MMJ Phytotech chief steps down to take Canadian business to new highs
MMJ Phytotech’s chief — the same one proposed for the board of troubled eSense-Lab — has stepped down to focus on the stock’s Canadian subsidiary.
Andreas Gedeon is handing over the managing director and CEO roles to Australia-based Jason Conroy.
Mr Gedeon will instead be leading Canada-listed Harvest One Cannabis (TSX-V:HVT), a company in which MMJ owns a 48 per cent stake (as of January 10).
That stake has fallen from 59 per cent since Harvest One raised capital in January.
MMJ also owns a strategic stake in eSense-Lab (ASX:ESE), where a group of shareholders is trying to remove the current board and put in their place a trio of directors which includes Mr Gedeon.
The date of their AGM, delayed three times since November, has been put in place by an Israeli court and will take place on March 29.
Mr Conroy takes over on February 26. He was the CFO of utility infrastructure manager DUET Group before it was taken over by a Chinese buyer in May last year, and is a current director of potash explorer Verdant Minerals (ASX:VRM).
MMJ, which in the December quarter made $43,000, is paying Mr Conroy $300,000 a year.
Mr Gedeon was paid $264,565, but was also taking a $91,000 salary from Harvest One.
MMJ chairman Peter Wall says Mr Conroy’s capital market experience and record in doing corporate deal will add value for the company’s shareholders.
MMJ Phytotech opened on Monday down 3 per cent to 47c.