Canadian cannabis producer Zenabis gets fourth CEO in two years

Consumer packaged goods veteran Shai Altman took the reins of Zenabis earlier this month as the cannabis producer’s fourth chief executive within the past two years.

The struggling Vancouver, British Columbia-based company announced Altman’s appointment in July.

Altman previously served as president of McCain Foods, a Canadian multinational frozen food company.

Altman took over from Kevin Coft, who was interim CEO from Dec. 11, 2019, to Aug. 27, 2020.

Other Zenabis chief executives in recent years have included:

  • Andrew Grieve (Jan. 21, 2019-Dec. 11, 2019).
  • Rick Brar (Oct. 1, 2018-Jan. 21, 2019).

Most large Canadian cannabis firms replaced their chief executives or chief financial officers after their companies raked up collective net losses exceeding 6 billion Canadian dollars ($4.56 billion) in the first calendar year that recreational cannabis was allowed to be sold.

Regulatory filings show Zenabis shuffling through chief financial officers.

Former CFOs in the past 18 months were:

  • John Hoekstra (until April 21, 2019).
  • Mike Smyth (April 21, 2019-Dec. 31, 2019).

Eric Rasmussen, currently listed as CFO on the company’s website, was appointed at the start of this year.

Zenabis also disclosed a corporate update this week.

The company said it anticipates exports climbing to 1,000 kilograms per month from October through at least the end of this year.

Zenabis completed its first export to Australia in August.

It shipped approximately 4,700 kilograms (10,362 pounds) of cannabis in the first two months of the third quarter of 2020, according to the update. That’s an increase of about 20% over the previous quarter.

Earlier this year, the company laid off a quarter of its workforce and said it planned to sell a cultivation and processing facility.

Shares of Zenabis Global trade on the TSX Exchange as ZENA.