YIELD GROWTH Subsidiary Flourish Mushroom Labs Appoints former Chairman of Johnson & Johnson, Jeff B. Smith as Chairman of the Board
Vancouver, British Columbia--(Newsfile Corp. - January 16, 2020) - The Yield Growth Corp. (CSE: BOSS) (OTCQB: BOSQF) (FSE: YG3) announces its subsidiary Flourish Mushroom Labs Inc. has appointed Jeff B. Smith as a director and as Chairman of the Board.
Jeff B. Smith, Director and Chairman of Flourish Mushroom Labs
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Jeff B. Smith was an executive for over 20 years at Johnson & Johnson Consumer Companies, the world's largest and most diversified healthcare company with worldwide sales of US$76 billion in 2017. His roles included Chief Transformation Officer, Group Chairman, Consumer North America and President, U.S. Skincare. Jeff served on the Johnson & Johnson's Group Operating Committee Executive.
In his role as Johnson & Johnson Company Group Chairman for Consumer North America, Jeff delivered strong organic growth, new growth levers, and oversaw several important strategic acquisitions including Vogue International LLC, La Lumière and Neostrata. His division represented more than 42% of global revenue delivering over US$6.5 billion in annual revenue with mid-single digit growth rates; spent over US$1 billion in marketing investment; delivered consistent market share gains and doubled the regional profitability.
Prior to acting as Chairman of Johnson & Johnson, in 2011 Jeff was appointed President, U.S. Skincare in the newly formed North American region. Jeff had full P&L responsibility for the Baby (JOHNSON'S®, AVEENO®) and Beauty Care divisions (NEUTROGENA®, AVEENO®, CLEAN & CLEAR®, LUBRIDERM® and KORRES® Natural products) within the United States. As President of Johnson & Johnson's largest business unit, Jeff grew it from the 3rd largest skincare company to #1 in the U.S. over 3.5 years.
Jeff began his career with Johnson & Johnson Inc. Canada, progressing through a number of sales assignments, becoming Vice President Sales in 1997. Jeff became President U.S. Wound Care, and Worldwide Franchise Vice President, in 1999. In 2003, he was appointed President, Johnson & Johnson Inc., Canada and led the successful integration of Johnson & Johnson Inc., McNeil Consumer Healthcare and Pfizer Consumer Healthcare in 2008. Prior to Johnson & Johnson, he worked for Procter & Gamble in Vancouver, B.C. in various sales management positions. He is deeply committed to the safety and health of consumers, and serves on numerous industry boards, including the Board of Directors of the Personal Care Products Council.
Born and raised in Canada, Jeff holds an MBA from Edwards School of Business, University of Saskatchewan and a BA in Economics, University of Saskatchewan. He is married, has 2 children and lives in Toronto, Canada.
Jeff joins the Flourish board after acting as Chairman of the Yield Growth advisory board for approximately one year, a position he continues to hold.
Yield Growth management changes: Amy Frankel changes role and title at Yield Growth from VP, Licensing, General Counsel and Corporate Secretary to Corporate Secretary, General Counsel and Vice President, People, Tom Bond changes his role to Yield Growth advisor and is no longer a director of Yield Growth or Urban Juve, and Rick Huang joins the Yield Growth board of directors and the Urban Juve board of directors in addition to his role as CFO at Yield Growth and Flourish Mushroom Labs.
About Flourish Mushroom Labs Inc.
Flourish Mushroom Labs aims to be a leader in the fast-growing medicinal mushrooms market-and improve life by offering high-quality mushroom-infused products. Flourish Mushroom Labs is planning to build a psilocybin mushroom laboratory in Saint Vincent and the Grenadines and is conducting research into potentially therapeutic benefits of compounds found in psychedelic mushrooms. It has filed a U.S. patent application for the use of psilocybin to aid in weight loss and treat obesity, diabetes and to help prevent heart disease. Flourish Mushroom Labs is a majority owned subsidiary of The Yield Growth Corp.
About The Yield Growth Corp.
The Yield Growth Corp. develops and manufactures plant-based products and conducts research for plant-based therapeutics in what the Global Wellness Institute reports is a $4.2 trillion-dollar global wellness market. It owns the cannabis wellness brands Urban Juve, Wright & Well and Jack n Jane. The Yield Growth management team has deep experience with global brands including Johnson & Johnson, Procter & Gamble, Skechers and Aritzia. Its all natural hemp skincare brand, Urban Juve, has signed agreements for distribution in Canada, Colombia, Brazil, Costa Rica, Panama, Argentina, El Salvador, Ecuador, Peru, Greece, Cyprus, Bulgaria, Romania and Serbia. Yield Growth's Wright & Well brands have manufactured a THC/CBD line of topical and edible products in Oregon and plan to launch a CBD from hemp topicals line in California in 2020. Through its subsidiaries, Yield Growth has over 200 proprietary beauty, wellness, edibles and beverage formulas for commercialization. It has filed 13 patents to protect its extraction method and other intellectual property. Yield Growth earns revenue through multiple streams including licensing, services and product sales.
Investor Relations Contacts:
Penny White, President & CEO
Kristina Pillon, Investor Relations
The Canadian Securities Exchange has not reviewed, approved or disapproved the contents of this news release.
Cautionary Statement Regarding Forward-Looking Statements
This press release includes forward-looking information and statements (collectively, "forward looking statements") under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon a number of estimates, forecasts, beliefs and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such risks, uncertainties and factors include, but are not limited to: risks related to the development, testing, licensing, intellectual property protection, the potential for not acquiring any rights as a result of the patent application and any products making use of the intellectual property may be ineffective or the company may be unsuccessful in commercializing them; and other approvals will be required before commercial exploitation of the intellectual property can happen. The laws around cultivating, selling and using psychedelic mushrooms would need to change in most jurisdictions in order for the use of psychedelic products to be legal and sale of, and demand for, Urban Juve, Wright & Well, Flourish Mushroom Labs, Jack n Jane and UJ Beverages products, general business, economic, competitive, political and social uncertainties, delay or failure to receive board or regulatory approvals where applicable, and the state of the capital markets. Yield Growth cautions readers not to place undue reliance on forward-looking statements provided by Yield Growth, as such forward-looking statements are not a guarantee of future results or performance and actual results may differ materially. The forward-looking statements contained in this press release are made as of the date of this press release, and Yield Growth expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.
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