C21 Investments Inc. has appointed its CFO Michael Kidd, as well as Sky Pinnick, the CEO of cannabis firm Phantom Farms, to its board.
Pinnick's appointment follows C21's decision to acquire Oregon-based Phantom Venture Group LLC, a privately held cannabis cultivator. In June, C21 signed an agreement to pay Phantom a total of US$16 million by way of a noninterest-bearing, convertible promissory note. The note would be convertible into commons shares of C21, subject to conditions. Phantom unit holders will also receive an additional 4.5 million common shares at US$3 per share upon achieving certain earnout performance targets.
The deal is expected to close in the third quarter, conditional upon completion of due diligence and regulatory approvals.
Kidd, who previously served as COO and CFO at E.C.S. Electrical Cable Supply Ltd., was appointed as CFO in August.
Vancouver, British Columbia-based C21 Investments is a cannabis company focused on operations in the U.S.