The CEO of PhytoTech Medical, the first ASX listed medical marijuana company, has resigned.
Ross Smith’s departure comes less than two weeks since the company made its ASX debut, after which the share price soared.
However the share price has fallen back since. Phytotech shares were trading down 8.42% to $0.435 today.
His departure comes after a series of other company appointments, but also following some posts to his Facebook page.
The Australian reports that some threatening posts had shown up on his Facebook page in an escalating series of exchanges.
According to the West Australian, Smith has said that his “FB account got hacked by what is looking like a very good personal smear campaign.”
Phytotech chairman Peter Wall, in a statement to the ASX, said Smith’s resignation was be effective immediately.
“Ross has been instrumental in bringing together an outstanding team to manage the business moving forward. The company would not be where it is today without Ross’ hard work and perseverance,” Wall said.
Business Insider understands Smith will continue to do some work for the company on a contract basis.
Smith, who currently lives in Israel, said he was on the lookout for the next biotech opportunity.
“Having achieved what the majority of people said couldn’t be done in listing Australia’s first medical cannabis company, I am stepping down from the board confident that the world class team we brought together and the company will go on to become a huge success.”
Other recent management changes at the company include a new company secretary, the appointment of a new Israeli operations CEO and a new non-executive director.
We’ve reached out to Smith for comment and will update when and if we hear back.
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