Wikileaf Announces Leadership Transition
SEATTLE, January 16, 2020 (Newswire.com) - Wikileaf Technologies Inc. ("Wikileaf" or the "Company") announced today that Dan Nelson, its founder, will step down as the Chief Executive Officer (“CEO”) of the Company and take on the role of Chief Growth Officer. Dan will remain on and continue to serve as a member of the board of directors of the Company (the “Board”). The Company also announced today that Derek Firth, an early-stage investor and advisor to WikiLeaf Technologies Inc., has been appointed as the CEO of the Company. These changes are effective immediately.
The Company also announced today that in connection with Derek’s appointment as the CEO, the Company has granted him incentive stock options (“Options”). Options to purchase up to 1,000,000 common shares of the Company were granted, pursuant to the Company’s share compensation plan, exercisable at a price of $0.12 per common share. The Options shall 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.
“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.”
-Dan Nelson, Founder, Wikileaf
"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.”
“With recent market volatility in the cannabis space, Wikileaf, as one of the first cannabis technology companies to be publicly listed on the CSE, has a unique offering and opportunity to attract investors. We are focused on monetization and telling our story to the capital markets. I look forward to working with the Wikileaf team to position us for the next phase of growth.”
-Derek Firth, CEO, Wikileaf
Wikileaf is a price comparison platform for recreational and medicinal cannabis consumers. Wikileaf provides consumers with instant price comparison among dispensaries in their immediate vicinity. It is a portfolio company of Nesta Holding Co. Ltd. ("Nesta"), a private equity firm focused on the global cannabis industry. Nesta was founded in 2015 by Chuck Rifici, Chair of Auxly Cannabis Group and co-founder of Canopy Growth Corporation.
This release contains certain “forward-looking statements” and certain “forward-looking information” as defined under applicable Canadian securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “continue,” “plans” or similar terminology. Forward-looking statements and information include, but are not limited to, statements with respect to the Company’s monetization strategies and 2020 goals. Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of the Company to control or predict, that may cause the Company’s actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including but not limited to: the inherent risks involved in the general securities markets; uncertainties relating to the availability and costs of financing needed in the future; the inherent uncertainty of cost estimates and the potential for unexpected costs and expenses, currency fluctuations; regulatory restrictions, liability, competition, loss of key employees and other related risks and uncertainties. The Company undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.
For more information about Wikileaf, please visit www.wikileaf.com or follow us on Twitter @Wiki_Leaf, Instagram @wiki_leaf, Facebook @Wikileaf and YouTube Wikileaf.
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Source: Wikileaf Technologies Inc.