Medical Marijuana has appointed Dr. Timothy R. Scott as its new Chief Executive Officer, President, and Chairman of the Board. Dr. Scott takes the helm of the organization after serving on the company's board since 2015.
Dr. Scott's appointment follows the acceptance by the Board of Directors of the resignation of Blake N. Schroeder, who served as the company's CEO, President, and Chairman of the Board since 2021 and served in other executive roles going back to 2016. Mr. Schroeder will continue to serve on the boards of the company's portfolio investments; Axim Biotechnologies, Inc. (OTCQB: AXIM) and Neuropathix, Inc. (OTCQB: NPTX). In addition, he will provide consulting and advisory services to Neuropathix.
"I want to personally thank Blake for his many years of service and dedication to our organization," newly appointed CEO of Medical Marijuana, Inc., Dr. Timothy R Scott, said. "We are pleased that he will remain a part of the MJNA family through his board memberships with our portfolio investments and his advisory role with Neuropathix, which we believe can be significantly supported and advanced by Blake's involvement and his contacts in the biotech space."
Dr. Scott added: "Our company, along with other companies in the state and federally legal cannabis business, has faced increased competition that has led to decreasing sales and tighter margins. We expect to see substantial consolidation in the industry and are positioning the company to take advantage of this by undertaking significant financial and operational restructuring efforts to increase efficiencies, preserve and increase cash flow, incentivize key employees, and increase our portfolio investments."
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Medical Marijuana Inc.