One of the most well-known and longest-operating cannabis dispensary owners in the nation, California-based Harborside, announced Monday that its CEO has stepped down and a new interim chief executive officer was appointed.
Andrew Berman, who has served as CEO, president and board member since January 2018, relinquished the reins of the Oakland, California-based company, effective immediately.
Since going public in June, Harborside’s stock (HBOR) has slumped on the Canadian Securities Exchange from an opening of 6 Canadian dollars ($4.60), although the stock rallied on Monday morning, after the Berman announcement
Peter Bilodeau, chair of Harborside’s board of directors, will take over as interim CEO until a permanent replacement is chosen.
“Given the changing and challenging market conditions, the Board believes a new and broader leadership team is necessary to accelerate the growth of the Company,” Harborside said in a release.
Harborside’s board also appointed:
- Greg Sutton as chief operating officer of cultivation and manufacturing.
- Lisah Poore as chief retail office.
- Mireille Duclos as head of the human resources department.
“These changes are expected to accelerate the Company’s growth, advancing Harborside as a leading cannabis retailer in California and driving shareholder value,” Bilodeau said in the release.
Both Sutton and Duclos will be focusing on a “cost-cutting program” by Harborside designed to “drive efficiencies and cost-management initiatives … toward the achievement of strong sustainable profitability.”
Last week, Harborside announced it had settled for $11 million a lengthy battle over business deductions with the Internal Revenue Service.
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