Turnover inside the boardrooms of Canadian cannabis producers shows no sign of slowing.
Cannabis producer Sundial Growers said Thursday that Torsten Kuenzlen stepped down as a director and CEO “to pursue other interests.”
His departure is effective immediately.
Kuenzlen joined the Calgary, Alberta-based company to much fanfare – and high expectations – in 2018.
However, Sundial’s stock has fallen 80% since the company went public last summer. Sundial trades on the Nasdaq as SNDL.
Board member Zach George takes over as chief executive.
Sundial also announced a slate of other changes, including:
- Executive Chair Ted Hellard has stepped down but will continue to serve on the board.
- Chief Operating Officer Brian Harriman is leaving the company. No reason was given.
- Andrew Stordeur, who serves as president of Sundial’s Canadian operations, will take over as COO.
Kuenzlen’s departure is the latest in a string of high-profile exits inside the boardrooms of Canada’s struggling cannabis producers, many of which overspent on cultivation space and M&As.
In the past year, most top producers replaced their CEO or other senior executives.
Canopy, Canada’s largest cannabis company, fired then co-CEO Bruce Linton last July. He was replaced this month by Constellation Brands CFO David Klein.
In December, two of the most important executives at Aurora Cannabis departed the Alberta company, Chief Global Business Development Officer Neil Belot and Chief Corporate Officer Cam Battley.
Earlier this month, Supreme Cannabis Company parted ways with CEO Navdeep Dhaliwal.
Matt Lamers is Marijuana Business Daily’s international editor, based near Toronto. He can be reached at [email protected].