Charlotte's Web Appoints Former Canopy Growth Executive, Tim Saunders, to Board of Directors
Charlotte's Web Holdings, Inc. ("Charlotte's Web" or the "Company") (TSX: CWEB) (OTCQX: CWBHF), the market leader in hemp CBD extract products, announced the appointment of Tim Saunders to its Board of Directors.
Tim Saunders was Chief Financial Officer of Canopy Growth Corporation ("Canopy") from its entrepreneurial beginning and led its public up-listing to the Toronto Stock Exchange, and subsequently to the New York Stock Exchange – both firsts for the cannabis sector. During his tenure he oversaw more than C$6.4 billion in financings, 31 acquisitions, and an increase in market capitalization from approximately C$100 million to C$20 billion, as the world's largest cannabis company. Mr. Saunders retired from his role at Canopy in May 2019 after four years with the Company.
Mr. Saunders has built extensive experience under the cannabis regulatory regimes for compliant management of corporate financing, M&A, business transformations, and financial reporting in Canada and the U.S. He has a global cannabis market perspective and is intimately familiar with the Canadian cannabis market including the licensing and regulatory oversight under Health Canada.
Most recently Mr. Saunders was CFO for Collective Growth Corporation, a SPAC (special purpose acquisition company) which successfully raised US$150 million and recently completed a merger and public listing on the Nasdaq at a capitalization of US$1.4 billion. As a part of this venture Mr. Saunders evaluated dozens of hemp businesses around the world from over 170 potential targets reviewed, gaining a deep perspective on the developing global hemp supply chains and related regulatory status across several countries.
Prior to Canopy Mr. Saunders held financial executive and leadership roles across a number of sectors including mobile, telecom, semiconductors, manufacturing and clean tech. He has expertise in establishing financial management and control with responsibilities for the full span of finance operations, leading change, and strategic planning and execution.
Tim Saunders earned his CPA, CA with PricewaterhouseCoopers and is a graduate of Bishop's University where he obtained his BBA. He also earned an executive certificate from the Ivey Business School at Western University. He has been recognized with the Fellow distinction by the Chartered Professional Accountants of Canada (FCPA, FCA) and possesses the ICD.D designation awarded by the Institute of Corporate Directors.
"As a former finance executive for large international publicly listed companies on exchanges in both Canada and the U.S., Tim will further strengthen the board's governance and oversight of expanding international operations and financial reporting requirements," said John Held, Chairman of Charlotte's Web.
"Tim has deep knowledge of the global hemp and cannabis markets and has worked both in Canada and Europe," added Deanie Elsner, CEO of Charlotte's Web. "Charlotte's Web has disclosed its intent to expand into Canada, Israel, Europe, and the U.K. where Tim has valuable strategic and regulatory insight. This year we planted our first hemp crop in Canada, where we also have an opportunity to eventually expand into cannabis wellness with THC concentrations above 0.3%. Tim brings our board tremendous Canadian experience and networks."
Mr. Saunders, will serve on the Corporate Governance and Audit Committees, bringing the number of Directors to six.
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