A Canadian cannabis firm is dealing with a one-two punch after losing its newcoming CEO and facing a lawsuit from a fellow marijuana company.
On Wednesday (December 18), Beleave’s (CSE:BE,OTCQX:BLEVF) now former CEO Jeannette VanderMarel took to Twitter (NYSE:TWTR) to announce her departure from the company just two months after being appointed to the leadership role in October.
The company confirmed her transition away from Beleave and the succession of Kevin Keegan, the company’s former interim CFO.
In her message, VanderMarel said she had “happily resigned as CEO of Beleave Kannabis” and was “moving on to things (she) believes in.” Beleave Kannabis is the registered licensed producer operation under the public corporation.
Beleave’s shares have sunk over 33 percent in the last month, and since the beginning of the trading week, prices have dropped 20 percent to C$0.02.
Interestingly, VanderMarel will retain her seat on Beleave’s board of directors.
VanderMarel has been fairly mobile within the Canadian cannabis industry, having worked as the co-CEO of 48North Cannabis (TSXV:NRTH), co-founder and president of Good & Green and co-founder of The Green Organic Dutchman (TSX:TGOD,OTCQX:TGODF) prior to her appointment at Beleave.
The firm has been recently facing financial issues. In a November 29 regulatory filing, Beleave reported that it had C$133,329 in cash by the end of September, down significantly from the C$3.6 million it reported in September 2018.
During its annual shareholder meeting this month, the company got approval to consolidate its shares by a ratio up to 10:1.
Beleave suffered another hit when the planned sale of its 250,000 square foot greenhouse space in London, Ontario, fell through, according to the filing.
The company had originally entered into a letter of intent with a private purchaser to sell the property in August for C$7 million, but the agreement was cancelled in September.
In the filing, Beleave said it was reviewing its options regarding the London facility, including seeking cultivation license approval from Health Canada and selling or leasing the property.
The November filing also revealed that Auxly Cannabis (TSXV:XLY,OTCQX:CBWTF) had filed a statement of claim against Beleave and its subsidiary, Beleave Kannabis, claiming that a purchase agreement from October 2017 had been breached.
As a part of the original agreement, Auxly, previously known as Cannabis Wheaton Income, gave Beleave C$5 million in non-dilutive debt financing.
“The company disputes Auxly’s allegations, both on their purported merits and on procedural grounds, and intends to vigorously defend itself in any proceedings,” Beleave said in its filing.
Beleave did not immediately respond to the Investing News Network’s request for comment.
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Securities Disclosure: I, Danielle Edwards, hold no direct investment interest in any company mentioned in this article.
Strategic sale of non-core assets by Lobe adds non-dilutive capital and shareholder value
Lobe Sciences Ltd. (CSE: LOBE) (OTC Pink: GTSIF) (“Lobe” or the “Company”) is pleased to announce, further to its press release dated February 23, 2021, that it has completed the sale to Ionic Brands Corp. (“Ionic Brands”) of Lobe’s non-core cannabis assets relating to Washington-based Cowlitz County Cannabis Cultivation Inc. (“Cowlitz”) held by Lobe’s subsidiary vendor, Green Star Biosciences Inc. (the “Transaction”).
Seattle Area Grocery Chain Metropolitan Market to Begin Carrying KOIOS and Fit Soda on March 22, 2021
Adding to its existing presence on the west coast of the United States, all five KOIOS™ flavours and all four Fit Soda™ flavours will be carried in Metropolitan Market stores beginning on Monday, March 22, 2021. Serving the Seattle-Tacoma area (population 3.87 million), Metropolitan Market is one of five chains under its parent firm Good Food Holdings, which has a total of 51 stores in California, Oregon, and Washington State.
Koios Beverage Corp. (CSE: KBEV; OTC: KBEVF) (the “Company” or “Koios”) is pleased to announce that beginning on Monday, March 22, 2021, Koios’ entire line of canned beverage products will be sold at all locations of Metropolitan Market, an urban format supermarket chain in the Seattle-Tacoma area of Washington State. In Q1 2021, the Company announced multiple placements of its beverage products with regional grocers in markets on the west coast of the United States including Market of Choice in Oregon Jensen’s in Southern California and major natural grocery chain Sprouts Farmers Market which has a substantial west coast presence with over one third of its locations (360+ stores across 23 states) in California as well as Washington State 1 . The Company has also recently announced other developments relating to its expansion efforts being undertaken in 2021 such as an in-house beverage canning facility and distribution agreements with regional and national wholesale partners.
Pineapple Express Delivery Partners with CannTrust to Offer Same-Day and Next-Day Delivery for estoraTM Medical Cannabis Patients in Ontario
Ensuring estoraTMpatients have seamless access to their high-quality medical cannabis products
World-Class Extractions Inc. (CSE:PUMP)(FRA:WCF)(OTCQB:WCEXF) (the “Company” or “World-Class”) is pleased to announce that its subsidiary Pineapple Express Delivery Inc. (“Pineapple Express Delivery” or “PED”), a leading logistics technology company offering compliant and secure delivery of controlled substances and regulated products, has partnered with CannTrust Inc. to bring same-day and next-day delivery to estoraTM medical cannabis patients in Ontario
American cannabis sales hit US$17.5 billion in 2020, a research group’s new study shows.
Meanwhile, a Canadian cannabis producer began offering CBD beverages in the US, another move that shows how interested Canadians are in the overall US cannabis market at the moment.
Some pretty important news out of health and wellness; beverage and natural products company BevCanna Enterprises Inc. (CSE:BEV, Q:BVNNF, FSE:7BC) this week. For those of you following the Company with us, stay tuned.