A specialist in debt advisory and corporate finance has joined the Cann Group board at what chairman Doug Rathbone called a "critical" time for the cannabis company.
Peter Kopanidis, director and owner of Petra Investor Relations and Debt Advisory, steps into the non-executive director role with thirty years of industry experience behind him.
His career includes corporate treasury, finance and investor relations roles at Medibank, Telstra, Treasury Wines Estate and Foster's Group.
Kopanidis takes the seat vacated by Robert Barnes, who departed after two-and-a-half years on the board.
Rathbone acknowledged Barnes' "dedication" through a period of "numerous challenges" for the company, and said he was "excited" to welcome Kopanidis to the board.
"His extensive experience in debt advisory, corporate finance and investor relations will be invaluable to the company especially at this critical stage and moving forward," he said.
Cann Group continues to carry a significant debt load and has renegotiated its repayment arrangements with National Australia Bank, its primary lender, to ease near-term financial pressure.
At the end of December, the company owed $65.5m to NAB — more than $50m on a construction loan and $15m on a working capital facility.
Available funding at that point stood at $458,000, made up of $398,000 in unused finance facilities and $60,000 in cash held at bank.
Cann Group strengthened its financial position in March through a $750,000 drawdown from a convertible note facility with Obsidian Global.
