Company News: Releaf Group; Cann Group; Folium; MGC Pharma; Inannex
Releaf Group has appointed Jodie Leonard as its new non-executive independent chairwoman.
Leonard has experience in industries such as banking/financial services, consumer goods, media, technology, travel/tourism and professional services.
Among the companies featured on his CV 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 his board.
CEO Gary Mackenzie added that her knowledge of the public company sector “will prove invaluable as the group prepares for a proposed future listing”.
Cann Group has signed final documentation to enter into an A$15 million working capital facility with National Australia Bank (NAB) to help scale the business and fund its long-term growth strategy.
The terms were negotiated for an initial period with a review on November 30, 2022 and for rolling 12-month periods thereafter. In the meantime, the two parties have also renegotiated the $50 million loan originally agreed in December 2020 to help fund the construction of Cann’s Mildura facility.
CEO Peter Crock said NAB’s continued support was strong validation of the company’s business model and growth strategy.
He added, “With the commissioning of the Mildura facility and the GMP license of our Southern facility, we are ramping up production to meet growing demand.
“Having these financing agreements in place gives us the confidence to pursue new opportunities in the Australian market and overseas.”
Foliumed, a medical cannabis company with manufacturing and R&D in Germany and cultivation in South America, has named US Democratic Party heavyweight Howard M. Glicken to its advisory board.
Glicken served as a private sector adviser on Latin American affairs to the Clinton administration, held several high-level Democratic Party finance positions, and is a member of the US/Brazil Business Development Council.
“We are honored to have Howard’s advice and mentorship, including his views on upcoming German adult use regulations,” said Foliumed founder Oliver Zugel.
“What impresses me most about Foliumed is its management team led by founder Oliver Zugel,” added Glicken.
“Since 2018, she has built the business with her own capital and sells innovative products in eight countries. Sourcing cannabis ingredients from her farm in Colombia, he offers German pharmaceutical quality at affordable prices.
MGC Pharmaceuticals has appointed Angela-Marie Graham as London-based chief financial officer, replacing Daniel Kendall who resigned last month.
Graham has over 25 years of accounting experience specializing in growing businesses in emerging industries, including the biopharmaceutical sector. Prior to joining MGC Pharma, she worked at a UK based consultancy providing business, fundraising, planning and strategic advice to high growth startups and SMEs.
The company has decided to appoint a London-based chief financial officer due to the growth of its manufacturing and research activities in the European Union and Israel. Managing Director and CEO, Roby Zomer, will also be moving there shortly.
The ASX-listed company has been dual-listed on the London Stock Exchange since early 2021.
Incannex has raised A$23.6 million through a loyalty option offering to shareholders with capital secured to fund clinical research and “development activities”.
Just over 67 million new shares will be issued, with shareholders receiving an additional piggy back option for every two shares issued.
A statement to the ASX said the directors of Incannex collectively own nearly 176 million shares and have licensed their right to 11.7 million shares – representing $4.1 million in investment capital – be awarded to a “group of strategic investors” who intend to improve liquidity through the company. U.S. Tender Share Program on the NASDAQ stock exchange.