AusCann Group Holdings Ltd (ASX: AC8), a company from the health care sector engaged into cultivation, manufacture and supply of medical cannabis products, has announced the appointment of global pharmaceutical business executive, Mr Ido Kanyon as a CEO of the company. He will commence his position from 22 May 2019.
Mr Kanyon has above fifteen years of experience as a senior executive in the pharmaceutical industry. Recently, he was associated with the Teva Pharmaceutical Industries (‘Teva’), which is an NYSE listed company. Teva is the world’s largest generic pharmaceutical company and is specialized in the development and commercialization of active pharmaceutical ingredients as well as specialty proprietary medicines.
Before joining AusCann as a CEO, Mr Kanyon was the Global Head of Specialty Pipeline, Global Marketing and Portfolio at Teva. At Teva, Mr Kanyon was responsible for maximizing the value of the company’s R&D investment on innovative medicines through the Specialty Medicine multi-billion specialty pipeline portfolio.
For the Teva’s respiratory business, he was earlier the global commercial senior director where he was responsible for driving the commercial growth of the Respiratory franchise of the firm. Before the commercial tenure at Teva Pharmaceutical Industries, he used his operational excellence across various R&D and Manufacturing pharmaceutical technologies where he was able to design and implement best-in-class industry standards operational performance of Teva across America, Europe, Asia Pacific and the Middle East. There at Teva, he was also playing the role of several Quality Assurance and Regulatory Affairs leadership.
Mr Kanyon started his career in the Agriculture Research and Agritech Research & Development field. After that, he joined a publicly traded Medical Device startup company where he was engaged in R&D, Intellectual property and business development. By qualification, he has done his Bachelor of Science, Agriculture (botany) from the Hebrew University of Jerusalem. He completed his Master’s in Business Administration from IE Business School in Spain.
Dr Mal Washer, the chairperson of AusCann, stated that amongst various candidates from the extensive executive search, Mr Kanyon stood out based on his leadership insight as well as his track record of commercial achievements during his entire career. With his experience with both startup as well as well-established and one of the largest pharmaceutical firms in the world, he very well understands the origin of the start-up as well as where the firm is headed. Dr Mal Washer stated that with Kanyon’s experience, AusCann could achieve its next phase of growth regarding pharmaceutical development, sales and marketing business, under his leadership.
Once Mr Kanyon joins the position, Dr Paul MacLeman who is the interim CEO will be stepping back into his role as the executive director.
On 21 February 2019, AusCann Group Holdings Ltd signed an agreement with MediPharm Labs Corporation (Canada’s largest and most experienced supplier of purified, pharmaceutical grade cannabis extracts), to purchase cannabis resin in the coming months. These resins will be used to manufacture hard-shell cannabinoid capsules.
Since the inception of AusCann, the stock performed exceptionally well where it generated a return of 2904.91%. In the last six months, the stock generated a negative return of 55.26%. At present, the shares of AC8 are trading at A$0.435, up by 2.353% (As at 2:25 PM AEST, 26 February 2019) as compared to its previous trading day’s closing price. The company has a market capitalization of A$131.36 million and has approximately 309.09 million outstanding shares.
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