MGC Pharmaceuticals Ltd. said its co-founder and CEO, Roby Zomer, will transition to the role of managing director.

Zomer replaces Nativ Segev, who will become an executive director and head of business strategy of the company.

"These changes in roles are reflective [of] the company's development and maturity from a startup to its current operational and revenue generation phase," MGC Pharmaceuticals said in a statement.

As managing director, Zomer will be responsible for the operations of the company's pharma, botanic and nutraceuticals divisions. He will also oversee the development of the company's medical cannabis pharmaceutical pipeline.

Segev, also a co-founder of MGC Pharmaceuticals, will focus on group business strategy to drive sales and secure additional distribution channels for the company division's products.