MJardin Announces Executive Team Changes
MJardin Group announces key executive changes. Pat Witcher has resigned as CEO to pursue other interests but will continue as a director during the ongoing restructuring process. Anthony Dutton, a current board member, has been appointed as interim CEO while the company completes its Sales and Investment Solicitation Process (SISP). MJardin aims to set the industry standard in cannabis asset ownership, operating multiple facilities in Canada.
- Appointment of interim CEO Anthony Dutton may provide stability during restructuring.
- Company continues its Sales and Investment Solicitation Process (SISP) aimed at strategic growth.
- Resignation of CEO Pat Witcher could lead to uncertainty in leadership.
- The company is undergoing restructuring, which may indicate underlying operational challenges.
TORONTO, Sept. 02, 2021 (GLOBE NEWSWIRE) -- MJardin Group, Inc. (CSE: MJAR) (OTCQX: MJARF) (the “Company” or “MJardin”), a leader in premium curated cannabis production and distribution announces the following executive changes.
Effective immediately, Pat Witcher has resigned as the Company's Chief Executive Officer to pursue other interests. The board of directors (the “Board”) and management of the Company thank Pat for his years of service to MJardin during the Company’s formative years, and the many initiatives he led on behalf of the Company. Pat will remain as a director of MJardin where he will continue to support the Company during its previously announced restructuring process.
The Board has appointed Mr. Anthony Dutton, a current MJardin board member, as interim Chief Executive Officer of the Company while it completes its previously announced Sales and Investment Solicitation Process (the “SISP”).
About MJardin Group
MJardin’s mission is to set the standard for successful ownership of assets in the cannabis industry. Our founders spent a decade refining cultivation methodology, collecting and implementing data driven standards and designing state-of-the-art facilities. Today, MJardin owns multiple operations in Canada, supplying the market with premium products. MJardin is publicly listed on the CSE (MJAR) and headquartered in Toronto, Ontario.
The CSE has not in any way passed upon the merits of and has neither approved nor disapproved the contents of this news release.
Forward-Looking Information
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company’s control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as, ‘may’, ‘will’, ‘should’, ‘could’, ‘would’, ‘expects’, ‘intends’, ‘plans’, ‘anticipates’, ‘believes’, ‘estimates’, ‘projects’, ‘predicts’, ‘potential’, ‘outlook’ or ‘continue’ or the negative of those forms or other comparable terms. Statements about, among other things, future developments in the business and operations of MJardin, the Sales and Investment Solicitation Process and any potential outcomes thereof, and statements regarding the potential, timing, and examples of any strategic alternatives, contain forward-looking information. These statements should not be read as guarantees of future performance or results. The Company’s forward-looking information and forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information and forward-looking statements, including but not limited to: our ability to identify and pursue growth, financing and other strategic objectives, general market conditions, and the regulatory and economic environments in the jurisdictions we operate or intend to operate or invest in. Reference should also be made to the risks and uncertainties which are discussed in greater detail in the “Risk Factors” section of the Company’s Annual Management’s Discussion and Analysis filed on SEDAR and as described from time to time in documents filed by the Company with Canadian securities regulatory authorities. Readers are cautioned that the foregoing list of factors is not exhaustive. Although such statements are based on management’s reasonable assumptions at the date such statements are made, there can be no assurance that any proposed transactions will occur or that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking information and forward-looking statements. Accordingly, readers should not place undue reliance on the forward-looking information and forward-looking statements. No assurances are given as to the future trading price or trading volumes of MJardin’s shares, nor as to the Company’s financial performance in future financial periods. The Company does not intend to update any of these factors or to publicly announce the result of any revisions to any of the Company’s forward-looking information and forward-looking statements contained herein, whether as a result of new information, any future event or otherwise. Except as otherwise indicated, this press release speaks as of the date hereof. The distribution of this press release does not imply that there has been no change in the affairs of the Company after the date hereof or create any duty or commitment to update or supplement any information provided in this press release or otherwise. MJardin assumes no responsibility to update or revise forward-looking information and forward-looking statements to reflect new events or circumstances unless required by applicable law.
Caution Regarding Cannabis Operations in the United States
Investors should note that there are significant legal restrictions and regulations that govern the cannabis industry in the United States. Cannabis remains a Schedule I drug under the US Controlled Substances Act, making it illegal under federal law in the United States to, among other things, cultivate, distribute or possess cannabis in the United States. Financial transactions involving proceeds generated by, or intended to promote, cannabis-related business activities in the United States may form the basis for prosecution under applicable US federal money laundering legislation.
While the approach to enforcement of such laws by the federal government in the United States has trended toward non-enforcement against individuals and businesses that comply with medical or adult-use cannabis programs in states where such programs are legal, strict compliance with state laws with respect to cannabis will neither absolve the Company of liability under US federal law, nor will it provide a defense to any federal proceeding which may be brought against the Company. The enforcement of federal laws in the United States is a significant risk to the business of the Company and any proceedings brought against the Company thereunder may adversely affect the Company’s operations and financial performance.
Investor Contact
Edward Jonasson
Chief Financial Officer
edward.jonasson@mjardin.com
FAQ
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