Bruce Linton, Executive Vice Chairman of Vireo Health International Inc (OTCMKTS:VREOF) relinquished his position. Founder and Chief Executive Officer of Vireo Health, Kyle Kingsley wished him success in all his future endeavors. The term of Bruce ends on June 15, 2020. Bruce’s incentive warrants, which have an expiration date of November 7, 20204, will expire on June 8, 2021. Following the departure of Bruce, the company will focus on developing its core medical markets in New Mexico, New York, Maryland, Arizona, Pennsylvania, and Minnesota.
Q1 2020 results
Vireo Health will report Q1 2020 earnings on June 15, 2020.
Establishes a 100% subsidiary
Vireo Health established wholly-owned subsidiary – Resurgent Biosciences, Inc., on April 30, 2020. It has established Delaware based subsidiary to commercialize the IP portfolio of Vireo Health and associated initiatives. The business initiatives are in a non-touching entity, and Vireo Health expects to monetize its scientific achievements in the cannabis sector. The company awaits the approval of a host of patents at the USPTO. It received a patent for reducing harm in tobacco products from the USPTO early 2020.
Kyle said the company established Resurgent to continue the development work and find partners to become a leader in the cannabis industry. The company developed all the intellectual properties targeting the partners. Vireo Health is structuring the assets under its subsidiary to ensure monetization of opportunities soon. Commercialization of its scientific achievements will benefit several consumers worldwide and in the US.
Mobilizes funds of $10.5 million
Vireo Health raised funds of $10.5 million by closing the first tranche of a private placement of 13.651 million units. Bruce said the financing shows the confidence in its growth of margin and sales.
Vireo Health anticipates considerable opportunities in its existing footprint that helps to improve operational performance and boost sales. It expects the legalization of cannabis for recreational use in several states that currently permit medical use.
Vireo Health will use the proceeds to achieve near-term goals and offer rich dividends for shareholders in the long term. The financial transaction allows the company to report excellent performance.
Vireo Health increases manufacturing capacity to satisfy the growing demand and accrue higher margins.
, Bruce Linton Resigns From The Board: Expects To Post Q1 2020 Earnings On June 16, 2020){kind=link}