TORONTO, Sept. 03, 2019 (GLOBE NEWSWIRE) — Golden Leaf Holdings Ltd., a cannabis solutions company and dispensary operator built around recognized brands, has announced that Jeffrey Yapp will succeed John Varghese as CEO of Golden Leaf Holdings. Upon the resignation of Gary Zipfel on Sept. 2, Yapp joined the Board of Directors. Varghese, who served as Interim CEO, will transition to the role of Executive Chairman and lead all capital markets related activities.

Rick Miller, current Chairman of the company’s Board of Directors, stated, “We are enthusiastic about the wealth of experience, innovative thinking and consumer-oriented vision that Jeff will bring to the role of CEO. The Board remains confident in the great potential and growth prospects for Golden Leaf Holdings. We want to thank John Varghese who stepped up to lead Golden Leaf through this transitional phase, for his professionalism and leadership over the last few months. As John takes on the role of Executive Chairman, I will continue to work closely with both gentlemen as the company’s lead director.”

“I look forward to leading Golden Leaf Holdings into a new phase of growth for both our shareholders and team. It is exciting to be part of an industry where the work we do and how we do it has the potential to make such a significant impact in the quality of people’s lives,” said Yapp. “Rarely does one get the chance to work in an industry with such an explosive growth opportunity. I believe that Golden Leaf Holdings has the ability to set a standard of excellence that leads and shapes the industry. Among my first priorities is to select and build a world-class leadership team, who will come together to execute a series of significant new initiatives.”

Yapp takes over as CEO of Golden Leaf with more than three decades of experience working as a visionary and global creative leader in the consumer, entertainment and technology spaces. He drove innovation and growth while working with global brands including Microsoft, Viacom MTV, Pepsico, NewsCorp, Twentieth Century Fox, Cablevision and Kraft. Yapp was integral in launching successful products and brands, including Vice Media, Guitar Hero, Rock Band, as well as the re-launch of “Star Wars,” “Independence Day” and “Crazy Heart” (winner of two Academy Awards). Prior to joining Golden Leaf, Yapp served as the founder and CEO of Wutznxt, a strategic marketing and consulting firm that works with and advises companies from startups to Fortune 25 companies.

As part of their new roles, both Yapp and Varghese show further commitment to the company by each subscribing to 26,861,622 common shares at C$0.06 per share, on a non-brokered basis, for a total of 53,723,244 common shares. Though 71 percent above Friday, August 30 close of C$0.035, this price reflects alignment with the debenture payments that were completed via an early conversion on Aug. 23, 2019. The issuance is being assisted through an interest-bearing loan to the executives.