SAN MATEO, Calif., June 09, 2020 (GLOBE NEWSWIRE) -- Plus Products Inc. (CSE: PLUS) (OTCQX: PLPRF) (the “Company” or “PLUS”), a cannabis and hemp branded products company in the U.S., today announced that the Company’s Chief Financial Officer, Jon Paul, will be retiring at the end of this month, and current Vice President of Finance, Nate Pearson, has been identified as his successor. Following his retirement, Mr. Paul will continue in an advisory role to ensure a smooth transition to Mr. Pearson, who is expected to be officially appointed on or around July 1, 2020.
Mr. Paul has been a critical member of the PLUS team for over two years. He was appointed as CFO in April 2019 after spending a year in an advisory role with the Company, which included helping PLUS through the process of becoming one of the first cannabis companies with U.S. operations to go public through a direct listing IPO in October 2018.
“Jon has played an integral role in our organization since the day he joined,” stated Jake Heimark, Co-founder and CEO. “The financial and regulatory environments in our industry remain extraordinarily complex, and Jon has built the infrastructure and relationships that we believe will enable PLUS to succeed for years to come. It has been a pleasure to work with him for the past few years, and I am grateful he will continue working closely with the Company moving forward.”
“It has been an incredible two years at PLUS, and a joy to be part of a management team that has achieved so much in the time since adult-use cannabis became legal in California in January of 2018,” stated Jon Paul. “I am proud of the finance team we built and grateful for the terrific external advisors that helped us along the way. Together, we overcame many obstacles, including going public as a company with U.S. cannabis operations, completing several rounds of financing, streamlining our banking solutions, and resolving complex organizational, tax, and insurance matters. As a shareholder, I am excited about the prospects for PLUS and know that the finance organization is in good hands with Nate.”
Mr. Pearson has significant experience operating within the finance departments of companies in emerging and heavily regulated industries. Following his time at Ernst & Young, Mr. Pearson worked at Tesla Motors as a Senior Financial Analyst and at Lagunitas as the Director of Financial Planning and Analysis, before ultimately joining PLUS in his role as Vice President of Finance.
“Nate has done an excellent job during his time at PLUS, which includes playing a key role in the recent restructuring that led to an 85% reduction in the Company’s cash burn from Q4 2019 to Q1 2020,” stated Mr. Heimark. “While it is never easy to lose an executive of Jon’s quality, we are thankful that his shoes will be filled by someone just as capable.”
Availability
California THC: PLUS cannabis-infused edibles are currently available in over 360 licensed retailers across the state of California. PLUS CBDRelief cannabis-infused gummies are currently available in over 175 licensed retailers across the state of California.
Nevada THC: PLUS cannabis-infused gummies are available in licensed retailers across Las Vegas, including all three MedMen locations and Planet 13.
National Hemp CBD: PLUS 100% Hemp CBD-infused gummies are available for purchase in 43 states across the country at plusproducts.com.
About PLUS
PLUS is a cannabis and hemp food company focused on using nature to bring balance to consumers’ lives. PLUS’s mission is to make cannabis safe and approachable – that begins with high-quality products that deliver consistent consumer experiences. PLUS is headquartered in San Mateo, CA.
For further information contact:
Jake Heimark
CEO & Co-founder
ir@plusproducts.com
Investors:
Blake Brennan
Investor Relations
blake@plusproducts.com
Tel +1 213.282.6987
Media:
Megan Sekkas
Public Relations
megan@sekkas.com
Tel +310.279.6811
The CSE does not accept responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements:
This press release includes statements containing certain “forward-looking information” within the meaning of applicable securities law (each, a “forward-looking statement”). Forward-looking statements are frequently characterized by words such as “plan”, “continue”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur and include, but are not limited to, statements relating to: the retirement of Mr. Paul and subsequent appointment of Mr. Pearson, the extent to which, if at all, Mr. Paul’s continued role as an advisor will lead to a smooth transition, and the extent to which, if at all, the Company will be successful due to the financial infrastructure Mr. Paul has helped build.
These forward-looking statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this press release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These risks include, but are not limited to, the success of the Company’s investments, the ability to retain key personnel, the ability to continue investing in infrastructure to support growth, the ability to obtain financing on acceptable terms, the continued quality of the Company’s products, customer experience and retention, the continued development of adult-use sales channels, managements estimation of consumer demand in jurisdictions where the Company exports, expectations of future results and expenses, the availability of additional capital to complete capital projects and facilities improvements, the ability to expand and maintain distribution capabilities, the impact of competition, the ability of the Company to implement initiatives and the possibility for changes in laws, rules, and regulations in the industry. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
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