- Christina Lake Cannabis (CLC) appoints Jay McMillan to its Board of Directors
- McMillan is an accomplished corporate development and mergers/acquisitions executive with a strong product development acumen
- McMillan has an extensive background in new market development and strategic engagements with Fortune 500 organizations
- McMillan continues to participate in the expanding cannabis market as a Principal of UberGreen
- Christina Lake has issued an aggregate of 200,000 restricted share units and 675,000 stock options to directors and employees
- Christina Lake Cannabis Corp. (CLC) is up 5 per cent, trading at C$0.21 at 11:52 am ET
Christina Lake Cannabis Corp. (CLC) has appointed Jay McMillan to its Board of Directors.
McMillan is an accomplished corporate development and mergers/acquisitions executive with a strong product development acumen.
“We are pleased to welcome Jay McMillan to CLC’s Board of Directors,” said Joel Dumaresq, Chief Executive Officer and Director of Christina Lake Cannabis.
“Jay’s deep industry experience will be invaluable to CLC as we grow our business and pursue our mission. On behalf of the company, I’d like to welcome Jay to the team – we couldn’t be more excited to have him on board,” added Dumaresq.
Leveraging 25 years of international markets experience, McMillan has an extensive background in new market development and strategic engagements with Fortune 500 organizations in the consumer-packaged goods, technology, and consumer electronics spaces.
McMillan’s most recent role was as Chief Development Officer with HEXO Corp., a leading Canadian Licensed Producer of cannabis. He played a pivotal role during the 2010s and 2020s in growing HEXO to be the top Licensed Producer in the country by market share.
At HEXO, McMillan identified strategic business development opportunities by way of M&A, joint ventures, and key partnerships. Furthermore, McMillan was responsible for research and development, innovation, and commercialization.
McMillan participates in the expanding cannabis market as a Principal of UberGreen; a cannabis consulting firm focused on growth strategies, business model innovation, market consolidation, and product development.
“I’m looking forward to leveraging my experience and governance and several other facets of the cannabis industry with CLC,” said Jay McMillan.
Christina Lake has issued 200,000 restricted share units and 675,000 stock options to directors and employees following its options and RSU plan.
Three hundred thousand options have been granted with an exercise price of $0.20, and 375,000 Options have been presented for $0.25.
Each option will entitle the holder to purchase one additional common share of the company for five years from the grant at its respective exercise price.
The options are subject to various vesting restrictions.
The RSUs will vest upon various agreed-upon milestones.
They shall entitle the holder the ability to acquire one common share of the company underlying each such RSU by delivering a notice of acquisition to it following the RSU plan.
The RSUs were priced at $0.20 based on the closing price of the common shares on the Canadian Securities Exchange on March 15, 2022.
Christina Lake Cannabis is a licensed producer of cannabis under the Cannabis Act.
It has secured a standard cultivation licence and corresponding processing amendment from Health Canada and a research and development licence (early 2020).
Christina Lake Cannabis’ facility consists of a 32-acre property, including over 950,000 square feet of outdoor growing space, offices, propagation and drying rooms, research facilities, and a facility dedicated to processing and extraction.
Christina Lake Cannabis Corp. (CLC) is up 5 per cent, trading at C$0.21 at 11:52 am ET.
