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Nova Cannabis makes management changes, restructures Ontario retail operations

In a restructuring of its board of directors and management team following the acquisition of Alcanna Inc. by Sundial Growers Inc., Calgary-based Nova Cannabis Inc. has appointed Zach George as chair and Marcie Kiziak as CEO.

Sundial Growers recently completed its acquisition of Alcanna, which was announced in early October. As part of the acquisition, it indirectly acquired an ownership of approximately 63 per cent of Nova.

George is the CEO of Sundial, while Kiziak was formerly the Nova’s chief operating officer and was president of Alcanna’s cannabis division while Nova was a wholly-owned subsidiary of Alcanna.

In a March 31 news release, Nova said that board chair James Burns, Thomas Bitove, Ross Sinclair, Marvin Singer, and Darren Karasiuk have all resigned from the Nova board, while Ron Hozjan will continue to serve as a director of the company and has been appointed the new chair of the audit committee.

Nova also announced the resignation of Darren Karasiuk as president and CEO.

And Cameron Sebastian has been appointed as Nova’s new chief financial officer, succeeding David Gordey, who is taking on a senior management role with Sundial, Nova said.

Additionally, the company said that it has sold its 21 Ontario cannabis retail stores to cannabis retail store operator Spirit Leaf Ontario Inc. for $11 million and established a brand-licensing and services arrangement and repurchase option with regards to those stores.

The sale was done to comply with the regulatory restrictions prohibiting Sundial, as a licensed cannabis producer, from directly or indirectly owning or controlling more than a 25 per cent interest in any licensed cannabis retailer in Ontario.