The head of one of Australia's leading medicinal cannabis companies AusCann Group Holdings (ASX: AC8) has announced his resignation today, citing personal reasons for the exit.
Ido Kanyon joined the Perth-based company a year ago after previously working with Teva Pharmaceuticals in the United States, and has helped AusCann achieve several milestones since then including the kick-off of clinical evaluations just last week.
But as is the case for most medicinal cannabis companies at the moment, these efforts are not necessarily reflected in the AC8 share price which is down almost 55 per cent on when Kanyon took the reins.
Kanyon will still remain with the company for six months to assist in the leadership transition, with non-executive director Dr Marcel Bonn-Miller to share responsibilities in the interim.
"On behalf of our Board, our staff and our shareholders, I would like to thank Ido for his leadership in refocussing the company's strategy to becoming a leading research and development company in the medical cannabis industry, bringing our first product to market and commencing our first clinical evaluation programme," says chairman Max Johnston.
"Ido has strengthened and streamlined the operating model positioning the Company well for future commercial success."
Johnston highlights Bonn-Miller is an internationally renowned cannabinoid expert, and he will assume executive responsibilities alongside Ido to provide continuity during the transition.
"At the same time, we have started the search for a new outstanding candidate and leader that can spearhead our existing products growth and continued development of a robust pipeline of future products," he says.
Kanyon has expressed his gratitude for the opportunity to lead a talented team at AusCann.
"We have achieved a lot in a short space of time, given the focused growth strategy put in place," he says.
"I am proud of the results we have been able to deliver to shareholders, healthcare professionals and patients, bringing an innovative product to market and continuing to generate clinical evidence for the benefit of patients."Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.
Business News Australia
Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support