Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(c) On January 22, 2020, the Registrant reappointed its executive officers for
2020, including Terry Buffalo as the Registrant's Principal Executive Officer;
Ellis Smith as the Registrant's Chief Development Officer; Jon Workman as the
Registrant's Vice President for the development of the Registrant's Hemp
Division; and, Tyler A. Schloesser, as the Registrant's Chief Operations
Officer. None of the reappointed executive officers have a family relationship
with any director, executive officer, or person nominated or chosen by the
Registrant to become a director or executive officer.
Since the beginning of the Registrant's last fiscal year to the effective date
of the reappointment of the Registrant's executive officers, none have been a
participant, nor have they had any direct or indirect material interest in any
transaction in which the Company was or is to be a participant, and the amount
involved exceeded $120,000.
Mr. Ellis Smith
Ellis Smith, age 43, has served as our Chief Development Officer and as a
director since September 2014. In March 2013, Mr. Smith co-founded ACC, and from
March 2013 to May 2014, Mr. Smith served as a Managing Director of the Company.
From September 2010 to July 2013, Mr. Smith co-owned Colorado Kind Care LLC
d/b/a The Village Green Society, a Colorado-based Medical Marijuana Center,
where he was responsible for managing the operations and protocols supporting
the growth and production of medical marijuana. From 2008 to 2010, Mr. Smith
founded and operated The Happy Camper Organics Inc., a medical cannabis company
focused on the growth of wholesale cannabis for sale to medical cannabis
businesses. From 2005 to 2010, Mr. Smith founded and operated Bluebird
Productions, a video production company. Mr. Smith has been published and
recognized for his horticultural experience and organic gardening in the
cannabis industry, and he is known for assisting in identifying the Hemp Russet
Mite and working with SKUNK magazine to educate the industry.
Mr. Smith agreed to render services as Chief Development Officer to the
Registrant, and the Registrant agreed to compensate Mr. Smith with an annual
salary of $87,000.00, and 50,000 shares of common stock deemed earned and vested
at January 22, 2021.
Mr. Terry Buffalo
Terry Buffalo, age 55, is an executive in the financial services industry, with
extensive experience including managing a hybrid FINRA broker-dealer and
Registered Investment Advisor firm. Mr. Buffalo is regarded as an expert in
these fields with publications in Financial Advisor Magazine and NAIFA's Advisor
Today, as well as being a featured interview in Boomer Market Advisor. Prior to
founding Buffalo Financial Solutions, Mr. Buffalo was the Chief Executive
Officer of a regional broker dealer for over 10 years, where he took an
underperforming firm and revamped the business model from a corporate to an
independent structure, with an emphasis on attracting brokers with established
clienteles. While there, the firm consistently produced net profits of 7%,
compared to industry average among peers that ranged between negative to 1.5%,
while expanding the firm's overall assets from $400 million to over $2 billion.
Mr. Buffalo agreed to render services as Principal Executive Officer to the
Registrant, and the Registrant agreed to compensate Mr. Buffalo with an annual
salary of $80,000.00, and 50,000 shares of common stock deemed earned and vested
at January 22, 2021.
Mr. Tyler A. Schloesser
Tyler Schloesser, age 29, attended the University of Colorado at Boulder
receiving a double major degree in Psychology and Philosophy. After graduation,
Mr. Schloesser worked in the banking industry with Wells Fargo, U.S. Bank and
Credit Union of Colorado. Mr. Schloesser's functions with the Registrant.
include developing and maintaining policies, procedures, processes and risk
mitigation best practices as well as manage and perform day-to-day internal
operational tasks required by the Registrant.
Mr. Schloesser agreed to render services as Chief Operations Officer to the
Registrant, and the Registrant agreed to compensate Mr. Schloesser with an
annual salary of $72,000.00, and 50,000 shares of common stock deemed earned and
vested at January 22, 2021.
Jon Workman
Jon Workman, age 56, graduated from the University of Arkansas at Little Rock in
1989 and was awarded a Bachelor of Business Administration and Marketing. Mr.
Workman is a member of the Arkansas Cannabis Industry Association and a Charter
Member of the Arkansas Hemp Association. In 2017, the Arkansas Economic
Development Commission certified Mr. Workman in its Lean Manufacturing program.
Mr. Workman received his HACCP (Hazard Analysis Critical Control Point) & SQF
Food Safety Certifications in 2016.
Mr. Workman agreed to render services as Vice President to the Registrant, and
the Registrant agreed to compensate Mr. Workman with an annual salary of
$72,000.00, and 50,000 shares of common stock deemed earned and vested at
January 22, 2021.
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