As of July 13, Lucy Scientific Discovery (NASDAQ:LSDI) has a new principal. Current executive chairman, Richard Nanula, will retain this role while succeeding Chris McElvany as the company's CEO toward bringing "significant strategic focus and leadership" to Lucy.
Nanula previously served as CFO in Fortune 500 companies such as The Walt Disney Corporation (NYSE:DIS) and sector-related biotech firm Amgen Inc. (NASDAQ: AMGN), and holds decades of senior leadership experience including the oversight of over $50 billion in M&A and financing transactions.
It is intended that Lucy's founder and former CEO McElvany will remain "closely involved" with the company as a consultant, leveraging his knowledge and industry expertise to support the transition.
Lucy owns holdings and operations in a variety of what it calls "psychotropic" businesses. Through its Canadian Controlled Drugs and Substances Dealer's license and together with wholly-owned subsidiary LSDI Manufacturing Inc.'s specialized license, the parent company can develop, sell, deliver and manufacture pharmaceutical-grade Active Pharmaceutical Ingredients (APIs) used in controlled substances and their raw material precursors.
Additionally, Lucy is set to advance the understanding and applications of psychoactive medicines for improved mental health outcomes and well-being enhancement.
McElvany says Nanula's "remarkable history of leadership" at major corporations makes him the ideal candidate for Lucy's next phase of growth.
See Also: Lucy Scientific Acquires Psilocybin And CBD Therapy Asset From Wesana Health
"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," he concluded.
Nanula echoed the sentiment, adding that he views Lucy in "a unique position" to leverage the growing industry coupled with its place as a Nasdaq-listed company.
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