To distance themselves from a plagued past, cannabis company Creso Pharma (ASX: CPH) has announced a complete business overhaul and rebranding to pave the way for growth and any future mergers and acquisitions (M&A) opportunities.
To kick off the revamp, Creso has appointed two new board directors to bolster its growth strategy to achieve global coverage. The Company sought new board members to step in following the previous non-executive Director and founder Adam Blumenthal ‘stepping down’ from the Board in November 2021. Stating he was apparently acting in best faith following an investigation headed by the Australian Securities and Investments Commission (ASIC), which saw Mr Blumenthal’s EverBlu Capital office raided by Federal Police.
To distance itself from unwarranted infamy, the Company has showcased a potential name change to Melodiol Global Health, which is awaiting confirmation at the next general meeting where the board will seek shareholder approval.
To construct a strong foundation for future M&A opportunities and growth with its sights set on international coverage, the Company decided to appoint Ben Quirin as its new non-executive Director. With the change coming into effect on October 10, Mr Quirin will bring 20 years of experience from the technology and telecommunications sectors. He will also bring unmatched expertise after being the Managing Director of Canopy Growth Corporation (ASX: CAD), which was the world’s largest cannabis company in 2019 by market capitalisation.
To join him on the board, the Company also snagged Sierra Sage Herbs (ASX: SSH) co-founder and CEO, Ms Jodi Scott, to step in as Executive Director following the recent acquisition of Sierra Sage Herbs undertaken by Creso in February 2022.
Leveraging the expertise of its newest board members, Creso will work to drive new cannabis products and brand growth on a global scale to capture market share, with a particular focus on the Asia-Pacific region.
“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,” commented Managing Director of Creso, William Lay.
The departure of Mr Blumenthal is an evident blessing in disguise, eliminating the search-engine rabbit hole of controversy tying Creso to Blumanthal, ASIC investigations and raids from the Australian Federal Police. Melodiol Global Health will appear one-step removed from the historic drama. Removing the tainted Blumenthal name from the board, along with a complete business overhaul, should bolster the slow transition back into the cannabis company it once was.
“I would also like to take this opportunity to thank Adam for his ongoing service to the Company…The board and management team thank him for his continued support and wish him well in his future endeavours.” Highlighting the optimisation amongst Company employees following the announcement.
Trading Desk Assistant at Emerald Financial
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