(This story has been up to date to replicate Poseidon Funding Administration’s identify change from Poseidon Asset Administration.)
Emily Paxhia, a co-founder and managing companion of hashish hedge fund Poseidon Funding Administration, resigned from the board of administrators at marijuana multistate operator Ascend Wellness Holdings.
Paxhia was the only real lady on the New York-based firm’s board of administrators.
Paxhia didn’t instantly reply to MJBizDaily‘s request for remark about her resignation.
Rebecca Koar, Ascend’s senior vp of investor relations, declined to share the explanation for Paxhia’s departure however instructed MJBizDaily through e mail that the corporate was grateful for Paxhia’s help and experience.
“I’ll notice that Emily indicated in her resignation letter that her resolution to resign was not the results of a disagreement with Ascend’s operations, insurance policies or practices,” Koar wrote.
“Though we aren’t (at the moment numerous), we’re dedicated to an impartial and numerous board as a part of our succession planning and that course of stays underway.”
Paxhia’s departure comes two months after former Ascend CEO Abner Kurtin was arrested and charged with battery in Miami.
The cost was dropped after neither the sufferer nor the witness would cooperate with the police and prosecutor.
Kurtin transitioned from CEO to govt chair of the board in September, simply days earlier than the battery cost was dropped.
In line with a information launch, two new administrators have been appointed to Ascend’s five-person board:
- Dan Neville, the corporate’s chief monetary officer and interim co-CEO, who took over from Kurtin in September.
- Joshua Gold, who’s impartial of Ascend, will function chair of the audit committee and a member of the compensation and company governance committee.
“Emily was one in every of our earlier traders and has supported Ascend from the start,” Kurtin mentioned in an announcement.
“We want her the easiest in her continued management within the business.”
In October, Kurtin hinted to MJBizDaily that consolidation is probably going sooner or later for the corporate, both via a sale or an acquisition.
Neville and Ascend co-founder Frank Perullo are serving as interim co-CEOs till a brand new chief govt is employed.
In the meantime, Ascend filed a registration assertion on Type S-3 and a base shelf prospectus with the U.S. Securities and Change Fee (SEC), in response to a information launch.
The corporate additionally filed a corresponding Canadian prospectus with securities authorities in each province besides Québec.
When the submitting has been reviewed by the SEC, as much as $100 million in Class A standard inventory, most well-liked inventory, warrants, debt securities, subscription rights and/or items of the corporate might be obtainable for distribution.
“Whereas we do not need speedy plans to concern Securities underneath the Registration Assertion or the Canadian Prospectus, we deemed it prudent to arrange ourselves to make the most of markets ought to they evolve right into a extra accretive financing different,” Neville mentioned in an announcement.
“This submitting permits us the pliability to pursue further financing alternatives ought to they develop into in one of the best curiosity of our shareholders.”
Shares of Ascend had been buying and selling Wednesday at $1.99 on each the Canadian Securities Change (AAWH.U) and over-the-counter markets (AAWH).
Kate Robertson will be reached at kate.robertson@mjbizdaily.com.