- Emma Andrews stepped down as Nextleaf Solutions’ (CSE:OILS) CEO, president and director, with Sam Kassem appointed Interim CEO effective immediately
- Andrews will remain involved during a transition period under an advisory arrangement to support the handover of key relationships and priorities
- Nextleaf has launched a business review focused on profitability, cash generation and operating efficiency while searching for a permanent CEO
- Nextleaf stock (CSE:OILS) opened trading at $0.035
Multi-patented cannabis company Nextleaf Solutions (CSE:OILS) announced that Emma Andrews has stepped down as chief executive officer, President and a director of the company. The board of directors has appointed current chief financial officer and director Sam Kassem as interim chief executive officer, effective immediately.
Andrews has been with Nextleaf for eight years and has served as CEO since September 2023. Prior to that role, she spent five years as the company’s director of marketing. During her tenure, she played a role in Nextleaf’s transition toward a consumer packaged goods business, supported the development of its brand portfolio and commercial capabilities, and helped expand the company’s presence in both domestic and international cannabis markets.
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To facilitate an orderly leadership transition, Andrews will continue to work with the company under a separate advisory arrangement for a transition period. In this capacity, she will assist with the transfer of key business relationships and commercial priorities.
“As I step into this role, my immediate priority is to take a disciplined and objective look at the business and ensure that our strategy, resources and capital are aligned with the opportunities that offer the strongest potential returns,” Kassem said in a news release. “Our focus will be on strengthening performance and positioning Nextleaf to create sustainable long-term shareholder value.”
Kassem, who has served as chief financial officer since September 2023 and as a director since December 2023, will assume leadership of the company on an interim basis while the board conducts a search for a permanent CEO. He brings more than a decade of experience in the cannabis industry, including co-founding and building a cannabis business in the United States and holding senior leadership positions across Canada and the U.S. His background also includes international business experience.
The leadership change comes as Nextleaf begins a comprehensive review of its business operations. According to the company, the review will focus on improving profitability, enhancing cash generation, increasing operating efficiency and directing resources toward its highest-value commercial opportunities.
The board of directors and management team have indicated that both the business review and the search for a permanent chief executive are currently underway. The company said the process is intended to support its next phase of development while evaluating operational and financial priorities.
Nextleaf Solutions develops a range of multi-patented, highly automated, closed-loop extraction and distillation technology that sets the global standard for processing cannabis at-scale.
Nextleaf stock (CSE:OILS) opened trading at $0.035 and has lost 36.36% since the year began.
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