Acreage Holdings Inc. (CSE: ACRG.A.U, ACRG.B.U) (OTCQX: ACRHF, ACRDF) last week trimmed its board of directors in further preparation for a megamerger with Canada-based Canopy Growth Corp. The latest move included the resignation of Acreage Chairman and founder Kevin Murphy and the departure of board member Brian Mulroney.
Acreage CEO Dennis Curran assumed the role of chairman of the board in Murphy’s wake, according to a press release, while the company “is evaluating corporate governance actions that would reduce its number of required board members to three.”
The company is working to “right-size” Acreage’s governance structure, according to a press release.
In the meantime, CFO Carl Nesbitt and Executive Vice President Corey Sheahan have been named to the board, along with Curran, as of Aug. 4. Curran was promoted to CEO from COO last month, following the departure of Peter Caldini.
The move also follows four board member resignations in June.
Curran praised Murphy in a statement for his long service to Acreage, where he’s been a leader since the business’s inception 13 years ago.
“Kevin has been instrumental in Acreage’s development, from the Company’s go-public transaction in 2018 to its next phase of growth with Canopy USA,” Curran said.