Nextleaf Announces Leadership Transition and Strategic Review; Sam Kassem Appointed Interim CEO
Nextleaf appoints its CFO as interim CEO and begins a comprehensive strategic review focused on profitability, cash generation and efficiency.
Rhea-AI Summary
Nextleaf Solutions (OILFF) announced that Emma Andrews has stepped down as Chief Executive Officer, President and director, and that Chief Financial Officer and director Sam Kassem has been appointed Interim CEO effective immediately.
Andrews, who led the company as CEO since September 2023 after five years as Director of Marketing, will continue in an advisory capacity for a transition period to support handover of key relationships and commercial priorities. Kassem has served as CFO since September 2023 and as a director since December 2023, bringing more than a decade of cannabis industry and international business experience. His appointment coincides with the launch of a comprehensive strategic, operational and financial review focused on improving profitability, strengthening cash generation, increasing operating efficiency and concentrating resources on the highest‑value commercial opportunities, while the Board conducts an executive search for a permanent CEO.
Positive
- Interim CEO appointed immediately, providing leadership continuity during transition
- Comprehensive strategic, operational and financial review launched to improve profitability and cash generation
- CEO search initiated to identify a permanent leader for the next phase of growth
- Departing CEO retained short term under advisory arrangement to support orderly transition
Negative
- CEO, President and director resignation introduces leadership uncertainty until a permanent CEO is appointed
- Strategic review underway signals current strategy and financial performance may require adjustment
AI-generated analysis. How Rhea-AI works. Not financial advice.
Vancouver, British Columbia--(Newsfile Corp. - September 15, 2026) - Nextleaf Solutions Ltd. (CSE: OILS) (OTCQB: OILFF) (FSE: L0MA) ("Nextleaf" or the "Company"), an innovation-driven Canadian cannabis processor, announces that Emma Andrews has stepped down as Chief Executive Officer, President and a director of the Company. The Board of Directors has appointed Sam Kassem, the Company's current Chief Financial Officer and a director of the Company, as Interim Chief Executive Officer, effective immediately.
Andrews has been with Nextleaf for eight years and has served as Chief Executive Officer since September 2023, following five years as Director of Marketing. During her tenure, she contributed to the Company's evolution into a consumer-packaged goods business, the development of its brands and commercial capabilities, and the expansion of its presence in domestic and international cannabis markets.
"Leading Nextleaf has been an extraordinary privilege, and I am deeply grateful to the people who have contributed to this Company and its evolution," said Andrews. "I am incredibly proud of what our team has built together, and particularly proud of the people and culture behind those accomplishments. I remain confident in Nextleaf's team, brands, capabilities and the opportunities ahead."
To support an orderly transition, Andrews will remain engaged with the Company under a separate advisory arrangement for a transition period, assisting with the handover of key relationships and commercial priorities.
"Emma has made a meaningful contribution to Nextleaf over many years," said Kassem. "On behalf of the Board and the entire Nextleaf team, we want to thank her for her leadership, commitment and contributions to the Company."
Sam Kassem has served as Chief Financial Officer since September 2023 and as a director of the Company since December 2023. He brings more than a decade of cannabis industry experience, including co-founding and building a U.S.-based cannabis business and holding senior leadership roles across Canada and the United States, with extensive international business experience.
Kassem's appointment as Interim Chief Executive Officer comes as the Company enters a renewed phase of strategic, operational and financial focus. The Board and management intend to undertake a comprehensive review of the business, with an emphasis on improving profitability, strengthening cash generation, increasing operating efficiency and focusing resources on the Company's highest-value commercial opportunities. The Board will also undertake a comprehensive executive search for a permanent CEO to lead the Company into its next phase.
"As I step into this role, my immediate priority is to take a disciplined and objective look at the business and ensure that our strategy, resources and capital are aligned with the opportunities that offer the strongest potential returns," said Kassem. "Our focus will be on strengthening performance and positioning Nextleaf to create sustainable long-term shareholder value."
The Company remains focused on serving its customers and partners, maintaining operational continuity and executing its near-term priorities while the review and CEO search are underway. Nextleaf will provide further updates as appropriate.
