Lucy Scientific Discovery Inc. Taps Fortune 500 Veteran and Current Executive Chairman Richard Nanula as New CEO
July 13 2023 - 9:00AM
Lucy Scientific Discovery Inc. (NASDAQ: LSDI), a leader and
innovator in the psychotropic industry, announced the appointment
of current Executive Chairman Richard Nanula as the new Chief
Executive Officer, effective immediately. Nanula will retain his
Chairman role while succeeding Chris McElvany as Chief Executive
Officer, who will transition into a consulting role with the
Company.
Nanula brings to Lucy decades of senior leadership experience
from several of the largest companies in the world having been a
Senior Executive at The Walt Disney Company, Amgen, Colony Capital
and Starwood Hotels and Resorts. Over the course of his career,
Nanula had overseen more than $50 billion of M&A and financing
transactions.
Lucy Scientific Discovery Inc.’s founder and former CEO, Chris
McElvany, will remain closely involved with the company as a
consultant, leveraging his deep knowledge and industry expertise to
support the transition. "Richard Nanula’s remarkable history of
leadership at major corporations makes him the ideal candidate for
Lucy’s next phase of growth. I am extremely excited as both founder
and a significant shareholder to work with Richard and the Lucy
team to innovate and create value for shareholders going
forward."
Nanula added, “Lucy is in a unique position to leverage the
growing industry coupled with its reach as a NASDAQ listed Company.
I have assumed the role of CEO to lead our commitment to advancing
the field of psychotropic drug development and to address the unmet
needs of the global wellness community.”
About Lucy Scientific Discovery Inc.
Lucy Scientific Discovery Inc. (NASDAQ: LSDI) is a Nasdaq-listed
company with holdings and operations in a variety of psychotropic
businesses. The company holds a Controlled Drugs and Substances
Dealer's License granted by Health Canada's Office of Controlled
Substances. Lucy Scientific Discovery Inc. and its wholly-owned
subsidiary, LSDI Manufacturing Inc., operate under Part J of the
Food and Drug Regulations promulgated under the Food and Drugs Act
(Canada). This specialized license authorizes LSDI to develop,
sell, deliver, and manufacture pharmaceutical-grade active
pharmaceutical ingredients (APIs) used in controlled substances and
their raw material precursors. With a focus on pioneering
innovative therapies for patients in need, Lucy Scientific
Discovery Inc. is dedicated to advancing the understanding and
applications of psychotropic medicines, improving mental health
outcomes, and enhancing well-being for individuals worldwide.
Cautionary Note Regarding Forward-Looking
Statements
This press release may contain forward-looking statements.
Forward-looking statements give our current expectations or
forecasts of future events. You can identify these statements by
the fact that they do not relate strictly to historical or current
facts. Forward-looking statements involve risks and uncertainties
and include statements regarding, among other things, our projected
revenue growth and profitability, our growth strategies and
opportunity, anticipated trends in our market and our anticipated
needs for working capital. They are generally identifiable by use
of the words "may," "will," "should," "anticipate," "estimate,"
"plans," "potential," "projects," "continuing," "ongoing,"
"expects," "management believes," "we believe," "we intend" or the
negative of these words or other variations on these words or
comparable terminology. In particular, these include statements
relating to future actions, prospective products, market
acceptance, future performance, results of current and anticipated
products, sales efforts, expenses, and the outcome. Most of these
factors are outside Lucy’s control and are difficult to predict.
Factors that may cause actual future events to differ materially
from the expected results, include, but are not limited to: (i) the
occurrence of any event, change or other circumstance that could
give rise to the legality of this consumer product, (ii)
inability to recognize the anticipated benefits of the opportunity,
which may be affected by, among other things, competition and the
ability of the company to grow and manage growth profitability,
(iii) costs related to the production, (iv) the ability to
implement business plans, forecasts, and other expectations of the
opportunity, as well as identify and realize additional
opportunities, (v) the outcome of any legal proceedings that may be
instituted against Lucy following the announcement of the new
product line, and (vi) other risks and uncertainties indicated in
the filings that are made from time to time with the SEC by Lucy
(including those under the “Risk Factors” sections therein).
These statements are based on our management's expectations,
beliefs and assumptions concerning future events affecting us,
which in turn are based on currently available information. These
assumptions could prove inaccurate. Although we believe that the
estimates and projections reflected in the forward-looking
statements are reasonable, our expectations may prove to be
incorrect.
Media Contact:
KCSA Strategic Communications Lewis Goldberg
lgoldberg@kcsa.com
Jon Goldbergjgoldberg@kcsa.com
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