The departure of Robert Anderson was "abrupt and untimely," said Brian Athaide, the new chief executive of an innovative Canadian cannabis company. However, Athaide added in the recent Green Organic Dutchman letter to shareholders, the transition was "a planned evolution before the end of the year."
Green Organic Dutchman Letter to Shareholders: July 9th
Last week, Robert Anderson, chief executive of Green Organic Dutchman, stepped down from his position, effective immediately.
Note that there were no problems between Anderson and the cannabis industry company; the co-chairman stepped down due to health concerns.
The Ontario-based company then announced that Brian Athaide, chief financial officer, would be taking over as chief executive of The Green Organic Dutchman.
A week later, Brian Athaide wrote a letter. In the Green Organic Dutchman letter to shareholders, published on July 9th, Athaide spoke highly of both the company and of Mr. Robert Anderson.
Here's what stood out:
- The Green Organic Dutchman (TGOD) is set to move into full production, and with that, Robert Anderson was going to move into the executive Chair position.
- Brian Athaide has 26+ years at senior levels of companies, which made Anderson believe he was the right man to take over his job.
- Anderson and Athaide share a similar vision.
- Everyone at the Canadian cannabis company wishes Mr. Anderson "a full and swift recovery."
Thoughts on the Green Organic Dutchman Letter to Shareholders
Overall, I'm sure the letter was a relief to some. It was sincere, and yet, it still managed to showcase the cannabis company. Mr. Brian Athaide even noted some of the company's recent highlights, such as:
- Strong cash position: $300M.
- Aurora Cannabis (TSX:ACB) (only the world's largest cannabis company) invested over $78M into The Green Organic Dutchman.
- Raising $132.1M, TGOD had the "largest IPO in cannabis history."
Did Shareholders Appreciate the Letter?
It certainly looks like it. According to Google Finance, at 1:05 p.m. EDT, Green Organic Dutchman (TSX:TGOD) was trading at $6.21. This means the stock was up 2.31% at the time.
The Takeaway
Cannabis stocks aren't doing particularly well on the stock market today. For instance, Golden Leaf Holdings (CSE:GLH), Cannabix Technologies (CSE:BLO), Nutritional High International (CSE:EAT), and Cannabis Growth Company (CSE:CGOC) are all trading in the red.
This could just be a one-off, but the words that were written in the recent Green Organic Dutchman letter to shareholders definitely makes one wonder about the future of the company, and, in turn, the stock price. Is it better than Golden Leaf Holdings? Cannabix Technologies?
The answer is up in the air, but with Canadian cannabis legalization approaching, it might be worth adding The Green Organic Dutchman Holdings to your 'watch-list.'
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Featured image: Twitter
