Creso Pharma is to change its name to Melodiol Global Health Limited in a move it says will better articulate the diverse make-up of the company and reflect its international ambitions.
The board will seek shareholder approval of the proposal at a general meeting on a date to be advised.
Creso said the rebranding will “assist in best capturing the essence of the diversified operations of the group”.
“Melodiol is a nod to the company’s focus on combining traditional plant-derived remedies with modern scientific expertise to bring safe, natural and efficacious products to market for a growing group of source-conscious consumers,” it said in a statement.
The name change has been triggered by recent acquisitions in addition to its stated aim to seek further acquisitions in the US and other key markets, the firm added.
In a separate development, Creso announced the resignation with immediate effect of founder and non-executive director Adam Blumenthal.
He will be replaced on the board by ex-Canopy Growth executive Ben Quirin, a former colleague of Creso managing director William Lay.
Quirin most recently held the position of APAC managing director for Canopy Growth.
He departed the company late last year after four years in the role to join Invert, a company specialising in reducing emissions for corporations.
Blumenthal, meanwhile, has been a board member since 2015 and was considered a driving force behind the company’s ASX listing, growth and diversification.
However, his tenure at Creso has not been without controversy having stepped away from the MD role following an investigation launched by the Australian Securities and Investments Commission (ASIC) in late 2021.
Creso Pharma said Quirin’s expertise in driving product and brand growth in new and emerging markets will be “imperative as the company continues to push towards reaching a cash flow positive position”.
His appointment brings the number of former Canopy executives working for Creso to three, with Bruce Linton also on the board.
Also joining the board is Jodi Scott, the founder of Sierra Sage Herbs, who becomes executive director.
Creso completed the acquisition of SSH in August.
Creso managing director William Lay said: “It is my pleasure to welcome Ben and Jodi to Creso Pharma’s board. Having worked with Ben previously at Canopy Growth, I have witnessed first hand his ability to grow brands and products in new and emerging markets.
“We expect to benefit considerably from his appointment and anticipate having another Australian-based director may unlock several additional opportunities.
“Jodi’s appointment also solidifies the importance of SSH as one of the company’s major operating divisions. Her in-country presence will be imperative to Creso Pharma’s growth in North America, which has been highlighted through recent progress and international expansion opportunities.”
Commenting on the proposed name change, Lay said it “represents the global ambitions of the organisation”.
Creso’s outgoing founder, Ben Blumenthal, said the company is in good hands.
“Having three ex-Canopy Growth executives within the company’s board, being Bruce Linton, Will Lay and now Ben, leaves the company very well placed to capitalise on opportunities ahead,” he said in a statement.
“Having worked closely with Bruce and Will over the past three and two years, respectively, I am extremely confident in their skillset and vision.”
On the name change, Blumenthal said: “The proposed name change during Creso Pharma’s ongoing expansion is extremely timely given the ongoing shift towards potential cannabis decriminalisation in the US, increased level of corporate activity and international expansion.”