Jushi Holdings Inc. (CSE:JUSH, OTCQX:JUSHF) said its chief financial officer Ed Kremer has resigned from his position with effect from July 12, 2022 to accept a role at a competing large cannabis multi-state operator.
Jushi said Kremer is party to an employment agreement with the company, which prohibits him from working for a competitor for a 12-month period.
“While Jushi is appreciative of Mr Kremer's hard work to support the timely filing of audited financials, the company takes such post-employment obligations seriously and will take steps to enforce its contractual rights,” it said.
Jushi noted that Kremer's resignation was not the result of any financial problem, dispute or matter relating to accounting practices or financial statements.
The company said president and founder Jon Barack will assume the additional role of interim CFO with immediate effect, while James Cabral, its senior vice president of finance, has been promoted to chief accounting executive.
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"Over the past year, we have made tremendous progress upgrading our talent and building out our bench strength across our finance and accounting departments," Jim Cacioppo, chief executive officer, chairman and founder of Jushi said in a statement.
"I am confident that the team we have assembled, with the support of senior leadership, will provide continuity as we recruit a new chief financial officer with the qualifications to support our expansion initiatives and complete the securities registration process in the US."
Interim CFO Barack has played an instrumental role in overseeing multiple business lines and corporate activities at Jushi, including capital raising, going public and deal-making as well as operational oversight of various departments such as FP&A, business development, IT, construction and real estate, the company said.
Meanwhile Cabral, before joining Jushi in July 2021, held audit and accounting roles at various organizations, including vice president, global controller at Brightstar Corp., a multi-billion dollar wireless company, and senior manager at PricewaterhouseCoopers' National Office.
Jushi is vertically integrated cannabis company focused on building a multi-state portfolio of branded cannabis assets in the US through opportunistic acquisitions, distressed workouts, and competitive applications.
Contact the author at jon.hopkins@proactiveinvestors.com