Greenfern Industries (GFI) founder and managing director Dan Casey has stepped down from the role, with Elizabeth Plant — a current director and former chief medical officer at Eqalis Pharmaceuticals — appointed as the company's new chief executive.
Casey will continue in a consultancy capacity through to the end of September to support the transition. Both he and Plant will step down from the board.
GFI informed the NZX that Plant's "first priority will be to undertake a review of the company's medical cannabis cultivation operation with a view to improving its efficiency and efficacy" including moving the focus from volume to quality of product.
"That will involve interrupting the current production cycles and temporarily halting commercial production while additional research is undertaken on a number of genetics and the existing processes and procedures are refined," the company added.
While acknowledging the move "may delay short-term revenue receipts", the firm expressed the hope that it would "enhance longer-term profit margins and financial returns".
"The short hiatus in cultivation will also enable the company to take advantage of current high electricity prices by freeing up output from [its] hydroelectric electric plant," it added.
Plant has also been tasked with expanding GFI's flower sales both at home and abroad, as well as identifying ways to diversify the company's revenue beyond its existing bioscience and health product operations.
GFI also indicated it plans to pursue a capital raise in the months ahead.
The board acknowledged Casey's "unwavering contribution to Greenfern" and extended its best wishes for his future endeavours.
