The arrival of recreational marijuana legalization in Canada has brought a host of shake-ups in the cannabis industry, from illegal dispensaries being shut down to the building of massive greenhouse building operations to help meet increased demand.
Today Marapharm Ventures Inc. (CSE: MDM) — a multinational cannabis company — announced a significant shake-up of its corporate structure, including a complete name change and shift in overall focus.
Marapharm has officially become Liht Cannabis Corp. (CSE: LIHT), with common shares now trading under the new name on the Canadian Stock Exchange.
According to a press release from the company, no change has been made to the company’s share capital so shareholders don’t need to take any action.
In addition to the name swap, the company has undergone an upper management change as Liht moves to begin cultivation procedures in Nevada.
Linda Sampson will become the Chief Operating Officer, while Rahim Mohamed has been appointed Chief Executive Officer.
Newly appointed COO Linda Sampson issued this statement:
“Our transformation begins with our new name! Strategic corporate restructuring and rebranding will follow to accelerate the Company to a better position of strength, leadership and expertise in this industry.”
Sampson went on to say, “The name Liht Cannabis Corp. will have a broader appeal, scalability and provide long-term branding in this emerging cannabis market.”
Sampson will oversee development of both Canadian and Nevadan operations. Mohamed will handle capital markets support, investor relations, financings, and accretive deal making following the shakeup.
Liht recently purchased 7 acres of industrial property in Las Vegas, Nevada with buildings approved for three licenses for cannabis cultivation and processing. The company has further submitted an Access to Cannabis for Medical Purposes Regulations (ACMPR) application to engage in medical marijuana cultivation.
Further details on changes to corporate structure and upcoming operations from the company can be found at the new Liht website here.