About Nextleaf Solutions
Nextleaf® is an innovation-driven life sciences company and licensed cannabis processor with a portfolio of consumer brands, market-validated cannabis derivative products and high-potency bulk ingredients. Nextleaf's patented extraction and distillation technology supports the efficient processing of cannabis at scale.
The Company's platform combines intellectual property, patented technology and operational capabilities to support the development and commercialization of differentiated cannabinoid-based products for domestic and international markets.
Nextleaf's portfolio includes more than 75 global patents covering the extraction and refinement of cannabinoid-based ingredients, alongside its consumer brands Glacial Gold, High Plains Cannabis and Yard Cannabis. The Company maintains more than 35 active SKUs across five categories of consumption.
On behalf of the Board of Directors of the Company,
Sam Kassem
Interim Chief Executive Officer
For More Information
Follow Nextleaf Solutions on LinkedIn
Learn More: www.nextleafsolutions.com
Nextleaf trades as OILS on the Canadian Securities Exchange, OILFF on the OTCQB Market in the United States, and L0MA on the Frankfurt Stock Exchange.
Forward-Looking Statements
Certain statements contained in this press release constitute "forward-looking statements" within the meaning of applicable securities laws. All statements other than statements of historical fact contained in this press release, including, without limitation, statements regarding the Company's anticipated delivery of its products to provincial markets across Canada and those regarding the Company's strategy, plans, objectives, goals and targets, and any statements preceded by, followed by or that include the words "believe", "expect", "aim", "intend", "plan", "continue", "will", "may", "would", "anticipate", "estimate", "forecast", "predict", "project", "seek", "should" or similar expressions or the negative thereof, are forward-looking statements. These statements are not historical facts but instead represent only the Company's expectations, estimates and projections regarding future events. These statements are not guarantees of future performance and involve assumptions, risks and uncertainties that are difficult to predict. Therefore, actual results may differ materially from what is expressed, implied or forecasted in such forward-looking statements. Additional factors that could cause actual results, performance or achievements to differ materially include, but are not limited to the risk factors discussed in the Company's MD&A for the most recent fiscal period. Management provides forward-looking statements because it believes they provide useful information to investors when considering their investment objectives and cautions investors not to place undue reliance on forward-looking information.
Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, the Company. These forward-looking statements are made as of the date of this press release and the Company assumes no obligation to update or revise them to reflect subsequent information, events or circumstances or otherwise, except as required by law. The Canadian Securities Exchange has not reviewed or approved the contents of this press release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/314528
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What roles did Emma Andrews hold at Nextleaf and how will she remain involved?
Emma Andrews served as Chief Executive Officer since September 2023, after five years as Director of Marketing, and was also President and a director. For a transition period she will remain engaged under a separate advisory arrangement, helping with the handover of key relationships and commercial priorities.
What is known about Sam Kassem’s background before becoming Interim CEO of Nextleaf?
Sam Kassem has been Chief Financial Officer of Nextleaf since September 2023 and a director since December 2023. He has more than a decade of cannabis industry experience, including co‑founding and building a U.S.-based cannabis business and holding senior leadership roles across Canada and the United States, with extensive international business experience.
What are the main objectives of Nextleaf’s strategic review?
The Board and management intend to conduct a comprehensive review of the business with emphasis on improving profitability, strengthening cash generation, increasing operating efficiency and focusing resources on the company’s highest‑value commercial opportunities.
How does Nextleaf plan to operate while the strategic review and CEO search are underway?
The company states it remains focused on serving customers and partners, maintaining operational continuity and executing its near‑term priorities during the review and executive search. Nextleaf indicates it will provide further updates as appropriate.
What are some of the key elements of Nextleaf’s current business platform?
Nextleaf is described as an innovation-driven life sciences company and licensed cannabis processor with a portfolio of consumer brands and cannabis derivative products. It highlights patented extraction and distillation technology, more than 75 global patents related to cannabinoid-based ingredients, and more than 35 active SKUs across five consumption categories, including brands such as Glacial Gold, High Plains Cannabis and Yard Cannabis.