Leading medical cannabis company AusCann Group Holdings Ltd (ASX: AC8) made an announcement on 17 December 2018 stating that the search for the executive CEO is progressing to plan and is now at an advanced stage. Following this news, the share price of AC8 decreased by 2.381 percent as on 17 December 2018.
The Company’s Board has shortlisted few candidates for the new CEO role, and as per the Board, those candidates have all the necessary skills and experience to guide the company through its next phase of growth as a pharmaceutical manufacturing and sales business. The final interviews are expected to be completed early in the new year. Till the new CEO is finalized, the company’s current Executive Director Dr. Paul MacLeman will act as interim CEO from 1 January 2019 onwards.
Dr. MacLeman has been working with AusCann as a senior consultant since October 2017, and he is also leading the Board’s executive CEO search process. As per the company's announcement, while Dr. MacLeman will be acting as the Interim CEO, his remuneration will remain the same.
While commenting on the Company’s Leadership transition process, the current Managing Director Ms. Elaine Darby said that the search for the new CEO is progressing very well and is now nearing completion and the company’s Board is working to make sure that the transition is well planned and orderly one. She further added that she is very confident that the company will go from strength to strength as it moves into a manufacturing and marketing footing for its first-generation product range.
The company Chairman Dr. Mal Washer also expressed his view on the leadership transition process by saying that the leadership transition is a significant milestone in the company’s growth and the management of the company is confident that the process undertaken will result in the selection of an excellent candidate to take the company forward. He further informed that the Board had extended its gratitude to Ms. Elaine Darby for the invaluable contribution as she has made at AusCann Group Holdings Ltd.
In the September quarter, the company successfully completed the pilot production of its final dose form cannabinoid capsules which has enabled the movement of the production process into a commercial facility in preparation for Australian market and export supply in 2019.
During the September quarter, AusCann completed a capital raising of A$33.4mn which will help the company to fund cannabinoid pharmaceutical R&D and clinical studies, in addition to expanding AusCann’s operations in Chile and Australia, while promoting medical outreach programs in new international markets. Due to this successful capital raising, the company is now well-funded to execute its strategy of growth and progress towards the commercialization of its cannabinoid products.
In the last six months, the share price of the company decreased by 51.54 percent as on 14 December 2018. AC8’s shares traded at $0.615 with a market capitalization of $194.73 million as on 17 December 2018 (AEST 12:56 PM).
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