- Cannabis One Holdings (CBIS) has begun the process of changing its name to INDVR Brands, to reflect its business model
- The company has also announced the resignation of Jeffery Mascio from his position as CEO and Board of Director member
- Cannabis One’s President, Joshua Mann, will act as the company’s Interim CEO
- The company has also announced two other updates regarding members of its Board of Directors
- Cannabis One Holdings (CBIS) remains unchanged and is currently trading at seven cents per share
Cannabis One Holdings (CBIS) has begun the process of changing its name to INDVR Brands, to reflect its business model.
The company also intends to change its ticker symbol to IDVR, as a part of this process. This rebranding is intended to better reflect Cannabis One’s business model and customer base.
It will not impact the company’s share structure, or the rights of its shareholders in any way.
Cannabis One’s President, Joshua Mann, commented on the reasons for this name change, and its potential future benefits.
“The directors and executive management team have collectively decided that its current name does not properly reflect its business or its business model.
“The company has over the last year and half successfully moved from a cannabis service provider to one that owns and distributes cannabis brands across the legal channels in the United States.
“The company believes that rebranding will better align with this go-forward business model, its customer base, and set itself up for the impending US legalisation of cannabis,” he said.
The name change is subject to approval from the Canadian Securities Exchange. As such, Cannabis One will update the market once it receives approval and an effective date for the change.
Whilst this rebranding process is ongoing, the company is also facing a transition in leadership. Cannabis One has announced that Jeffery Mascio has resigned from his position as the company’s CEO. He has also resigned from his position on Cannabis One’s Board of Directors.
However, Jeffery will maintain some level of involvement with the company, in an executive advisory role. Joshua Mann has accepted the role of Interim CEO, in addition to his current role as company President.
Cannabis One’s Board of Directors has more changes yet to come, with the announcement of Dr Darrick Payne’s resignation.
Furthermore, C Regan Hauptman has been unable to accept his appointment to the Board of Directors. The company announced his appointment to the Board in March this year, but this has not eventuated due to personal circumstances.
Cannabis One Holdings (CBIS) remains unchanged and is trading at seven cents per share at 10:38am EDT.