Julian Chick has stepped down as chairman of Cann Group, with veteran director Doug Rathbone assuming the position on a temporary basis.
Chick joined the board in October 2022 and was appointed chair in August the following year. His resignation takes effect immediately.
The company attributed his departure to the growing demands of his other professional commitments.
"Julian's workload in his full-time executive role at [nerve repair specialist] ReNerve Limited has expanded considerably and requires frequent international travel, such that he does not have capacity to dedicate to the role of chair of Cann Group at the current time," it said.
"Julian has been a valuable member of the board… and has provided excellent support to Jenni Pilcher as CEO. The board wishes Julian all the very best success in his expanded and demanding role."
Cann Group said Chick has agreed to be available for a handover to a new chair "as required" and noted that "several suitable external candidates" have been identified.
Rathbone, who has served as a director since March 2015, will assume the chairmanship on an interim basis.
Chick's exit comes at a difficult moment for Cann Group as it works to secure short-term capital.
The company told the ASX last week that it has "several funding options available".
At the AGM in November, Chick told shareholders that he was "committed to delivering a positive and prosperous future for Cann".
Update (February 11, 2025): National Australia Bank (NAB) has agreed to extend the maturity dates of Cann's construction loan and working capital facility from May 31 to September 30, 2025.
Back in November, NAB approved the capitalisation of an additional two quarters of interest payments on the loan, totalling approximately A$1.8 million.
The next payment will now fall due in August. The previous month, Cann said it had been hoping to push the repayment date out to "some time in 2026".
