Cannabis One Holdings Inc. Announces Changes in Executive Management Team
VANCOUVER and DENVER, May 28, 2019 /CNW/ - Cannabis One Holdings Inc. (CSE:CBIS) ("Cannabis One", "CBIS", or the "Company"), an emerging premier "House of Brands" in North America, is pleased to announce the following changes to its executive management team:
- Mr. Anthony Segarra, currently Vice President of Business Development with the Company, has been appointed interim Chief Operating Officer ("COO") of Cannabis One, effective May 28, 2019; and
- Ms. Theresa Mohan, currently Vice President of Finance with Cannabis One, has been appointed interim Chief Financial Officer ("CFO") of the Company, effective May 28, 2019.
With a strong background and understanding in regulatory compliance and law enforcement, and with extensive previous experience in the development and implementation of company-wide standard operating procedures and efficiency initiatives in the cannabis sector, Mr. Anthony Segarra, in his new capacity as interim COO, will be responsible for global oversight of business operations across the Company and for the successful operational integration of Cannabis One's acquired interests, such as the Company's recently announced Fat Face Farms, Honu, and Herah brand lines, and the Nevada-based Evergreen Organix, Fleur, and EG.O brand lines, following the anticipated closing of that transaction, announced April 22, 2019. Additionally, Mr. Segarra will oversee the development of Cannabis One's recently announced Oregon manufacturing and processing facilities, and the roll-out of its innovative INDVR line of vaporizer products and its The JointTM retail concept in each state-legal jurisdiction in which the Company operates, as such opportunities, and legislation and regulations may permit.
Possessing extensive executive level financial operations and control process implementation experience, Ms. Theresa Mohan, in her capacity as Vice President of Finance with the Company, has been instrumental to Cannabis One's public listing application on the Canadian Securities Exchange ("CSE") and has provided invaluable operational oversight of Cannabis One's diverse range of business units since the Company's inception in February 2015. In her expanded role as interim CFO, Ms. Mohan will be responsible for supporting her fellow executives in all strategic and tactical matters as it relates to corporate financial oversight and planning for the Company. Additionally, Ms. Mohan will oversee the successful financial integration of Cannabis One's recent and anticipated acquisitions, and will continue to advise on the appropriate capital budgeting and expenditure programs for such assets, as the Company pursues the focused expansion of its "Best-of-Breed" brands.
Reflecting on the new appointments, Jeffery Mascio, Chief Executive Officer of Cannabis One, commented "CBIS is excited to announce the transition of Mr. Segarra and Ms. Mohan into their expanded roles within the Cannabis One organization." Mr. Mascio continued, "These new appointments are in recognition of each individual's considerable achievement and a testament to their respective contributions to the success of Cannabis One thus far. Once transitioned, we believe the efforts of Mr. Segarra and Ms. Mohan in their new positions will significantly enhance the operational and financial oversight necessary for CBIS to continue its expansion and acquisition efforts across the United States and abroad."
In connection with the appointment of Ms. Mohan as interim CFO, Cannabis One's current interim CFO, Mr. Ryan Atkins, will resign from his current role, effective May 28, 2019. Possessing extensive international legal and accounting experience in both the United States and Canada, Mr. Atkins will transition into the role of General Counsel for the Company, following Ms. Mohan's interim CFO appointment. Cannabis One wishes to take this opportunity to thank Mr. Atkins for his exemplary work and efforts in managing the Company's public market transition and for his continued support and guidance in assisting Cannabis One execute on its intensive acquisition program.
The Company is committed to continuing its stated goal of becoming the premier cannabis "House of Brands" in North America by developing and acquiring the most popular cannabis brands in each jurisdiction in which the Company operates. Through organic growth and accretive acquisitions, the Company will focus on increasing revenue and market penetration in each such jurisdiction, as legislation and regulations may permit.
About Cannabis One
IF WE BRAND IT, THEY WILL COME – Cannabis One Holdings Inc. (CSE:CBIS) is focused on aggregating and optimizing popular cannabis brands throughout North America. With its unique, franchise-ready retail brand, The JointTM, and through targeted acquisition and partnership opportunities, Cannabis One intends to become the premier, globally-recognized, "House of Brands", holding a client portfolio of award-winning products with an extensive market footprint. Through the Company's The JointTM retail concept, Cannabis One intends to leverage the consumer and brand data harvested from its retail locations to bring data-driven analytics to an emerging, branded industry. For consumers, Cannabis One desires to become the definitive source for unparalleled product selection and renowned service in an otherwise fragmented market.
Disclaimer and Forward-Looking Information
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "anticipate", "could", "intend", "expect", "believe", "will", "projected", "potential", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the parties' current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. These statements are only predictions. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Forward looking statements include, but are not limited to, the anticipated benefits from the changes in executive management team members, the anticipated closing of its previously announced acquisitions, the anticipated closing of other accretive acquisitions, the anticipated expansion of the Company's operations and revenue, and the Company's ability to raise funding to achieve its objectives. The Company assumes no obligation to update forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
The forward-looking information contained in this release is made as of the date hereof and the parties are not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
Cannabis is legal in certain States in the United States ("U.S."), however cannabis remains illegal under U.S. federal laws. Cannabis One intends to conduct its U.S. cannabis operations in a manner consistent with the applicable State laws and in compliance with regulatory and licensing requirements applicable in the applicable State. However, the readers should be aware that any change in federal guidance on enforcement actions could adversely affect Cannabis One's ability to access private and public capital required in order to support continuing operations and its ability to operate in the U.S.
Unlike in Canada which has Federal legislation uniformly governing the cultivation, distribution, sale and possession of cannabis under the Cannabis Act (Federal), readers are cautioned that in the U.S., cannabis is largely regulated at the State level. To the knowledge of Cannabis One, there are to date a total of 33 states, plus the District of Columbia, that have legalized cannabis in some form. Notwithstanding the permissive regulatory environment of medical cannabis at the State level, cannabis continues to be categorized as a controlled substance under the Controlled Substances Act in the U.S. and as such, cannabis-related practices or activities, including without limitation, the manufacture, importation, possession, use or distribution of cannabis are illegal under U.S. Federal law. Strict compliance with State laws with respect to cannabis will neither absolve Cannabis One of liability under the U.S. Federal law, nor will it provide a defense to any Federal proceeding, which may be brought against Cannabis One. Any such proceedings brought against Cannabis One may materially adversely affect its operations and financial performance in the U.S. market.
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For investment inquiries, please contact Scott Koyich, Investor Relations at [email protected] or (403) 619-2200.
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