Australian medicinal cannabis company Creso Pharma has announced some major changes with the departure of its founder and proposed new branding.
The company announced that its founder Adam Blumenthal has resigned as a non-executive director.
Mr Blumenthal has been a board member since 2015 and was a key figure in the company's ASX listing. He has been replaced by Ben Quirin.
Mr Quirin has over 20 years of experience in the telecommunications, technology and pharmaceutical industries, including the cannabis sector.
As part of this appointment, the company will seek shareholder approval to issue Mr Quirin two million options as an equity-based incentive component to his remuneration package. These options will be exercisable at $0.04 per option and expire on 10 October 2024.
Mr Quirin previously held the position of regional managing director (Asia Pacific) for Canopy Growth Corporation. In April 2019, Canopy Growth was the world’s largest cannabis company by market capitalisation, reaching a peak valuation of US$24.95 billion.
The company also announced the appointment of Jodi Scott a US-based executive director. Creso Pharma recently acquired US-based SSH. Ms Scott is the president of SSH's US operations.
"Creso Pharma expects to benefit from Ms Scott’s established network in the US and her guidance and expertise in product development, manufacturing and the large North American market," said the company.
It will also seek shareholder approval to change its name from Creso Pharma to 'Melodiol Global Health'.
The company said the rebranding will "assist in best capturing the essence" of its diversified operations.
"Melodiol is a nod to the company’s focus on combining traditional plant-derived remedies with modern scientific expertise to bring safe, natural and efficacious products to market for a growing group of source-conscious consumers," it said.
"The Board and management’s decision to undertake a change of company name has stemmed from a number of recent acquisitions, as well as being part of a broader strategy to position the company for further M&A opportunities in the US and other key markets."
Managing director William Lay said, “It is my pleasure to welcome Ben and Jodi to Creso Pharma’s Board. Having worked with Ben previously at Canopy Growth, I have witnessed first-hand his ability to grow brands and products in new and emerging markets. We expect to benefit considerably from his appointment and anticipate having another Australian-based Director may unlock several additional opportunities.
“Jodi’s appointment also solidifies the importance of SSH as one of the company’s major operating divisions. Her in-country presence will be imperative to Creso Pharma’s growth in North America, which has been highlighted through recent progress and international expansion opportunities.
“I would also like to take this opportunity to thank Adam for his ongoing service to the company. Over recent years, he has been instrumental in the development and implementation of Creso Pharma’s strategy, which has resulted in the diversification of the company’s product suite and operating divisions internationally. The Board and management team thank him for his continued support and wish him well in his future endeavours.
“Finally, as we continue to integrate processes, products, brands, and talent across our portfolios, we intend to mark this pivotal moment with a new name that represents the global ambitions of the organisation.”