Cannabis operator Stem Holdings, Inc. (OTCQX:STMH) (CSE:STEM) has appointed co-founder Matthew Cohen, as CEO and CFO, effective immediately.
Cohen revealed his plan to focus all company’s resources on operations, which are predominately in Oregon.
“We intend to monetize the company’s assets outside of Oregon and California in order to prioritize future growth and sustainability,” Cohen said in a letter to shareholders. “Concurrently, in order to streamline the operations of the business, reduce cost, enhance the quality of our products, and strengthen our balance sheet, we will perform an expense restructuring process across our entire organization.”
Cohen co-founded Stem in 2016. Prior to that, he held corporate leadership roles for over four decades, many of which were focused on investing capital, structuring, and funding public/private companies.
He also has extensive experience in business combinations and valuations, mergers and acquisitions, reverse mergers, revenue recognition, equity-based compensation, initial public offerings, secondary offerings, debt offerings, and REIT compliance.
Stem currently has four cultivation locations in Eugene, Springfield, Hillsboro, and Mulino, Oregon. It also runs five retail locations under TJ’s brand, including one in Portland, one in Salem, and three in Eugene.
“Our Foothill Health & Wellness store in Sacramento, California, which was previously a medicinal sale only store, recently obtained approval to also engage in recreational adult-use sales,” Cohen continued. “Even prior to obtaining approval, this location was our highest performing location.”
Cohen said that the company will “remain in active discussions to monetize the Companies assets outside of Oregon and our retail location in California continues with respect to strengthening our balance sheet with additional working capital to fund the growth of the business.
