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WeedMD appoints prominent Canadian entrepreneur and venture capitalist Bruce Croxon to board of directors

Croxon, co-founder of online dating service Lavalife, brings deep expertise as an investor and advisor in growth-stage companies 

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In other news, WeedMD said all matters put forward at its AGM were approved by shareholders

WeedMD Inc (CVE:WMD) (OTCQX:WDDMF), a producer and distributor of medical-grade cannabis, has appointed prominent Canadian entrepreneur and venture capitalist Bruce Croxon to its board of directors. 

Croxon is co-founder of online dating service Lavalife, which he grew to 600 employees while achieving revenue of about $100 million before being sold.  

WeedMD said Croxon, whose appointment was finalized at the company’s annual general meeting in Toronto on Friday, brings deep expertise as an investor and advisor in growth-stage companies. 

READ: WeedMD posts record revenue of C$12.2 million in first quarter as it sees benefit of Starseed deal

“Bruce is a well-respected entrepreneur with an extensive track record for innovating and building successful high-performing businesses and teams,” said George Scorsis, executive chairman of WeedMD, in a statement. “We’re excited to have him on the Board and look forward to his counsel and sharp business acumen as we drive brand and product awareness towards rapid growth in all our markets.”

Croxon said Ontario-based WeedMD “is considered a gem” in the cannabis industry.

“With its unparalleled cultivation platform, distribution channels and talented leadership team, I’m thrilled to be mentoring the team during what is expected to be a period of exponential growth as the company moves towards profitability and expansion,” Croxon added. 

In other news, WeedMD said all matters put forward at the AGM were approved by shareholders, including the re-election of Angelo Tsebelis, George Scorsis, Gail Paech, G Edmund King and Dr Hugh Scully as directors. They will hold office until the next AGM or until successors are duly elected or appointed.

Additionally, in accordance with the rules and policies of the TSX Venture Exchange, shareholders approved WeedMD’s Omnibus Incentive Plan and re-appointed RSM Canada LLP as auditor until the next AGM or until its successor is duly appointed.

The company’s stock recently traded up by 4.4% to $0.29 a share in New York and was trading flat at C$0.38 in Toronto. 

Contact the author: patrick@proactiveinvestors.com

Follow him on Twitter @PatrickMGraham

Quick facts: WeedMD Inc

Price: 0.335 CAD

TSX-V:WMD
Market: TSX-V
Market Cap: $68.34 m
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