The Hydroponics Company Ltd (ASX:THC) has made a number of changes to its board and management in recent days.
Yesterday morning, an extraordinary general meeting (EGM) was held that has resulted in a number of changes to the company’s board of directors.
Shareholders vote at EGM to instate two new directors
Seven resolutions were voted on at the EGM yesterday in Sydney.
As a result, shareholders have elected to appoint two new directors in Lou Cattelan and Gary Radcliff.
Of the previous six-member board, only Steven Xu and Alan Beasley remain after yesterday EGM results.
Steven Xu has been elected as the interim chairman of the board pending the completion of a formal executive search, which is underway.
Radcliff and Cattelan bring new experience and skills to the board
Radcliff and Cattelan will bring extensive experience in law and pharmacy to The Hydroponic Company's board.
Radcliff is a barrister and is president of the Gold Coast Bar Association.
Cattelan is a pharmaceutical executive with over 30 years experience in technical and operations management in the pharmaceutical and related industries with organisations such as Vitaplex, Soul Pattinson, Wella and Blackmores.
READ: Hydroponics Company increases warehousing in Canada to facilitate expansion in supply
Board changes aside, THC remains a first mover in the emerging medicinal cannabis industry.
The medicinal cannabis company is focused on two core business units:
(1) Development and delivery of medicinal cannabis, and manufacturing; and
(2) Distribution of hydroponics equipment, materials and nutrients.
The Hydroponics Company is on track for a pilot cannabis growing program targeted for the first half of 2018, subject to government licencing.