Calgary, Alberta — International Cannabrands Inc. (CSE:JUJU.A; FSE:31G; US OTC:GEATF) (the “Company”) is pleased to announce that Steve Gormley has been appointed as the new President and Chief Executive Officer of the Company. The Company’s current CEO, Jeffrey Britz has resigned as the Company’s CEO and has been appointed as the Chairman of the Board of Directors. Mr. Gormley had previously joined the Company’s Board of Directors on April 16, 2018.
Steve is a renowned expert in the legal marijuana sector and whose analysis is featured prominently in outlets like Forbes, Wall Street Journal, CBS News, US News and World Report, Chicago Tribune, and Marketwatch. Steve presently serves as COO of Silverback Investments, Inc. Silverback Investments, Inc. is a management services company providing business solutions to licensed lawfully operating medical marijuana cultivation and distributions businesses. Silverback is focused on the Michigan market. Likewise, he presently serves as President of Alta Via Ventures, LLC, a management services company to licensed cannabis businesses in the Los Angeles, California operator. From 2012 to 2016, Steve served as Chief Business Development Officer and member of the Board of Directors for OSL Holdings, a publicly traded management services in the cannabis industry. Steve has operated a hydroponics retail gardening supply enterprise in Los Angeles as well as licensed cultivation facilities in California.
Steve Gormley has nearly twenty years’ experience developing, branding, marketing, launching, managing and operating businesses in the US and international markets. Steve has over seven years’ experience in the cannabis industry. He has lived and worked in Asia, Europe, South America and Australia. Steve got his start in media in television production in the early 90s. After developing content and producing for MTV, Paramount Pictures, Tribune and others, Steve levered his expertise in content into the on-line sector for a new media private equity fund in the late 90’s and early part of the new century. Steve helped develop, launch, manage and sell a number of new media properties and eventually founded a branded entertainment company in China. Steve has also served as managing director for a California based media private equity fund. He deployed C-Level Management Services specializing in startups and turn-arounds.
In addition, the Company has appointed Mr. Neal Pomroy as Senior Advisor.
Mr. Pomroy is an experienced legal cannabis investor with deep domain knowledge and focus on technology, manufacturing, cultivation and retail. He has over twenty years’ experience with private equity, growth and venture capital companies including Credit Suisse/DLJ Merchant Banking. Prior to his experience on Wall Street, Mr. Pomroy was a managing director for 15 years as a Strategy and Operations consultant at Mercer Management Consulting/Oliver Wyman. Mr. Pomroy holds a Bachelor of Sciences degree from the University of Virginia and a Masters of Business Administration degree from Harvard University.
In recognition of their anticipated contributions to the growth and development of International Cannabrands, Messrs. Gormley and Pomroy have each been granted 12,292,969 options and 4,917,188 options, respectively, under the Company’s stock option plan and 31,961,720 and 39,337,502 performance warrants, respectively. The options are exercisable into common shares at a strike price of $0.07 per share for 5 years. The performance warrants are exercisable into common shares at a strike price of $0.07 for a period of five years with 50% of the warrants being immediately vested and 50% of the warrants vested over a one year period or immediately upon closing of a Significant Acquisition, as defined in National Instrument 51-102 Continuous Disclosure Obligations.
Jeffrey Britz, Chairman of the Company, said: “We have tremendous respect for Steve and Neal for their accomplishments in the industry, exceptional business acumen and personal integrity. We are honored to have them join us and think he will be a great fit for JuJu Royal and our other initiatives.”
Steve Gormley commented: “I liken the opportunity in cannabis, in the US and Canada, to the opportunity that existed in the alcohol business three to five years before prohibition was repealed. Savvy investors know that cannabis provides an opportunity to secure generational wealth. International Cannabrands is uniquely positioned to aggregate best of breed micro brands. The company is focused on growth and revenue. I am honored to lead the company and look forward to reporting on our success.”
