California-based Lowell Farms, on Wednesday, appointed insider Jamie Schniedwind as Chief Financial Officer, effective February 16, taking over from the interim CFO Tessa O’Dowd.
Schniedwind joined Lowell Farms as Director of Financial Planning and Analysis in June 2022, since then, he created internal financial reporting cycles, established SQL-based dashboards for real-time financial visibility, and led the accounting team in all facets of inventory and cost accounting.
Prior to this, he was a Senior Financial Analyst at the peer firm PLUS Products in San Mateo, California for about three years, where he managed financial reporting for United States and Canada, performed financial audits, and led the forecasting and budgeting processes.
Brian Shure, the most recent Financial Chief of Lowell Farms stepped down in May 2023, when the company said it faced a loss of $4 million and a fall of 39% in first quarter revenue. Also, the cannabis company said Shure would step down from his role as CFO, effective immediately, and be replaced by O’Dowd, senior vice president of finance with the firm.
The firm nearly lost $25 million in 2022, as well as the company’s revenue streams like consumer packaged goods, wholesale products, processing services, and out-of-state licensing were down sequentially, stated Green Market Report.
“Jamie has been a key part of the Lowell team for the past two years and has worked alongside the finance team to implement crucial processes as well as drive efficiencies company-wide,” said Mark Ainsworth, Executive Chief of Lowell Farms.
“As CFO of Lowell Farms, Jamie’s comprehensive experience in finance and accounting will support the company in this competitive cannabis industry,” added Ainsworth.
To read more on Leadership, head to the link.
