Cannabis firm Nextleaf Solutions loses longtime CEO Pedersen

(This article was updated to note that the company is secured debt free.)

Paul Pedersen, longtime CEO of Canadian cannabis firm Nextleaf Solutions, has stepped down, the company’s board of directors announced.

Emma Andrews, director of marketing, has been appointed CEO on an interim basis, according to a news release.

The change was effective Friday but wasn’t announced until Monday.

Pedersen retains his position on the company’s board.

No reason for the executive change was provided.

Pedersen – who served as CEO since January 2017 – is a co-founder of the Vancouver, British Columbia-based company, which specializes as a manufacturer and distributor of cannabis vapes and oils.

“We would like to thank Paul Pedersen for his service since the company’s inception,” Andrews said in a statement.

“Looking ahead, the leadership team remains committed to the company’s commercialization roadmap, continued financial growth, and deepening our operational expertise.”

Nextleaf also provided a commercial update, saying it was secured debt free debt-free and profitable in its third quarter of fiscal 2023.

The company’s shares are traded on the Canadian Securities Exchange as OILS.