Senator Mike Gravel, who is a board member of Cannabis Sativa Inc (OTCMKTS:CBDS), has taken over as the CEO of the company. Former interim CEO David Tobias commented that that Gravel’s extensive experience about the executive side of operations would help the company in a long way.
Extensive experience to help shape the company
Moreover, Gravel’s hold on public policies, private business and politics will drive the company in the right direction. Gravel’s appointment as CEO of the company came even as he had stepped down from the position of CEO and Board Member of KUSH, which was earlier spun off the company. After assuming the new responsibility, Gravel will contribute towards driving both the company and the cannabis sector. Overcoming existing obstacles that present themselves in the form of the Federal criminalisation of use of cannabis are one among the critical action points for Gravel.
At the same time, Tobias will take over as the President of the company, according to the company’s press release.
Earlier in February, the company had reported that its subsidiary, HI Brands International Inc., has signed a trademark and licensing agreement with Trike Candy LLC that will allow it to reach out to Oregon recreational marijuana market. It is to be noted that Trike Candy holds the license to process marijuana based products in the Oregon State. The products licensed by Trike targets the recreational marijuana market.
The Cannabis Sativa’s recent financial performance showed that it had a cash reserve of $22,000. The current assets of the company stood at $1.8 million while its current liabilities came in at $268,000. The quarterly revenues of the company were at $6,000, and its net loss was reported at $1.8 million. The market capitalisation of the company is substantially higher at $40 million.
During the last session, the stock of the company soared 32.20% to $2.34.