/Beleave loses CEO VanderMarel, faces lawsuit from Auxly Cannabis

Beleave loses CEO VanderMarel, faces lawsuit from Auxly Cannabis

Jeanette VanderMarel has resigned her position as CEO of Beleave. (Photo by Cole Burston)

Jeanette VanderMarel announced her departure as CEO of Canadian cannabis producer Beleave after fewer than two months on the job.

VanderMarel disclosed her resignation on social media, saying she “happily resigned as CEO of Beleave Kannabis” and that she was “moving on to things I believe in.”

The experienced executive verified her departure to Marijuana Business Daily.

VanderMarel embarked on an ambitious plan to turn around the struggling Flamborough, Ontario-based company immediately after joining Beleave at the end of October.

Part of that plan included reversing a 7:1 stock split it undertook last year.

In an annual shareholder meeting earlier this month, the company’s directors received approval to consolidate the number of shares by a ratio of up to 10:1.

Beleave reported cash holdings of just 133,000 Canadian dollars ($101,000) at the end of the quarter ending Sept. 30.

A recent deal to sell its 250,000-square-foot greenhouse in London, Ontario, fell through the same month, according to a Nov. 29 regulatory filing.

The company is reviewing its options with respect to the facility, including leasing or selling the property.

Beleave originally bought the greenhouse and corresponding land for CA$6.7 million just over one year ago.

In the November filing, Beleave also disclosed that it has been targeted by a lawsuit from Auxly Cannabis Group.

Auxly filed a statement of claim against Beleave, alleging certain breaches of an agreement related to an Oct. 5, 2017, deal between the companies, when Beleave received CA$5 million in funding from Auxly, according to the filing.

“The company disputes Auxly’s allegations, both on their purported merits and on procedural grounds, and intends to vigorously defend itself in any proceedings,” it said.

Beleave did not immediately reply to queries from MJBizDaily.

Beleave’s shares trade on the Canadian Securities Exchange as BE.

Matt Lamers is Marijuana Business Daily’s international editor, based near Toronto, Ontario. He can be reached at [email protected].