Tweed Marijuana Inc. said Thursday that its co-founder Chuck Rifici has resigned from the company’s board of directors “effective immediately.”
No explanation was given.
The Smiths Falls firm had recently announced that it would be seeking a more experienced CEO to replace Rifici to guide Tweed through what is expected to be a period of rapid revenue growth.
At the time, Rifici stepped aside as CEO but remained on the board. Rifici did not respond to an interview request.
“I didn’t anticipate his resignation,” acting CEO Bruce Linton said Thursday, explaining that he was notified by letter.
Tweed last month reported its second straight quarter in which operating losses topped $1 million. While the company still had more than $12 million cash on hand at the end of June, pressure is building to drive up revenues.
