WeedMD Cleans House With New CFO, CEO After Starseed Acquisition

Medical marijuana company WeedMD Inc. (TSX-V:WMD) (OTCQX:WDDMF) has named Lincoln Greenidge as the company’s new Chief Financial Officer. He succeeds Nichola Thompson, who will be resigning from her role as CFO effective April 30, 2020.

“We are pleased to welcome Lincoln to our leadership team. His experience will be essential to leading our financial organization, supporting the integration of WeedMD’s recent acquisition of Starseed and the continued commercialization of our cultivation platform,” said Angelo Tsebelis, CEO of WeedMD. “I also want to thank Nichola Thompson for her service as our CFO. During the past two years, she has made a number of lasting contributions to our organization’s success. We wish her the best in her future endeavors and thank her for assisting us through this transition.”

Most recently the CFO for LSC Lithium Corporation, Mr. Greenidge successfully managed LSC’s strategic review which culminated in the sale of LSC for $110 million. He previously served as the CFO of LeadFX and was the corporate controller of HudBay Minerals Inc.

Mr. Greenidge commented, “I am excited to join WeedMD and to lead its finance organization during such an exciting period for the Company. I look forward to contributing to WeedMD’s future success as the Company continues to expand its distribution channels and execute on its commercialization plans.”

New CEO

Just last month WeedMD named a new CEO as well. Keith Merker had been WeedMD’s CEO prior to the acquisition of Starseed, which was valued at C$78 million. Following that acquisition in November, Starseed President Tsebelis has now taken over the role of CEO. George Scorsis, Executive Chairman of WeedMD said at the time, “In recognition of the company’s solid footing, we now look to accelerate growth with a renewed focus on expanding sales and distribution initiatives. With his strong business acumen in sales, marketing, and supply chain management, we welcome Angelo to the role of CEO who will look to execute high-margin, commercial transactions that will bring immediate shareholder value.”

While Starseed seems to have muscled out the WeedMD C-suite, WeedMD owns 62% of the company versus Starseed’s 18%. Plus, WeedMD has four board members versus Starseed’s three board members. The company has also received a $25 million investment from Laborers Pension Fund or LPF.

WeedMD brings low-cost outdoor cannabis production to the table, while Starseed brings a captive medical channel. The stock has recently lifted from its year low of 17 cents to lately trade at 25 cents.

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