Mojave Jane Brands Inc.(CSE:ANE) has announced further changes to its board that took effect from July 17, 2020, with two new directors appointed after two resigned, as it continues with its strategic review.
The cannabis company said Peeyush Varshney and Satnam Brar have been appointed to its board of directors, and AJ Gentile and Dieter MacPherson have resigned.
In a statement, Mojave Jane chairman and interim CEO, Cam Birge commented: "I want to thank AJ and Dieter for their contributions to Mojave Jane during their time as board members and their assistance throughout our ongoing strategic review.
“I would also like to welcome Peeyush and Satnam to the Board, whose corporate experience will be of great help in completing this review and our go forward plan. We anticipate publishing the outcome of the review in the coming weeks."
The group noted that Varshney has been actively involved in the capital markets since 1996 and has been a principal of Varshney Capital Corp (VCC), a private merchant banking, venture capital and corporate advisory firm, since 1996.
He obtained a Bachelor of Commerce degree (Finance) in 1989 and a Bachelor of Law in 1993, both from the University of British Columbia. Varshney has been a member of the Law Society of British Columbia since September, 1994. He is currently a director or officer of several public companies listed on the TSX Venture Exchange.
It noted that Brar serves as an analyst at VCC and has a Bachelor of Commerce degree with a specialization in Real Estate (Honours) from the University of British Columbia. He also currently serves as an analyst for Humanitas Capital, a social-impact VC firm which looks to tackle global systematic issues outlined in the UN Sustainable Development Goals through the application of Smart Planet technologies.
On April 29, 2020, Mojave Jane announced that, in order to preserve shareholder value and continue as a going concern, its board had commenced a strategic review of its assets and liabilities, and are developing a go-forward plan.
The group pointed out that the success of this plan is dependent upon successful negotiations with previous partners and creditors, which are ongoing, and at this point, no guarantees can be made as to the outcome of this process.