[Press release] NAPANEE, Ontario, Sept. 07, 2017 (GLOBE NEWSWIRE) -- ABcann Global Corporation (TSX-V:ABCN) ("ABcann" or the "Company") is pleased to announce the appointment of Barry Fishman as Chief Executive Officer of the Company, effective October 1, 2017.
Mr. Fishman has almost 20 years of experience as a business leader, most recently as CEO of international specialty pharmaceutical company Merus Labs (TSX:MSL) (NASDAQ:MSLI). Under his leadership, sales and EBITDA grew at a compound annual growth rate above 50%, culminating in the acquisition of Merus by Norgine B.V. in July, 2017 for approximately $342 million. He also has several years of experience serving as a director of public companies in the cannabis sector.
Mr. Fishman previously served as CEO of both Teva Canada and Taro Canada, and is a past Chair of the Canadian Generic Manufacturers Association. He began his pharmaceutical career at Eli Lilly, where he advanced through several cross-functional leadership roles, including Vice President of Marketing.
"Barry's proven experience as a CEO of complex, highly-regulated organizations with international operations will serve ABcann and our shareholders well as we continue to execute our growth strategy, including the significant expansion of our production capacity, and establishing our unique leadership position in the cannabis industry," stated Ken Clement, Executive Chairman. "We would also like to take this opportunity to thank Aaron Keay for the committed and dedicated work he has done positioning ABcann within the capital markets and we look forward to his continued active involvement with the Company, including serving on our Board of Directors."
"I am delighted to join ABcann and to become part of a dynamic team that will continue to drive innovation and elevate quality standards in the cannabis sector," commented Mr. Fishman.
"This is an exciting day for everyone associated with ABcann. I am very pleased to welcome Barry to the ABcann team as we continue to evolve and enhance the leadership within the Company," said Aaron Keay, CEO and Director of ABcann. "Barry's experience operating in international markets will be a welcome addition to ABcann. I look forward to working very closely with him and the entire ABcann team as we increase sales and production capacity, and continue our next level of growth in the domestic and international markets."
In connection with Mr. Fishman's appointment, the Company has: (i) granted Mr. Fishman 1,250,000 stock options, each of which is exercisable into one common share for five years at a price of $0.83 per share, being the closing price of the Company's common shares on the TSXV on September 6, 2017, and vesting monthly over 36 months from the date of grant; and (ii) agreed to issue Mr. Fishman 1,175,000 common shares, as a signing bonus, which will vest in six equal installments every six months, commencing on October 1, 2017.