Zenabis Global Inc. announced the appointment of Kevin Coft as interim Chief Executive Officer, effective immediately. Mr. Coft will replace Andrew Grieve as CEO, whose contract was set to expire shortly. While Mr. Grieve will be returning to his investment business, he has agreed to continue to provide Zenabis with his knowledge, expertise and guidance as a continuing member of Zenabis’ board.
Announcing the transition of responsibilities, Monty Sikka, Chairman of the Board of Directors of Zenabis, said, “The Board thanks Kevin for taking on the role of Chief Executive Officer on an interim basis. We look forward to working with him as we complete the final phase of our operational ramp-up into early 2020, and as we further consolidate our position as a leading Canadian cannabis licensed producer. Kevin has a track record as a leader in the cannabis industry, with experience as CEO in a previous iteration of the Zenabis business. We will take full advantage of his knowledge of the company and industry, as well as his steady leadership as we continue to mature as a business. In this phase of our growth, we look forward to Kevin’s leadership as we continue our search for a permanent, CPG (consumer packaged goods) and operations-focused CEO.”
The Zenabis Board has engaged Korn Ferry to assist with the hiring of a permanent CEO and expects to have a permanent CEO in place in the first quarter of 2020.
Mr. Coft was one of Zenabis’ founding members, having previously acted as CEO when it was a part of the Sun Pharm group, and before the amalgamation with Bevo Agro that created Zenabis Global Inc. In that role, he was responsible for Zenabis achieving ACMPR compliance as a Canadian cannabis licensed producer.
Mr. Coft is an operational and supply chain professional with over 30 years of international procurement, facility operations, and managerial experience. His industrial expertise covers a wide range of functions including regulatory licensing, construction, strategy, operations, logistics, warehousing, customer relationship management, and business systems. Most recently, Mr. Coft was responsible for the construction build-out of Zenabis’ facilities across Canada, as Chief Facilities Officer, including one of Canada’s largest indoor cannabis cultivation facilities, located in Atholville, New Brunswick. Previously, he held senior roles at IHL Group and Buy-Low Foods.
“Zenabis developed rapidly since its public listing, with a variety of capital raisings, large-scale construction, and most importantly, increasingly large harvests of high-quality cannabis,” said Mr. Coft. “Zenabis has come a long way in a short period of time, and I am excited about leading the team on an interim basis as we enter the next chapter of our development and seek to establish Zenabis as a cashflow positive, operationally efficient leader in the industry.”
“I am incredibly proud of the construction, licensing, and cultivation achievements of the Zenabis team during my tenure,” said Mr. Grieve. “From just over 5,000 kg of licensed cultivation capacity in January of 2019, to 57,000 kg at this time, with another 39,400 kg submitted for licensing and an incremental 14,800 kg having recently achieved substantial completion, the pace of growth has been exceptional. Kevin, leading our construction team as the Chief Facilities Officer, was instrumental in achieving that pace. I look forward to continue to serve Zenabis on the board of directors, and to continue working with the team.”
Mr. Sikka concluded, “Andrew played a pivotal role in our history. The Board thanks him for his hard work and execution of so many of our business deliverables. We now look forward continuing to deliver stakeholder value under Kevin’s leadership.”