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Imperial Ginseng faces uncertain season

Agriculture
TSXV:IGP
28 May 2020 14:31 (EDT)

Imperial Ginseng Products (TSXV:IGP) is not planting any ginseng crops for the upcoming summer season.

Imperial Ginseng believes this is in best interests of the company and its stakeholders. Furthermore, Imperial Ginseng has decided to prematurely harvest some or all 66 acres which it planted for 2019’s summer.

These decisions are the result of numerous negative factors, such as a labour shortage and a recent severe frost.

In particular, the company partly attributed the decision to diplomatic difficulties between Canada and China. The tensions have apparently impacted prices in the ginseng market and are likely to continue doing so for some time.

Imperial Ginseng Products’ share price has dropped significantly today at the news that it will not plant a new crop.

In other news, the company has also announced the retirement of James Chang from Imperial Ginseng’s board of directors. The departure is apparently for personal reasons.

While he will no longer serve on the board, James will continue to market and sell the company’s ginseng root. 

Imperial Ginseng’s CEO, Stephen McCoach, commented on the departure.

“On behalf of myself and the rest of the Board, I want to express our sincerest thanks to Mr. Chang for his outstanding service, dedication and contribution to the Board of Imperial.

“Those of us that know him personally admire him for not only his business acumen, but also for his personal values and commitment to family, traits that will continue to serve both the company and his family well into the future,” he said.

The company is now assessing possible candidates for a position on its board of directors.

Imperial Ginseng (IGP) has dropped 22.39 per cent and is currently trading at $0.26 per share at 12:52pm EDT.

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