- Mr. Rick Fitzgerald brings extensive strategic marketing and senior leadership in the alcoholic beverage and tobacco industries to the Board of Directors
- Dr. Michael Bumby brings extensive financial, international and capital markets experience to the executive team as Chief Financial Officer
NAPANEE, Ontario, Nov. 15, 2017 (GLOBE NEWSWIRE) — ABcann Global Corporation (TSX-V:ABCN) (“ABcann” or the “Company”) today announces key additions to the Company’s leadership team, that are expected to accelerate the execution of its business plan and growth strategy.
“We are pleased to welcome two outstanding individuals to ABcann and believe their domestic and global business experience will be a significant asset to the Company,” commented Paul Lucas, Chair of ABcann’s board of directors. “They both have strong track records and I look forward to leveraging their expertise as we establish a distinctive position in the fast-growing global cannabis industry.”
Appointment of Mr. Richard Fitzgerald to the Board of Directors
The Company is pleased to announce the appointment of Mr. Fitzgerald as a director of the Company, effective immediately. He most recently served as an executive advisor to Maison des Futailles Inc., a wine and spirits company. Prior to that he held positions as President and Director of Maison des Futailles. Mr. Fitzgerald previously served as the Canadian President of Mark Anthony Brands, one of North America’s most successful alcoholic beverage companies, with brands including Mike’s Hard Lemonade®.
Mr. Fitzgerald was Chairman of Diageo Canada Inc. until 2008, having previously served as Executive Director of Diageo’s Global Commercial Roadmap Initiative, and as President and CEO of Diageo for eight years. During his tenure, he was responsible for Diageo’s global category-leading brands, including Smirnoff®, Johnnie Walker®, Baileys®, and Guinness® in Canada.
Earlier in his career, Mr. Fitzgerald served as CEO of United Distillers Canada and as a director of Guinness North America. Prior to his experience in the adult beverage sector, he held various marketing and sales positions at Benson & Hedges, the Phillip Morris affiliate in Canada.
“I am thrilled to be joining ABcann’s board of directors at this important time in its development, and at the opportunity to contribute to its future growth,” Mr. Fitzgerald commented. “I look forward to leveraging my experience, particularly in the alcoholic beverage sector to establish a unique position for ABcann in the current medical cannabis market, and to prepare the Company for future success in the adult-use market.”
Appointment of Dr. Michael Bumby as Chief Financial Officer
The Company has appointed Dr. Michael Bumby as the Chief Financial Officer of the Company, effective December 1, 2017. He brings extensive public company CFO, global pharmaceutical, and M&A experience to ABcann. Dr. Bumby succeeds Jenny Guan, who has been appointed Vice President and General Manager, Napanee Operations.
Dr. Bumby has almost 20 years of experience in the pharmaceutical industry, most recently as CFO of international specialty pharmaceutical company, Merus Labs International Inc. (TSX:MSL) (NASDAQ:MSLI), where he was instrumental in strengthening financial planning and analysis, business development, internal controls and budget management, and was part of the strategic review core team that facilitated the acquisition of Merus by Norgine B.V. in July 2017 for approximately $342 million.
Dr. Bumby previously had a diverse 14-year career at Eli Lilly, including serving in its Corporate Finance & Investment Banking groups at Lilly’s global headquarters in Indianapolis, where he led international business development activities for early and late stage assets, and serving as regional CFO for Lilly’s Czech Republic and Slovak subsidiaries based in Prague. He holds a Doctor of Veterinary Medicine from the University of Guelph, and an MBA from the University of Toronto.
“Joining ABcann provides a unique opportunity to be part of an industry that is evolving in so many fascinating ways,” said Dr. Bumby. “I look forward to being part of an entrepreneurial and agile team with a strong foundation of producing high-quality pharmaceutical-grade cannabis and an ambitious vision for growth.”
“ABcann is delighted to welcome Dr. Bumby and Mr. Fitzgerald to the ABcann team,” said Barry Fishman, Chief Executive Officer of the Company. “We believe their enthusiasm, entrepreneurial spirit and expertise will add significant depth and breadth to our organization and accelerate the execution of our global growth strategy in both the medical and adult-use markets.”
Related to these announcements, the Company has, subject to the approval of the TSX Venture Exchange (the “TSXV”), agreed to, among other things: (i) grant Dr. Bumby 600,000 stock options, and Mr. Fitzgerald and certain other directors of the Company an aggregate of 139,166 stock options; and (ii) issue Dr. Bumby 400,000 common shares as an initial stock grant, which will vest in six equal installments every six months for three years. Each of the options granted is exercisable into one common share in the capital of the Company until November 14, 2022 at a price of $1.16 per share, being the closing price per share on the TSXV on November 14, 2017. The options will vest quarterly over 36 months for Dr. Bumby and quarterly over 12 months for Mr. Fitzgerald and the other directors.
Appointment of Mr. Barry Fishman to the Board of Directors
The Company is also pleased to announce the appointment to the Company’s board of directors of Barry Fishman, who joined the Company as Chief Executive Officer effective October 1, 2017.
About ABcann Global Corporation:
ABcann holds production and sales licenses from Health Canada. Its flagship facility in Napanee, Ontario contains proprietary plant-growing technology, centred on its specially designed, environmentally-controlled growing chambers. This approach results in the production of pharmaceutical-grade cannabis products.
The Company is expanding its cultivation capacity and pursuing partnership and product development opportunities domestically, as well as in select international markets, such as Germany, Australia and Israel.
ON BEHALF OF THE BOARD OF DIRECTORS
Chief Executive Officer and Director
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 Statements
Certain statements in this release are forward-looking statements, which are statements that are not purely historical. Forward-looking statements include any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward-looking statements in this news release include statements relating to: the expected timing of appointment of Dr. Bumby as CFO; equity grants to be made to Mr. Fitzgerald and Dr. Bumby; and the expected impact on the Company’s operations from the appointments of Messrs. Fitzgerald, Bumby and Fishman. 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 the TSXV may not approve some or all of the appointments or the compensation payable; (ii) that the Company may not experience the expected benefits from the appointments of the new directors and officers; (iii) changes to applicable legislation or regulatory requirements; and (iv) 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, which is available on SEDAR. Any forward-looking statements in this news release speak only as at the date hereof and the Company disclaims any obligation to update any of such forward-looking statements, except in compliance with applicable securities laws.