Article content

Alberta-based cannabis producer Sundial Growers announced a major shakeup of its executive team this week, the latest indication of mounting trouble within the recently legalized industry.

In a news release Thursday, Sundial — a large-scale licensed producer which operates its main production facility out of Olds, with a secondary facility in Rocky View County — announced the immediate resignation of CEO Torsten Kuenzlen and COO Brian Harriman. In addition, the company said Ted Hellard (former co-owner of the Calgary Stampeders) has stepped down as executive chairman, though he will continue to serve on Sundial’s board.

We apologize, but this video has failed to load.

tap here to see other videos from our team. Try refreshing your browser, or Sundial Growers CEO, COO out as cannabis industry hits rough spot Back to video

Zach George, a member of Sundial’s board, will take the helm as CEO while Andrew Stordeur, currently president of Sundial’s Canadian operations, will take on the COO position.

A Sundial spokesperson did not respond to interview requests, however, last week, the company announced it would be laying off “less than 10 per cent” of its work force due to market conditions and regulatory hurdles that have plagued the Canadian cannabis sector in the 15 months since legalization. The company is also implementing a series of other cost-cutting and efficiency initiatives in an effort to realize annualized cost savings of approximately $10 to $15 million for fiscal 2020, according to the release.