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WeedMD appoints executive chairman George Scorsis as interim CEO

Scorsis is taking over from Angelo Tsebelis, who is stepping down from his position on the executive team as well as the board

WeedMD Inc -
WeedMD also said it had appointed chief legal officer Jason Alexander to its board

WeedMD Inc (CVE:WMD) (OTCQX:WDDMF) announced Monday that it has appointed executive chairman George Scorsis as interim CEO, taking the reins from Angelo Tsebelis who is stepping down from his position on the executive team as well as the board.

Scorsis is a cannabis industry veteran with nearly 20 years of experience in the consumer packaged goods industry, having previously held roles as CEO and director of Liberty Health Sciences and general manager of Red Bull Canada.

“On behalf of the Board, we thank Angelo for his leadership, focus and guidance during a complex period as we combined two companies and navigated a dynamic landscape that resulted from the worldwide pandemic last year,” Scorsis told shareholders in a statement.

READ: WeedMD launches its new Saturday Cannabis vape products in Ontario

“Angelo was integral in merging our businesses, optimizing our operations, commercializing our sales and distribution initiatives and bringing a renewed focus on brand awareness. During his tenure, WeedMD achieved a two-fold sales increase in the first nine months of 2020, compared to the full year 2019. We appreciate his contributions to our growth, his counsel during our transition and we wish him well on his future endeavours.”

WeedMD will start the search for a permanent CEO, the Toronto-based company told shareholders.

The firm also said it had appointed chief legal officer Jason Alexander to its board. Alexander currently oversees corporate performance and has served as corporate secretary for the past two years.

“Jason was instrumental in working alongside Angelo and the leadership team to fully-integrate the company into a position of strength over the past year,” Scorsis said.

The new interim CEO added that WeedMD is “now anchored in the best cultivation, commercial and product frameworks in Canada” and working to accelerate profitability.

“Together we are kicking off 2021 with a focused approach on increasing market share and commercial growth of our Color Cannabis and Saturday brands, while expanding our medical footprint through our Starseed portfolio,” Scorsis said. “This includes an aggressive plan to transition WeedMD into a consumer-facing model of excellence. Ultimately becoming hyper-focused on driving meaningful results, while optimizing the organization for future success to deliver shareholder value.”

Contact Angela at angela@proactiveinvestors.com

Follow her on Twitter @AHarmantas

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Price: 0.42 CAD

TSX-V:WMD
Market: TSX-V
Market Cap: $88.49 m
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