Greenfern Industries (GFI) managing director and founder Dan Casey has stood down, with current director and former Eqalis Pharmaceuticals chief medical officer Elizabeth Plant taking on the role of chief executive.
Casey will remain as a consultant until the end of September to ensure a smooth hand over. Both he and Plant will resign from the board.
GFI told the NZX Plant’s “first priority will be to undertake a review of the company’s medical cannabis cultivation operation with a view to improving its efficiency and efficacy” including moving the focus from volume to quality of product.
“That will involve interrupting the current production cycles and temporarily halting commercial production while additional research is undertaken on a number of genetics and the existing processes and procedures are refined,” the company added.
While acknowledging the move “may delay short-term revenue receipts”, the firm expressed the hope that it would “enhance longer-term profit margins and financial returns”.
“The short hiatus in cultivation will also enable the company to take advantage of current high electricity prices by freeing up output from [its] hydroelectric electric plant,” it added.
Plant will also be charged with growing GFI’s flower sales internationally and domestically and identifying opportunities to diversify revenue streams to complement its existing bioscience and health product business.
The company will also look to undertake a capital raise in the coming months.
The board thanked Casey for his “unwavering contribution to Greenfern” and wished him well in the future.
