Peter Crock resigns as CEO of Cann Group (ASX:CAN)

• Peter Crock resigns as CEO of Cann Group (CAN) but will remain in the position until a new CEO has been appointed
• Since joining Cann in May 2016, Mr Crock led the company through its IPO and helped raise $13.5 million to support it
• A search for a new CEO will begin immediately with Mr Crock to remain available for a period to ensure a smooth transition
• Cann also receives a $4.34 million R&D tax rebate and will reinvest the money into the ongoing development of its end-to-end capabilities
• Shares in Cann are up 5.56 per cent and are trading at 28.5 cents at 3:13 pm AEDT

Peter Crock has resigned as CEO of Cann Group (CAN) but will remain in the position until a new CEO has been appointed.

Mr Crock is an experienced senior manager with knowledge in marketing and technology development.

Since joining Cann in May 2016, he led the company through its IPO and helped raise $13.5 million to support it.

Prior to being appointed at Cann, Mr Crock held senior management roles at Nufarm (NUF) and led its new technologies division.

Mr Crock decided to step down, claiming it’s time for fresh leadership to drive growth.

“I believe it is time for fresh leadership to guide the company through its next phase of growth. Much has been achieved over recent years, with the establishment of our state-of-the-art manufacturing operations, key regulatory approvals, the development of our Satipharm delivery technology and a world class plant breeding and genetics program,” he said.

“I will remain fully focused on implementing our growth plans until my successor is appointed and will then be available for the period that is appropriate to ensure a smooth transition.”

The search for a new CEO will begin immediately.

Cann has also received a research and development (R&D) tax incentive rebate of $4.34 million for FY22.

The company stated it will reinvest the money into the ongoing development of its end-to-end capabilities of cultivating and manufacturing GMP-grade medicinal cannabis products.

“We continue to make strategic investments in scientific research and development, such as our phase III clinical trial and accelerated plant breeding program,” Mr Crock commented.

“The R&D tax incentive program is a great enabler of this work, which directly benefits both patients and our shareholders.”

Shares in Cann ended the day trading at 27 cents each.