Vireo Health Terminates Employment Agreement with Executive
MINNEAPOLIS, June 8, 2020 /PRNewswire/ -- Vireo Health International, Inc. ("Vireo" or the "Company") (CNSX: VREO; OTCQX: VREOF), a leading physician-led, science-focused, multi-state cannabis company, today announced that the Company has elected to terminate its employment agreement with Bruce Linton as Executive Chairman, on an entirely without-cause basis, effective immediately.
"We wish Bruce well in his future endeavors," said Kyle Kingsley, M.D., Chief Executive Officer & Founder of Vireo. "Our organization will remain focused on executing a strategy which benefits all stakeholders and developing our core medical markets of Arizona, Maryland, Minnesota, New Mexico, New York, and Pennsylvania." At this time, the Company does not expect to fill the role of Executive Chairman.
Mr. Linton joined Vireo in November of 2019. His current term on the Board of Directors expires at the Company's July 15, 2020 Annual General Meeting of shareholders. The incentive warrants previously issued to Mr. Linton with a November 7, 2024 expiration date will now vest with a modified expiration date of June 8, 2021. For further details of the warrants issued to Mr. Linton, see the Company's news release dated November 7, 2019, (a copy of which is available under the Company's SEDAR profile at www.sedar.com).
About Vireo Health International, Inc.
Vireo Health International, Inc. is a physician-led cannabis company focused on building long-term, sustainable value by bringing the best of medicine, science, and engineering to the cannabis industry. With operations strategically located in early-stage, limited-license medical markets, Vireo manufactures pharmaceutical-grade cannabis products in environmentally-friendly greenhouses and distributes its products through its growing network of Green Goods™ retail dispensaries and hundreds of third-party locations. Its current core medical markets of New York, Minnesota, Pennsylvania, Arizona, New Mexico, and Maryland all have the potential to enact adult-use legalization in the next 24 months, and two additional markets in Puerto Rico and Massachusetts also have potential for commercialization. Combined with its teams' focus on driving scientific innovation within the industry and securing meaningful intellectual property, Vireo believes it is well positioned to become a global market leader in the cannabis industry. Today, eight of its 10 markets are operational with 13 of its 32 total retail dispensary licenses open for business. For more information about the company, please visit www.vireohealth.com.
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Statements in this news release that are forward-looking information are subject to various risks and uncertainties, including the specific factors disclosed in Vireo's annual and interim filings with Canadian securities regulators. When used in this news release, words such as "may," "build," "future," "in the future" and similar expressions, are forward-looking information.
Forward-looking information may include, without limitation, statements including Vireo's business strategy.
Readers should not place undue reliance on forward-looking information. The forward-looking information in this news release is provided as of the date of this release. Vireo disclaims any intention or obligation to update or revise such information.
The Canadian Securities Exchange ("CSE") has not reviewed and does not accept responsibility for the adequacy of this news release. Neither the CSE nor its "regulation services provider" (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Vice President, Corporate Communications
Vice President, Investor Relations
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SOURCE Vireo Health International, Inc.