VANCOUVER, BC / TheNewswire / March 5, 2019 – CANNAMERICA BRANDS CORP. (“CANA” or the “Company”) (CSE: CANA) (OTCQB: CNNXF) is pleased to announce that Frank Falconer, the Company’s former Chief Operating Officer, has been appointed as Chief Commercial Officer (“CCO”). In his new role, Mr. Falconer will focus on expanding the licensing footprint controlled by the brands of the Company along with leading the overall worldwide development of the organization into new markets.
Additionally, the Company is pleased to announce that Paul Ciullo has been appointed as Chief Financial Officer (“CFO”) effective March 1, 2019. Mr. Ciullo’s appointment fills a vacancy created by the resignation of Jon Morrison on February 28, 2019.
Mr. Ciullo has a diverse professional background and specialized in financial reporting and project management during his time spent working in senior corporate finance and accounting positions for various Fortune 500 companies. Mr. Ciullo’s most recent roles include serving as the CFO of a cryptocurrency mining company and an information technology services organization.
Mr. Ciullo is a CPA who obtained a Bachelor’s of Science in Accounting from SUNY Geneseo and an MBA from Pennsylvania State University.
“We look forward to the future with Mr. Falconer in his new role as CCO and Mr. Ciullo as CFO. I believe both have the backgrounds and experience that will serve the Company well as the Company’s brands continue to grow, both domestically and internationally,” said Dan Anglin, CEO and Co-Founder of the Company. “The Company’s Board of Directors and Management would like to express their thanks to Mr. Morrison for his service and wish him the best.”
The Company has granted 300,000 incentive stock options to purchase common shares to Mr. Ciullo. The options are exercisable, subject to vesting provisions, over a period of five years at a price of $0.60 per share.
The Company is also pleased to announce today that the Board of Directors have approved a change in its Auditor. Effective February 28, 2019, the Corporation’s Audit Committee and its Board of Directors have accepted the resignation of Dale Matheson Carr-Hilton Labonte, LLP., (the “Former Auditor”) and have appointed Manning Elliott LLP., (the “Successor Auditor”) as the Corporation’s new auditor until the close of the next annual general meeting of the Company. The Company will be working closely with Manning Elliott in order to file its annual financial statements, management’s discussion and analysis and related officer certifications for the financial year ended March 31, 2019.
CANA has already sent a Notice of Change of Auditor (the “Notice”) to the Former Auditor and to the Successor Auditor and has received a letter from each, addressed to the British Columbia Securities Commission, and stating that both the Former Auditor and the Successor Auditor agree with the information contained within the Notice. The Notice, together with the two letters from the Auditors will be filed onto SEDAR accordingly.
There were no disagreements or unresolved issues with the Former Auditor on any matter of audit scope or procedures, accounting principles or policies, or financial statement disclosure. It is the Corporation’s opinion that there have been no “reportable events” (as defined in National Instrument 51-102 – Continuous Disclosure Obligation) between the Corporation and the Former Auditor.
For more information, please visitwww.cannamericabrands.com.
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About CannAmerica Brands Corp.
CannAmerica Brands is a U.S. marine veteran founded and operated portfolio of cannabis brands with licensing agreements in the states of Colorado, Nevada and Maryland. The Company aims to maximize the value of its brands by employing strong brand management teams, marketing and licensing the brands through various distribution channels, including dispensaries, wholesalers and distributors, in the United States and internationally. The Company’s core strategy is to enhance and monetize the global reach of its existing brands, and to pursue additional strategic acquisitions to grow the scope and diversity of its brand portfolio. For more information, please visit www.cannamericabrands.com.