TerrAscend CEO Michael Nashat steps down from his role, and Jason Ackerman is appointed interim CEO.
TerrAscend Corp. (CSE: TER), the first and only global cannabis company licensed for sales in the U.S., Canada, and the EU, today announced changes to its leadership team. Jason Ackerman, Executive Chairman of the Company, has been named interim CEO, replacing Michael Nashat, who will continue to serve as a member of the Company's Board of Directors and act as a strategic advisor to the Company. The changes are effective immediately.
As a Co-founder and leader of TerrAscend since its inception, Nashat is stepping down as the Company expands its U.S. footprint. Michael and the Company's Board have agreed that a U.S.-based leadership and operations team is necessary to align the Company's efforts and resources across the rapidly expanding U.S. market. Both Michael and the Board are confident that Jason Ackerman is ready to lead those efforts given his strength in operations and discipline in building businesses.
While it was a difficult decision, I believe given TerrAscend's premier operating assets in the United States, it is now time for me to step into an advisory role and let new U.S.-based management guide TerrAscend as they expand and scale.Michael Nashat, prior CEO of TerrAscend
Nashat went on to say that "Jason's experience in omnichannel retail, distribution and operations are skills that TerrAscend will lean on as it enters this new growth phase. In my time working alongside Jason, it is clear that he is the right person to take on this role, and as a large shareholder, I believe this is what is best for securing TerrAscend's future. I look forward to continuing to advise the Company in my board position and as a strategic advisor."
"We are grateful for the hard work and perseverance that Michael Nashat has demonstrated during his tenure as CEO and Co-Founder of TerrAscend," said Jason Ackerman. "We will continue to value Michael's technical expertise, commitment to research and pharmaceutical knowledge, as he shifts to a strategic advisory role. We remain committed to driving shareholder value and focusing on the areas of our business that are generating rapid growth and greater margins, particularly in our valuable California, Pennsylvania and New Jersey markets. I look forward to building upon the foundation that Michael has laid, and leading the TerrAscend team forward in this next exciting phase."
Mr. Ackerman is an accomplished leader and business builder, who pioneered the development of the on-line grocery industry. In his eighteen years at the helm of FreshDirect, he built the business from the ground up, organically growing the Company to over $600 million in annual sales operating in 7 states. He is well-versed in omnichannel retail strategy as well as business operations, logistics and digital transformation. He is a Senior Advisor for the Boston Consulting Group and on the advisory board of The Naked Market and Hart Dairy. Mr. Ackerman received a Bachelor of Business Administration from Boston University.
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