On the same day Tweed Marijuana Inc. announced second-quarter results, it also announced its co-founder and CEO, Chuck Rifici, is stepping down.
Former Tweed Marijuana Inc. CEO Chuck Rifici
In the earnings statement released Thursday, the Smiths-Falls based company said Mr. Rifici has made “key contributions to date,” but is now resigning as chief executive to “help the company recruit a CEO with the skills and experience to take Tweed to the next level of expected high volume and rapid growth.”
Mr. Rifici will stay on the board of directors and co-founder and chairman Bruce Linton will step in as interim CEO immediately.
The second quarter was memorable for Tweed as it began trading on the Toronto Stock Venture Exchange (TWD) in April and shipped its first product in May. It then acquired Park Lane Farms in Niagara-on-the-Lake in June.
The company reported initial revenue of $188,736, all coming in the last two months of the quarter ending June 30.
Operating expenses were down slightly compared with the previous quarter, coming in at $1,134,427. The company said the expenses came from hiring additional staff as well as investing in educational and outreach programs, as well as the necessary government permits. It also invested in developing business and production strategies, and expanded growing operations.
The net loss for the quarter was $1,160,317 for a net loss year-to-date of $3,778,197.
The company has $12,264,190 in working capital as of June 30, compared with $1,817,024 at the start of the year. The company said the increase is due to equity financing raised since then.