VIVO Cannabis(TM) Announces Appointment of Former President and CEO of Zenabis Global, and Former CFO of Cronos Group, to the Board
Tuesday, December 21, 2021, 7:31 AM ET
Toronto, Ontario--(Newsfile Corp. - December 21, 2021) - VIVO Cannabis Inc. (TSX: VIVO) (OTCQX: VVCIF) ("VIVO" or the "Company") is pleased to announce the appointment of Shai Altman and Glen Huber to the board of directors of the Company (the "Board"), effective immediately.
"I am very pleased to welcome Mr. Altman and Mr. Huber to the Board of Directors," said Ray Laflamme, Chairman of the Board and Chief Executive Officer of VIVO. "Both Mr. Huber and Mr. Altman have strong leadership, financial acumen, public company and executive experience across several industries including, cannabis, consumer-packaged goods, real estate, and financial advisory. I have no doubt that Mr. Altman and Mr. Huber will provide excellent support with our continued growth and will be great assets to our VIVO family."
Mr. Altman brings over 25 years of leadership experience in the consumer-packaged goods industry across several categories and countries around the globe. Most recently he was the President and CEO of Zenabis Global, a Canadian licensed grower and exporter of cannabis products into the recreational and medicinal markets. He also previously served as President of McCain Foods Canada, President of Wrigley Canada, General Manager of Wrigley in India; and General Manager of Wrigley in Israel. Mr. Altman will serve as an Independent Director of the Board and as Chair of the Nominating and Corporate Governance Committee.
Mr. Huber is the President of Brett Management Inc., a boutique financial advisory firm focussing on special situations for ultra-high net worth families as well as public and private companies. He is a Chartered Professional Accountant and Chartered Insolvency and Restructuring Professional. Mr. Huber has experience building public and private companies while serving as an officer and director, as well as being a Trustee of a large private trust. His prior cannabis industry experience includes serving as CFO and Director of Cronos Group. Mr. Huber will serve as an Independent Director of the Board and as Chair of the Audit Committee.
As a result of these appointments, Michael Bumby has resigned his position on the Board.
VIVO further announces that it has issued restricted share units of the Company ("RSUs") and deferred share units of the Company ("DSUs") under its Omnibus Equity Incentive Plan (the "Plan").
The Company issued an aggregate of 4,384,000 RSUs to certain officers and employees of the Company to be redeemable at the sole discretion of the Company and subject to the terms of the Plan.
Additionally, the Company issued an aggregate of 690,000 DSUs to non-executive directors under the Plan in settlement of directors' compensation in connection with their appointments to the Board. The DSUs are to be settled when a director retires from all positions with the Company, and are subject to the terms of the Plan.