Mojave Jane Brands Inc () (OTCMKTS:HHPHF), which transformed itself from High Hampton Holdings Corp in early 2019, was focused on identifying, acquiring and developing assets in the California cannabis market but is currently awaiting the final conclusion of a strategic review of its business launched in April 2020.
The Toronto-based company had been focused on developing cannabis extracts, distillates and concentrates, and its CALIGOLD brand of cannabis-infused chocolate and edibles. It also had a minority stake in California's leading cannabis delivery company and had established a foothold in the cannabis-infused beverages market via a manufacturing partnership.
On February 2, 2021, Mojave Jane Brands announced the appointment of Mervyn Pinto as CEO, CFO, and director of the company.
The company noted that Pinto is currently the president and CEO of Minaean SP Construction Corp. Pinto has also been a director and executive officer of various publicly traded companies including Kepler Acquisition Corp, which later completed its qualifying transaction with ESE Entertainment Inc, Mojave Jane added.
Mojave said Pinto’s appointment followed the immediate resignation of Cam Birge as chief executive officer and chief financial officer. He will remain as a director of the company. Birge, then Mojave Jane's chairman, replaced Gary Latham as CEO on an interim basis when the company announced its strategic review in April 2020.
The new CEO's appointment was the first news from the company since August 2020 when Mojave Jane revealed that, in line with the ongoing strategic review of its operations, it had struck an agreement to sell its 100% membership interest in Nelson & Mark LLC, which holds the CALIGOLD intellectual brand property to two former employees and the original owners of its subsidiary HS Airway Holdings.
On April 29, 2020, Mojave Jane had announced that, in order to preserve shareholder value and continue as a going concern, its board had commenced a strategic review of its assets and liabilities, and was developing a go-forward plan.
Outcome of the strategic review Comments from new CEOAnnouncing Mojave Jane's strategic review in April 2020, the then interim CEO, Cam Birge said: "The extreme correction in the cannabis sector followed by the impact from the (coronavirus) COVID-19 pandemic has made obtaining the financing required to execute on various initiatives impossible. Consequently, there have been drastic changes to the way the company is run, as well as the need to suspend or terminate certain initiatives such as the intended acquisition of Pacific Crest 4 (Adelanto), in order to preserve shareholder value and continue as a going concern."
"We are currently holding a strategic review of our assets and liabilities, and are developing our go-forward plan. The success of this plan is dependent upon successful negotiations with previous partners and creditors, which are underway. At this point, no guarantees can be made as to the outcome of this process," he added.
Contact the author at jon.hopkins@proactiveinvestors.com