UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM
CURRENT REPORT
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On October 27th, 2023, Tom Valenzuela, the Company’s Interim Chief Executive Officer and Chairman of the Board, submitted his resignation as Chief Executive Officer effective as of October 27, 2023. Mr. Valenzuela will continue to serve on the board of directors. Mr. Valenzuela’s decision to resign is not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.
On October 28, 2023, the Company’s board of directors appointed John Gorst as interim Chief Executive Officer of the company, effective as of October 28, 2023. Additionally, the board also appointed Mr. Gorst to the board of directors effective October 28, 2023.
John P. Gorst – Former Chairman and Chief Executive Officer of Ionic Brands Corp., A cannabis consumer brands Company that developed and launched seven significant brands on the West Coast in three product segments: edibles, concentrates, and small-form-factor liquids.
Mr. Gorst brought to IONIC Brands Corp. the board of directors and management team invaluable experience in successfully launching an upstart business, establishing operational protocols, effective departmental structure and execution, capital raising, and institutionalized corporate governance. Mr. Gorst became the company’s most extensive series “A” investor, later becoming the Chairman and CEO.
In addition to serving on the Board as Executive Chairman, Mr. Gorst also served as Vice Chairman for Cloud X Partners, LLC. A growth equity fund supported by 19 investment groups, including four multi-billion-dollar Institutional firms acquiring and integrating cloud-based assets under a single brand standard. Mr. Gorst has sold two technology companies to private equity, one company to a strategic buyer, and one through an employee buyout.
In addition to serving on the board of Cloud X Partners, Mr. Gorst also served on the audit committee. He served as the Chairman of the technology and innovation committee for all Cloud X Partners portfolio companies. Mr. Gorst’s track record includes taking a company public, creating a market valuation of more than 600 million dollars for shareholders, and generating an ROI of 28x for the company’s Venture Investors. Mr. Gorst also took that same company back to private status in 2011 and was later sold to a private equity firm.
Over his 30-year career, Mr. Gorst has started seven companies (exited four, with three failures), raising over $100 million in venture and debt financing.
The Company will continue to search for and identify candidates to fulfill the newly vacated position of Chief Executive Officer.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| MJ HOLDINGS, INC. | ||
| Date: October 30, 2023 | By: | /s/ John Gorst |
| John Gorst | ||
| Interim Chief Executive Officer | ||
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