including a new president and interim chief executive officer.
Harvest One is nearing completion of its strategic review process and is taking steps to right-size its organisational structure.
Having led the company through its strategic review, Andy Bayfield will transition to the board of directors from his role as interim chief executive Officer and Gord Davey has been appointed as president and interim chief executive officer.
Transition to cannabis-focused consumer packaged goods company
Davey has more than 20 years’ experience in the consumer packaged goods (CPG) industry, having successfully led CPG teams and product launches at Coca-Cola, Red Bull and Puratos.
He previously held the position of General Manager of Dream Water and LivRelief business units and has been an integral part of Harvest One’s leadership team since joining the company in 2018.
As interim chief executive officer, Davey has also been appointed as a member of the board of directors, and Bayfield will remain on the board and continue to support Harvest One as it transitions to become a cannabis-focused consumer packaged goods company.
MMJ moves to observer role
Peter Wall, chairman of MMJ Group, Harvest One’s largest shareholder, will step down from the board effective September 30, 2020.
MMJ has made a decision to not have its officers serve on investee company boards and has requested instead the right to have observer status, which Harvest One has granted.
Wall will continue to serve as the non-executive chairman of MMJ.
Harvest One has also announced the resignation of Deb Milimaka Miles from her role as chief administration officer and chief people officer.
“Gord Davey is an ideal replacement”
Harvest One executive chairman Frank Holler said: “I would like to thank Peter Wall and Andy Bayfield for their contributions to the company as we worked to transition Harvest One into a lean, cannabis-focused CPG company.
“I am pleased that Andy will continue to contribute his expertise and experience as a Director.
“Gord Davey is an ideal replacement given his substantial CPG experience with worldwide brands and his intimate knowledge of the company’s consumer division.
“Finally, I would also like to thank Deb Milimaka Miles for her services, in particular her work with the Special Committee in divesting a number of non-core assets.”