Releaf Group has appointed Jodie Leonard as its new independent non-executive chair.
Leonard has experience in industries including banking/financial services, consumer goods, media, technology, travel/tourism, and professional services.
Among the companies on her resume are General Electric, British Airways, Nine Network, Telstra, Colgate Palmolive and Unilever.
She is currently a non-executive director of ASX-listed X2M Connect and the Great Ocean Road Coast and Parks Authority.
Releaf said Leonard’s international experience and understanding of working in highly regulated categories will add significant depth and diversity to its board.
CEO Gary Mackenzie added her knowledge of the public company sector will “prove to be invaluable as the group prepares for a proposed future listing”.
Cann Group has executed final documentation to enter into a A$15 million working capital facility with National Australia Bank (NAB) to help scale the business and fund its long-term growth strategy.
Terms have been negotiated for an initial period with a review on November 30, 2022 and for rolling 12-month periods after that. Meanwhile, the two parties have also renegotiated the $50 million loan originally agreed in December 2020 to help fund construction of Cann’s Mildura facility.
CEO Peter Crock said NAB’s ongoing support was a strong validation of the company’s business model and growth strategy.
He added: “With the commissioning of the Mildura facility and the GMP licensing of our Southern facility, we are scaling up production to meet growing demand.
“Having these financing arrangements in place provides us with the confidence to pursue new opportunities in both the Australian market and overseas.”
Foliumed, a medical cannabis company with manufacturing and R&D in Germany and cultivation in South America, has appointed US Democratic Party heavyweight Howard M. Glicken to its advisory board.
Glicken served as a private sector advisor on Latin American affairs to the Clinton administration, held several senior finance positions in the Democratic Party and is a member of the US/Brazil Business Development Council.
“We are honoured to be able to count on Howard’s advice and mentorship, including his views on the upcoming German adult-use regulations,” said Foliumed founder Oliver Zugel.
“What impresses me most about Foliumed is its leadership team led by founder Oliver Zugel,” added Glicken.
“Since 2018, it has built the company with its own capital and is selling innovative products in eight countries. By sourcing cannabis ingredients from its farm in Colombia, it offers German pharma quality at affordable prices.”
MGC Pharmaceuticals has appointed Angela-Marie Graham as its new London-based chief financial officer, replacing Daniel Kendall who stepped down last month.
Graham has more than 25 years’ accountancy experience specialising in growth businesses in emerging industries, including the biopharmaceutical sector. Prior to joining MGC Pharma she worked at a UK-based consultancy providing commercial, fundraising, planning and strategic guidance to high-growth startups and SMEs.
The company decided to appoint a London-based CFO due to the growth of its European Union and Israeli manufacturing and research operations. Managing director and CEO Roby Zomer will also relocate there shortly.
The ASX-listed firm has been dual listed on the London Stock Exchange since early 2021.
Incannex has raised A$23.6 million from a loyalty option offer to shareholders with the capital set to fund clinical research and “development activities”.
Just over 67 million new shares will be issued, with shareholders receiving one additional “piggy back” option for every two shares issued.
A statement to the ASX said the directors of Incannex collectively hold almost 176 million shares and allowed their entitlement of 11.7 million shares – representing $4.1m in investment capital – to be allocated to a “strategic investor group” that intend to enhance liquidity via the company’s American Depository Shares program on the NASDAQ exchange.