Organigram Stock Gains on New Leadership Appointments

Organigram stock

Organigram stock is making gains today after Organigram Holdings (TSX:OGI) (NASDAQ:OGI) announced two new appointments to the positions of Chief Strategy Officer and Chief Financial Officer. The Moncton-based pot producer said in a March 4 statement that its current CFO, Paolo De Luca, will be moving to the position of Chief Strategy Officer, and Derrick West, currently on the company’s Board of Directors, will fill the position vacated by Mr. De Luca.

Experienced Appointments

Mr. De Luca has served as the company’s CFO since December 2017, having previously held senior positions in both the public and private sectors, including at Potash Ridge, C.A. Bancorp, TD Securities, and West Face Capital. During his time at Organigram Holdings, he oversaw more than a quarter of a billion dollars in capital raised and was a key player in listing Organigram shares on the Toronto Stock Exchange and the NASDAQ Global Select Exchange.

In the newly created role of Chief Strategy Officer, Mr. De Luca will be responsible for establishing and reviewing key strategic priorities, such as reviewing market trends, size, and outlook. "[Paolo] has been intimately involved in our strategy development since he joined Organigram and has an excellent track record of rapidly and profitably scaling the Company through substantial growth," said CEO Greg Engel. Organigram stock is up 0.7% on Wednesday.

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Meanwhile, Mr. West will fill the position of CFO, having served as Chair of the Audit Committee of Organigram’s Board of Directors since December 2017. He previously held similar positions at Partners REIT, an open-end real estate investment trust focused on managing a portfolio of retail community centers across Canada, and at global mining firm Landdrill International.

 Organigram Stock: One to Watch?

Despite coming under pressure in recent weeks following the outbreak of the coronavirus, Organigram stock could actually be set to be one of the best performing pot stocks of 2020. Organigram Holdings' diversified financing plan, broad cannabis 2.0 portfolio, and exciting international partnership in growing markets ensure that it's definitely one to watch.

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