WeedMD appoints new board director to chair Audit Committee; replaces departing director

WeedMD today announced the appointment of Michael Pesner to the company’s board of directors, where he will serve of  Chair of the board’s Audit Committee.

The company also said that Bruce Dawson-Scully is stepping down from the board.

Mr. Pesner is the President of Hermitage Canada Finance Inc., specializing in financial and capital markets advisory services since 2002.  He previously held roles as a Senior Partner at KPMG Financial Advisory Group in Montreal from 1989-2002, and prior to, held a number of senior management roles at KPMG’s predecessor firms including divisional Chairman and executive partner.

Current board memberships include the Montreal Regional Board of the Quebec Solidarity Fund and Le Château, amongst others. Past board experience includes: KPMG, SAQ (Société des alcools du Québec), Richmont Mines, Well.ca and DavidsTea.

“Michael is a well-respected corporate advisor and board director to a wide range of industries ranging from life sciences to technology to retail,” said WeedMD board chair Michael Kraft.

“With more than 40 years of experience in corporate finance, accounting, audit, and strategic planning, he brings tremendous value to our board as we position the company for significant growth through the remainder of 2018 and beyond,” he said.

Mr. Pesner said: “This is an exciting time for WeedMD as the company is growing at an accelerated rate and delivering on its milestones.”

WeedMD Inc. is the publicly-traded parent company of WeedMD Rx Inc., a federally-licensed producer and distributor of cannabis and cannabis oil under the Access to Cannabis for Medical Purposes Regulations (“ACMPR”).

The Company operates two facilities: a 26,000 sq. ft. indoor facility in Aylmer, Ontario and a state-of-the-art greenhouse facility located in Strathroy, Ontario.

The Greenhouse currently has 44,000 square feet of licensed space in production and is expected to have a total footprint of more than 500,000 square feet online by year-end 2018.

WeedMD has a multi-channeled distribution strategy that includes supply agreements with Shoppers Drug Mart and provincial distribution agencies, as well as through strategic relationships across the seniors’ market in Canada.

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