DENVER, July 22, 2020 /PRNewswire/ -- Redwood Green Corp. ("Redwood Green" or the "Company") (OTCQB:RDGC) announced today the appointment of Christopher A. Hansen as Chief Executive Officer, effective July 20.
Mr. Hansen, who was the founding CEO of Redwood Green, briefly summarized the state of the Company's existing operations: "In these last few months, Redwood Green has achieved success in several areas despite global economic turmoil. Given the unpredictable obstacles and setbacks facing all companies during this pandemic, essentially every market sector has taken a significant hit. Nonetheless, our Good Meds operating unit continues to report steady and growing revenues, having been designated an 'essential business.' Interim President John Haugh has implemented operational efficiencies and enhancements that are already returning stronger results with even more positive outcomes expected over the coming months.
"RDGC is now traded on the OTCQB® Venture Market, having successfully met the requirements to qualify for uplisting, including exemption from penny stock rules. Given the current cautionary investment climate, the broader access to both institutional investors and shareholders afforded by this achievement are timely benefits to the Company.
"Our leadership team has continued to be strengthened. Nonetheless, aspects of Redwood Green's 'pre-Covid' business plan were derailed by first-quarter stock market fluctuations combined with unforeseen pandemic challenges. I look forward to working immediately with the board and executive team to revise our strategy to ensure we remain nimble now, as well as later when we enter a 'post-Covid' economic climate. I'm excited to resume working with Redwood Green at this point and am fully confident that, in spite of challenges during recent months, with our strong executive management team, exceptional board of directors, faithful shareholders and dedicated employees we will succeed in positioning the company to grow and prosper."
Dr. Delon Human, chairman of the Redwood Green board of directors, enthusiastically agreed. "Chris has a deep understanding of the company and environment, and his leadership will have a steadying influence, particularly given the significant challenges we face in these turbulent times. Our company has listened to the market and stakeholders and understands the need to adapt our corporate strategy and implement the changes necessary to ensure sustainable growth in the cannabis/cannabinoids industry. One critically important outcome of the pandemic is increased public attention to lung health, which has for decades been my main area of focus as a medical doctor developing and implementing harm reduction strategies to combat tobacco-related disease. We are excited that Redwood Green now has the opportunity to develop and offer consumers innovative cannabinoid delivery systems, and we intend to commit resources to the development of such systems as soon as practicable. We expect to share our revised strategy with shareholders very soon."
About Redwood Green Corp.
Redwood Green's mission is to provide consumers with high-quality, safe and effective cannabinoid products, initially focused on consumer needs in athletic recovery, women's wellness and personal care. The Redwood Green family of companies started with the acquisition of Good Meds in 2019. Redwood Green maintains the highest of governance standards and is publicly traded on the OTCQB® Venture Market at OTCmarkets.com, under the trading symbol RDGC. For additional information visit redwoodgreencorp.com.
This press release is not an offer of securities, or a solicitation for purchase, subscription or sale of securities in the United States of America or in any other jurisdiction in which it would be unlawful to do so.
This message may contain forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, that involve known and unknown risks, uncertainties and other factors, including risk factors identified in the Company's SEC filings, and which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Risks and uncertainties include, without limitation, changes in the regulatory environment affecting the sale and use of cannabis or hemp products, demand for the Company's products, internal funding and the financial condition of the Company, product roll-out, competition, our dependence upon our commercial partners, and other commercial matters involving the Company, its products and the markets in which the Company operates as well as general economic conditions. The forward-looking statements in this press release are made only as of the date hereof, and unless otherwise required by applicable securities laws, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Caution Regarding Cannabis Operations in the United States
Investors should note that there are significant legal restrictions and regulations that govern the cannabis industry in the United States. Marijuana, as defined in the U.S. Controlled Substances Act, remains a Schedule I drug under the respective act, making it illegal under federal law in the U.S. to, among other things, cultivate, distribute or possess cannabis. Financial transactions involving proceeds generated by, or intended to promote, cannabis-related business activities in the U.S. may form the basis for prosecution under applicable U.S. federal money laundering legislation. Please carefully review the Company's SEC filings with respect to related risk factors.
SOURCE Redwood Green Corp.