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WeedMD names Angelo Tsebelis new CEO as it moves into 'next phase of growth'

Tsebelis has nearly two decades' experience in the pharmaceutical, healthcare and cannabis industries

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Tsebelis also had leadership roles at pharma giant GlaxoSmithKline, Bell Canada and Harrison Associates

WeedMD Inc (CVE:WMD) (OTCMKTS:WDDMF), the cannabis-focused producer, said it has appointed director Angelo Tsebelis as its new chief executive officer (CEO) after Keith Merker chose to step down.  

Tsebelis has nearly two decades' experience in the pharmaceutical, healthcare and cannabis industries and he has been responsible for setting strategic commercialization and product development initiatives for both WeedMD and newly acquired subsidiary Starseed Medical. 

READ: WeedMD subsidiary Starseed signs 4,000-member construction union chapter to medical cannabis program

His CV also includes commercial leadership roles at pharma giant GlaxoSmithKline PLC (LON:GSK), Bell Canada and Harrison Associates. 

"In recognition of the company’s solid footing, we now look to accelerate growth with a renewed focus on expanding sales and distribution initiatives," said WeedMD's executive chairman George Scorsis, who also thanked Merker for 'establishing the building blocks of the company'. 

"With his strong business acumen in sales, marketing, and supply chain management, we welcome Angelo to the role of CEO, who will look to execute high-margin, commercial transactions that will bring immediate shareholder value."

Perfectly positioned

Tsebelis added: "WeedMD is perfectly positioned to move into the next phase of growth and I’m honoured to be taking the reins as we steer towards fully monetizing our distribution channels."

In a separate statement on Tuesday, WeedMD also reported that shareholders had approved resolutions concerning its previously announced acquisition of Starseed Holdings Inc and the associated C$25 million equity investment, via the placement and exercise of subscription receipts with the LiUNA Pension of Central and Eastern Canada.

"The overwhelming vote in favour of this transaction and the $25 million equity investment has fortified WeedMD’s balance sheet and provides accretive capital to execute growth initiatives for the company’s long-term success,” said Scorsis, executive chairman of WeedMD.

"On behalf of WeedMD and Starseed, I’d like to thank our shareholders, employees, customers and patients for their confidence in the newly-integrated Company and in our partner, LiUNA Pension Fund. Together we will build continued value and stability for all our stakeholders," he added.

WeedMD owns and operates a 158-acre greenhouse, outdoor and processing facility located in Strathroy, Ontario. It also boasts the fully-licensed 26,000 sq ft Aylmer, Ontario production facility which specializes in cannabis extraction and processing.

And with the recent acquisition of Starseed, a medical-centric licensed holder with operations in Bowmanville, Ontario, it has expanded its multi-channeled distribution strategy.

WeedMD shares gained almost 4% in Toronto to stand at C$0.79 each. 

Contact the author at [email protected]

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Price: 0.58 CAD

TSX-V:WMD
Market: TSX-V
Market Cap: $121.55 m
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