Phoenix, Arizona and Vancouver, British Columbia--(Newsfile Corp. - November 10, 2023) - YourWay Cannabis Brands Inc. (CSE: YOUR) (OTC: YOURF) (the "Company" or "YourWay") announced today that the CEO and Chairman, Jakob Ripshtein resigned from his positions and as a result, Brett Mecum, a current Board Member was appointed as the Chairman of the Board.
Upon Ripshtein's resignation, the company hired Mr. Mason Cave as interim CEO and Board Member. Mr. Cave resides in Arizona and was CEO of Venom before it was acquired by Yourway. He is a seasoned professional with extensive experience in the Cannabis industry and is familiar with the operations of Venom.
"I am looking forward to helping the company resolve the issues at hand, streamline operations, significantly reduce expenses and provide an opportunity for shareholders to realize some value from the Venom asset," said Mason Cave.
Subsequent to the appointment of Mr. Cave as CEO and Board Member, CFO, Sandra Ceccacci was terminated for cause and Directors Kevin Harrington, Eula Adams and Lily Dash resigned.
The company is currently seeking a replacement for the CFO position.
With these recent changes, the board has decided to postpone the previously scheduled Annual General Meeting of the Shareholders to a date yet to be determined early in 2024.
About YourWay Cannabis Brands Inc.:
YourWay is committed to redefining the way consumers and cannabis brands interact with the consumer. By building their own brands, partnering with others, they are dedicated to expanding their reach; remolding the cannabis industry and ultimately redefining how consumers and cannabis brands interact.
Contact: IR@yourwaycannabis.com
Website: www.yourwaycannabis.com
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release may include "forward-looking information" as defined under applicable Canadian securities legislation, including statements regarding the plans, intentions, beliefs, and current expectations of the Company with respect to future business activities and operating performance. Forward-looking information is based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information.
The Company, through its subsidiaries, is involved in the manufacture, possession, use, sale, and distribution of cannabis in the United States. Local state laws where the Company operates permit such activities; however, investors should note there are significant legal restrictions and regulations that govern the cannabis industry in the United States. Cannabis remains illegal under federal law in the United States to cultivate, distribute or possess cannabis. Financial transactions involving proceeds generated by, or intended to promote, cannabis-related business activities may form the basis for prosecution under applicable federal money laundering legislation. The enforcement of federal laws in the United States is a significant risk to the business of the Company and any proceedings brought against the Company thereunder may adversely affect the Company's operations and financial performance.
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