Wikileaf Technologies Inc. (CNSX: WIKI) founder Dan Nelson will step down as the Chief Executive Officer and become the company’s, Chief Growth Officer. One of the company’s early investors and advisors Derek Firth has been appointed as the CEO of the Company. Wikileaf is a price comparison platform for recreational and medicinal cannabis consumers and it gives consumers real-time price comparison of cannabis strains and brands based on a user’s location.
Firth said, “Over the past five years, Dan has been dedicated to creating Wikileaf and growing it into the third-most-trafficked cannabis website in the U.S. I’ve been working closely with him since 2017. His vision and passion for this industry are what attracted investors like Nesta and myself to the company. Dan will continue to be the innovative driver of Wikileaf and I thank him for establishing the foundation for a company that is very well-positioned to lead in the emerging cannabis technology space.”
Firth will receive incentive stock options to purchase up to 1 million common shares exercisable at a price of C$0.12 per common share. The options have a term of 10 years and vest over tranches and based on achievement of milestones over a period of 24 months as follows:
- 250,000 shall vest automatically one year from the Effective Date;
- 250,000 shall vest if on or before the year ended December 31, 2021, the Corporation reaches the Break-Even Point as evidenced by the audited financial statements of the Corporation for the relevant period;
- 250,000 shall vest if on or before the year ended December 31, 2021, the Corporation achieves greater than $5 million USD in revenue as evidenced by the audited financial statements of the Corporation for the relevant period; and
- 250,000 shall vest if on or before the year ended December 31, 2021, the Corporation achieves greater than $10 million USD in revenue as evidenced by the audited financial statements of the Corporation for the relevant period.
Wikileaf stock was lately trading at C$0.12 a share and began trading on the CSE in September. The company has a market cap of C$12 million according to Yahoo Finance.
Nelson said, “When I started this company, I had one goal: to assist cannabis consumers with finding legal, location-based pricing information. Wikileaf has and will continue to be guided by this principle. But, I also realize, as a publicly-traded company, I owe it to our supporters, shareholders and team members to ensure the best leadership is in place. I have worked closely with the Board and Derek to ensure this transition is successful. I look forward to working with Derek and benefiting from his experience as an entrepreneur with an over 20-year history of launching and driving profitable digital properties.”