Mojave Jane Brands Inc (CSE:JANE) (OTCMKTS:HHPHF) has announced management changes and revealed that the board is initiating a strategic review.
The group's current chairman Cam Birge will replace Gary Latham as CEO on an interim basis, the firm said in a brief statement.
"We have come to a point where the company is faced with a number of critical decisions," said Birge.
"The extreme correction in the cannabis sector followed by the impact from the (coronavirus) COVID-19 pandemic has made obtaining the financing required to execute on various initiatives impossible. Consequently, there have been drastic changes to the way the company is run, as well as the need to suspend or terminate certain initiatives such as the intended acquisition of Pacific Crest 4 (Adelanto), in order to preserve shareholder value and continue as a going concern."
"We are currently holding a strategic review of our assets and liabilities, and are developing our go forward plan. The success of this plan is dependent upon successful negotiations with previous partners and creditors, which are underway. At this point, no guarantees can be made as to the outcome of this process," the chairman and new interim CEO added.