A co-founder of CDA Health and cousin of Cronos Australia director Dr Benjamin Jansen has formally notified the company of his intention to seek the removal of chief executive Rodney Cocks and director Guy Headley from the board.
In a notice submitted to Cronos under the Corporations Act, Dr Matua Jansen — acting as trustee for the Whanau Family Trust, which holds nearly 10% of Cronos — intends to put the resolution to shareholders at the company's annual general meeting in November.
The resolution would need to secure 50% of votes in order to pass.
In an ASX statement, Cronos said: "The trustee believes there should be complete separation of the board and the executive management. Pursuant to the notice, the trustee proposes resolutions to remove Rodney Cocks and Guy Headley as directors of the company."
Dr Matua Jansen co-founded CDA Health in 2018 alongside Ben Jansen and Headley.
Cronos merged with CDA in December 2021, with Headley and Ben Jansen taking seats on the board while Cocks continued as CEO of the combined entity.
CDA's portfolio includes wholly-owned subsidiary Burleigh Heads Cannabis, which runs pharmacy-to-doctor online portal CanView, CDA Clinics, and hemp-based food brand Healthy Not High.
In a separate statement, Cronos said: "The company strongly believes in our corporate governance and structure. We respect the rights of all shareholders, and the resolution will go to a vote at the AGM. We have no further comment at this stage."
The company's Notice of AGM is expected to be distributed to shareholders in mid-to-late October, with the meeting scheduled for 10am on Thursday November 29.
The previous month, Cronos became the first ASX-listed medicinal cannabis company to announce a shareholder dividend after posting a profit after tax of A$6 million for 2022.
