Pot stock AusCann (ASX:AC8) has a new CEO, five months after the company began its search.

Ido Kanyon, currently Israeli firm Teva Pharmaceutical’s global head of specialty products, will start at the end of May.

The appointment marks AusCann’s move away from pure cultivator and into pharmaceutical manufacturing.

It was this shift that led to then-managing director Elaine Darby to announce her exit in September.

AusCann will be Mr Kanyon’s first CEO role, after 15 years at Teva.

“Medicinal cannabis will have an ever-increasing presence in healthcare as a credible treatment for chronic pain and additional indications with unmet medical needs,” Mr Kanyon said.

“AusCann has everything in place to achieve a leading position in the rapidly growing field of medical cannabis, and to capitalize on the excellent work done under the leadership of Ms. Elaine Darby and interim CEO Dr. Paul MacLeman.”

Mr Kanyon will be paid a base salary of $420,000 a year.

It’s a step up from Ms Darby, who was paid $310,000 a year as a base salary.

AusCann is set to open 3 per cent higher when the market opens at 42c, after hitting a 52-week low on Friday of 40.5c.

AusCann shares over the last 12 months.

 

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