CAN (ON): WeedMD CEO steps down after one year

WeedMD has appointed executive chairman, George Scorsis, as interim Chief Executive Officer, effective immediately. "This appointment follows Angelo Tsebelis’s decision to step down from his CEO and director roles, with mutual agreement from the Board, following the successful year-long integration of WeedMD and Starseed Holdings," WeedMD team explains. "Mr. Tsebelis has agreed to take an advisory role to help the Company through this period of transition."

The Company is now leading a comprehensive search process to select a permanent CEO. Concurrently, WeedMD announced today that Jason Alexander, the Company’s Chief Legal Officer, has been appointed as a director and has joined the Board pursuant to the terms of the Company’s nomination rights and voting agreement dated December 20, 2019.

“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,” said George Scorsis, Executive Chairman and Interim CEO of WeedMD. “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.”

Mr. Scorsis added, “I am also pleased to welcome Jason Alexander as the newest director to our Board. 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. Moving forward, WeedMD is now anchored in the best cultivation, commercial and product frameworks in Canada as we work to accelerate our profitability goals. 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. 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.”