Hanspaul Pannu, current CFO, to assume role of President
Nilda Rivera appointed CFO
KELOWNA, BC, March 21, 2019 /CNW/ - Liht Cannabis Corp. (CSE: LIHT) (OTCQX: LIHTF) ("Liht") or the "Company") announced today that the Company's current Chief Financial Officer, Hanspaul Pannu, has been appointed as President and Nilda Rivera has been appointed Chief Financial Officer. The effective date of change will be April 1, 2019.
As the Company continues to grow and execute on its business plan, the addition of Nilda Rivera, former VP of Finance and Corporate Secretary of Aurora Cannabis Inc., will be instrumental in creating sustainable best in class business practices and ensuring good stewardship of our business as we transition deeper into our operational phase. Ms. Rivera has been with Aurora Cannabis Inc. from their reverse takeover transaction to becoming a publicly traded entity to having over 1,400 employees and making it one of the largest cannabis companies in the world. Ms. Rivera has over 20 years of experience in accounting, financial reporting and corporate governance with public companies in the resources, technology and cannabis sectors. Prior to joining Aurora, she had 5 years of CFO experience with TSXV companies and 15 years of Corporate Secretary experience with TSX and TSXV companies.
There are no changes to our Board of Directors who continue to provide governance and corporate and operational oversight to the Company. Marcel LeBlanc, chairman of the Board, has significant experience and a proven track record of achievement and demonstrated successes, driving multi-million dollar revenue growth by designing and executing operational procedures and methodologies with a focus on cost control, asset utilization and value creation.
"The Company has made the recent strategic turning point by transitioning into a producing cultivator and overall growth phase. Nilda's wealth of financial and industry experience is paramount to supporting our growth and the Company's commitment to generate long term, sustainable shareholder value" states Mr. Pannu. "Along with the implementation of governance, and corporate and operational oversight from Marcel, Nilda and I are excited to work together to implement best in class business practices and achieve our operational and financial objectives over the next 6 months."
"I am delighted to join the Liht management team at this time as the Company continues to pursue its growth objectives," said Nilda Rivera. " I am excited for the opportunity to bring my background, skills and commitment to ethical standards to work to help the Company through its next stage of growth and increase shareholder value."
Ms. Rivera has been granted stock options to purchase 250,000 common shares of the Company exercisable at $0.24 per share and 100,000 restricted share units of the Company. The options and RSUs vest over a period of one year.
The Company will provide its operational objectives over the next 6 months in a news release to follow.
Liht Cannabis Corp. is a publicly traded company investing in the medical and recreational cannabis space, since 2014. Liht has rapidly expanded to include cultivation, production and dispensary locations in the key North American states of Washington, Nevada, and California, and are seeking expansion opportunities worldwide.
Liht trades in Canada, ticker symbol LIHT on the CSE, and in the United States, ticker symbol LIHTF on the OTCQX. The Company also trades on other recognized platforms in Europe including Stuttgart, Tradegate, L & S, Quotnx, Dusseldorf, Munich, and Berlin.
Neither the CSE nor its Regulation Services Provider, nor the OTCQX® has approved nor disapproved the contents of this press release. Neither the CSE, nor the OTCQX® accepts responsibility for the adequacy or accuracy of this release.
MARIJUANA INDUSTRY INVOLVEMENT:
Canadian listings (CSE) will remain in good standing as long as they provide the disclosure that is rightly required by regulators and complying with applicable licensing requirements and the regulatory framework enacted by the applicable state in which they operate.
Liht owns marijuana licenses in California and Nevada. Marijuana is legal in each state however marijuana remains illegal under US federal law and the approach to enforcement of US federal law against marijuana is subject to change. Shareholders and investors need to be aware that adverse enforcement actions could affect their investments and that Liht's ability to access private and public capital could be affected and or could not be available to support continuing operations.
Liht's business is conducted in a manner consistent with state law and is in compliance with licensing requirements.
Copies of licenses are posted on Liht's website. Liht has internal compliance procedures in place and has compliance focused attorneys engaged in jurisdictions to monitor changes in laws for compliance with US federal and state law on an ongoing basis. These law firms inform any necessary changes to our policies and procedures for compliance in Canada and the US.
FORWARD - LOOKING STATEMENTS:
Certain statements in this release are forward-looking statements, which includes, the expected outcomes of its business, and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding looking wording such as "may", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, estimates, forecasts, projections and other forward-looking statements will not occur. Forward-looking statement are necessarily based upon a number of factors that, if untrue, could cause the actual results, performances or achievements of the Company to be materially different from future results, performances or achievements express or implied by such statements. These assumptions, risks and uncertainties include, among other things, the state of the economy in general and capital markets in particular, present and future business strategies, the environment in which the Company will operate in the future, and other factors, many of which are beyond the control of the Company. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks.
Forward-looking statements are subject to a variety of risks and uncertainties, which could cause actual events, level of activity, performance or results to differ materially from those reflected in the forward-looking statements, including, without limitation: that laws and regulations may become more onerous; the ability of the Company to obtain necessary financing; the economy generally; the future growth, results of operations, performance and business prospectus and opportunities; changes in and the effect of government policies; demand for products; competition; anticipated and unanticipated costs; reliance on management; claims and legal proceedings; conflicts of interest; and market price and volatility of the Common Shares. Factors that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, the loss of key directors, employees, advisors or consultants, technology failures, failure to obtain a license from Health Canada or from other government agencies, failure to develop new and innovative products, failure of counterparties to perform their contractual obligations and fees charged by service providers. Important factors that could cause actual results to differ materially from the Company's expectations include, litigation, global economic climate, loss of key employees and consultants, additional funding requirements, changes in laws, competition, and failure of counterparties to perform their contractual obligations. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements.
The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above. The Canadian Securities Exchange has not reviewed, nor approved the contents of this news release.
SOURCE Liht Cannabis Corporation
For further information: www.lihtcannabis.com or Hanspaul Pannu, President, [email protected], 778-583-4476