Cann Group Appoints New CEO to Steer Company Through Challenging Times

Marijuana Staff -

Australian medical cannabis company Cann Group Limited (ASX: CAN) has announced the appointment of Jenni Pilcher as its new CEO and Managing Director, backdated to and effective from April 1, 2024.

This move comes as the company seeks to navigate financial challenges and implement a new strategic direction in the competitive cannabis market.

Pilcher, who joined Cann Group as a Non-executive Director in September 2020, has been serving as Interim CEO since March 21, 2024. During her brief tenure at Cann, she has already made significant impacts:

  1. Implemented a restructure and cost-saving plan, projected to save $2.15 million annually
  2. Managed the re-release of the company's half-year financial report, addressing previous audit concerns
  3. Secured an additional $5 million in debt financing
  4. Achieved reinstatement of CAN securities to ASX trading

Chairman Julian Chick expressed confidence in Pilcher's leadership, citing her strong financial background and clear strategy for the company. The new focus is on producing high-quality, GMP-compliant medical cannabis products in various forms, including flower, oils, vapes, and capsules, to drive revenue growth and achieve positive EBITDA in the near term.

Pilcher brings over 15 years of senior finance executive experience in the medical, biotechnology, and technology sectors. Her appointment comes with a fixed term until July 1, 2025, with a remuneration package including:

  • Fixed annual salary of $375,000 plus superannuation
  • Short-term incentive opportunity up to 60% of fixed remuneration
  • Long-term incentive of 4.5 million share options, subject to shareholder approval

This leadership change at Cann Group reflects the ongoing challenges and opportunities in the Australian cannabis industry, as companies seek to balance financial stability with market growth and product development.