Appointment of Chief Sales Officer and Chief Production Officer
and Resignation of COO
TORONTO, Oct. 11, 2019 /CNW/ - Trulieve Cannabis Corp. ("Trulieve" or the "Company") (CSE: TRUL) (OTCQX: TCNNF), a leading and top-performing cannabis company in the United States, today announced the Company has begun a realignment and expansion process of its leadership team in preparation for national expansion, and accepted the resignation of its Chief Operating Officer Kevin Darmody, effective October 10, 2019. Mr. Darmody, the former Director of Investor Relations of Trulieve, was named Chief Operating Officer responsible for Trulieve operations in March of 2019.
Tim Morey, currently Director of Retail, has been appointed to Chief Sales Officer. Previously, Mr. Morey led the dispensary roll out in Florida. As a member of Trulieve's senior management team, Mr. Morey has played an integral role in the Company's business strategy. Prior to joining Trulieve, Mr. Morey had 12 years of experience at Finish Line where he held the position of Senior Director of Store Operations.
Kyle Landrum has been appointed Chief Production Officer. Mr. Landrum is elevated to his new position after serving as the company's Director of Cultivation since 2017. Mr. Landrum currently manages all aspects of growing and harvesting cannabis plants within Trulieve's expansive cultivation footprint and assures implementation of supply chain management expertise. Prior to Trulieve, Mr. Landrum had almost a decade of multi-site operations management and successfully led large teams to achieve company goals.
Mr. Darmody's prior responsibilities will be divided between Mr. Morey and Mr. Landrum and repositioned to revenue generation activities.
"In this customer facing role, Tim has been key to our continued success in rolling out dispensaries in Florida," said Kim Rivers, Chief Executive Officer. "His contributions have allowed us to meet our expansion goals while maintaining our commitment to a positive patient experience."
Rivers continued, "Under Kyle's leadership, Trulieve has established the largest cultivation operation in Florida, allowing for our continued dominance of the market. Kyle is an asset to the company, and we look forward to his continued application of management skill to our entire production operations," said Ms. Rivers.
Trulieve CEO Kim Rivers also recognized the contributions of outgoing COO Kevin Darmody. "On behalf of the Company and the Board of Directors, I would like to thank Kevin for his service", said Ms. Rivers. "In his investor relations role, Kevin was a key contributor in the transformation of Trulieve into a publicly traded multi-state operator. We appreciate his more recent efforts as COO and wish him luck in his future endeavors."
With the increasing federal legalization of medical cannabis and expected increase in retail sales of medical and recreational cannabis to reach $12 billion by year end, according to Marijuana Business Daily, Trulieve is capitalizing on this opportunity and making progress with executing on its strategy to be a leading multi-state operator. The Company is confident this realignment in management will leverage Trulieve's strategy of remaining the leader in the Florida market, currently operating 37 dispensaries and on track to have 44 dispensaries in 2019 and expanding to six US states by year end.
Trulieve is a vertically integrated "seed-to-sale" company and is the first and largest fully licensed medical cannabis company in the State of Florida. Trulieve cultivates and produces all of its products in-house and distributes those products to Trulieve-branded stores (dispensaries) throughout the State of Florida, as well as directly to patients via home delivery. Trulieve also operates in California, Massachusetts and Connecticut. Trulieve is listed on the Canadian Securities Exchange under the symbol TRUL and trades on the OTCQX Best Market under the symbol TCNNF.
This news release includes forward-looking information and statements, which may include, but are not limited to, information and statements regarding or inferring the future business, operations, financial performance, prospects, and other plans, intentions, expectations, estimates, and beliefs of the Company. Words such as "expects", "continue", "will", "anticipates" and "intends" or similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on the Company's current projections and expectations about future events and financial trends that management believes might affect its financial condition, results of operations, business strategy and financial needs, and on certain assumptions and analysis made by the Company in light of the experience and perception of historical trends, current conditions and expected future developments and other factors management believes are appropriate. Forward-looking information and statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking information and statements herein. Although the Company believes that any forward-looking information and statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such information and statements, there can be no assurance that any such forward-looking information and statements will prove to be accurate, and accordingly readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance upon such forward-looking information and statements. Any forward-looking information and statements herein are made as of the date hereof, and except as required by applicable laws, the Company assumes no obligation and disclaims any intention to update or revise any forward-looking information and statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward looking information and statements herein, whether as a result of new information, future events or results, or otherwise, except as required by applicable laws.
The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.
SOURCE Trulieve Cannabis Corp.
For further information: Lynn Ricci, Director, Investor Relations, 850-480-7955, IR@trulieve.com