Croplogic loses its chair and another ag stock jumps on the hemp hype train
Food & Agriculture
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Croplogic’s chair has quit, effective Friday, because she doesn’t have enough time for the needy company.
Cheryl Edwards stepped in to steady the ship in March last year, after a disastrous IPO in late 2017 decimated the share price and an unconvincing strategy meant it struggled to bring people back in.
Croplogic started out selling its underground monitors and software to potato farmers, before expanding to other types of crops.
Ms Edwardes has a storied name in WA, where she was the State’s first woman attorney general, is a member of the Foreign Investment Review Board and the WA AFL commission, as well as sitting on a range of boards from AusCann (ASX:AC8) to Vimy Resources (ASX:VMY).
The company said with the renewed focus on the US, Ms Edwardes didn’t have the time to oversee to a foreign expansion given her commitments in Australia.
Croplogic’s strategy has jumped around, geographically, as it’s tried to create a story investors will buy.
It launched on the ASX with a focus on US potato farmers.
At the start of 2018 it cut ties with the company’s homeland, New Zealand, and pulled back to launch an Australia strategy, quitting on a deal to buy a company in Tasmania to instead look at Mildura cropping.
Long-term director Steve Wakefield is the acting chair, until the company finds a replacement.
The stock was unmoved at 1.2c.
After being legalised in Australia in November 2017 and in the US in December last year, hemp is all the rage.
So much so that ASX newbie Wide Open Agriculture (ASX:WOA) wants in, applying for a hemp licence in Australia.
They want to grow hemp in one of their ‘shade houses’ in southern WA.
Wide Open Agriculture focuses on shade house and ‘regenerative’ farming that uses new or different practices to farm land.
The company’s shares were flat at 12c.