Canngea general manager Luke Wooldridge has been promoted to managing director, as the licensed B2B manufacturer and distributor entered its next phase of “growth and evolution” in the industry.
He succeeds founding director Ryan Ballantyne, who has moved into the role of director, risk and compliance. Ballantyne will also remain company secretary and the firm’s licence holder.
“From three friends with an idea, to a licensed, operating enterprise, Canngea has come a long way,” Ballantyne said.
“This transition allows me to focus fully on the governance and compliance foundations we’ve built, while supporting the next chapter of operational scale and commercial maturity.”
The company said Wooldridge’s leadership had been central to Canngea’s operational transformation since joining in 2023.
“This leadership change reflects Canngea’s shift from founder-led growth to a professionally governed, team-driven enterprise, well-positioned for long-term success in the Australian medicinal cannabis market,” it added.
Canngea was founded by Ballantyne, Colin Sergay and Martin Bryden in 2017. Through their various entities, the trio control close to two thirds of the company, according to the Australian Securities and Investments Commission.