Jeanette VanderMarel announced her departure as CEO of Canadian cannabis producer Beleave after fewer than two months on the job.
VanderMarel disclosed her resignation on social media, saying she “happily resigned as CEO of Beleave Kannabis” and that she was “moving on to things I believe in.”
The experienced cannabis executive verified the message to Marijuana Business Daily.
Immediately after joining Beleave at the end of October, VanderMarel embarked on an ambitious plan to turn around the struggling Flamborough, Ontario-based company.
Part of that plan included reversing a 7:1 stock split Beleave undertook last year.
In an annual meeting of shareholders earlier this month, the company’s directors received approval to consolidate the number of shares by a ratio of up to 10:1.
Beleave reported cash of just 133,000 Canadian dollars ($101,000) at the end of the quarter ending September.
A recent deal to sell its 250,000 square foot greenhouse and 85 acres of land in London, Ontario, fell through that month, according to a Nov. 29 regulatory filing.
The company disclosed that it was still reviewing options with respect to the facility, including seeking cultivation approval from Health Canada, leasing or selling the property.
Beleave originally bought the greenhouse and land for CA$6.7 million just over one year ago.
In the November filing, Beleave also disclosed that Auxly Cannabis Group initiated a lawsuit against it on Oct. 30.
Auxly filed a statement of claim against Beleave, alleging certain breaches of an agreement related to an Oct. 5, 2017 deal between the companies, when Beleave received CA$5 million in funding from Auxly, according to the filing.
“The company disputes Auxly’s allegations, both on their purported merits and on procedural grounds, and intends to vigorously defend itself in any proceedings,” it said.
Beleave did not immediately reply to queries from MJBizDaily.
Beleave’s shares trade on the Canadian Securities Exchange under the symbol BE.