On Thursday of last week, Canopy Rivers Inc., the capital venture firm dedicated to cannabis businesses, announced the results of the annual general and special meeting of shareholders. In total, 59,090,152 of the issued and outstanding subordinated voting shares – each share carrying one vote – and another 36,468,318 of issued and outstanding multiple voting shares, where each share representing 20 votes. That figure represents 89.104 % of the voters who were either present in the meeting or by proxy.
Several topics were discussed in this meeting, including the election of the director nominees listed in the management information circular. Out of those nominees, Garth Hankinson is the new member of Canopy River’s Board of Directors. He brings along his experience, as he currently serves as Executive Vice-President and CFO of Constellation Brands, Inc., the company that invested a great deal in Canopy Growth and helped it come out of the financial crisis it was facing.
On the other hand, John Bell, the former Chair of the board, had no intention of seeking re-election at the meeting. “We thank John for his commitment and dedication to Canopy Rivers. His experience and guidance have been invaluable as we navigated the early days of the cannabis sector,” said Narbé Alexandrian, President and CEO, Canopy Rivers. “We are also excited to welcome Garth to our Board. We believe that his expertise in finance and M&A will benefit both Canopy Rivers and our portfolio.”
With the Chair position vacant, the directors elected Asha Daniere to replace Bell. She has been a member of the board since May 2018 and has been in front of its Compensation, Nominating, and Governance Committee and Conflicts Review Committee. “I am excited to take on the role of Chair of the Board at this pivotal time for Canopy Rivers,” said Daniere. “I look forward to working closely with the Board and management as we aim to execute on our fiscal 2021 strategy and deliver value to shareholders.”