Nic Foreman retires from Cannasouth board

Cannasouth co-founder Nic Foreman. Photo / Supplied

Cannasouth's co-founder and executive director, Nic Foreman, has retired from the NZX-listed medicinal cannabis company.

Foreman will also relinquish his role as a director of Cannasouth Bioscience and Cannasouth Cultivation, the company said.

He will continue to be available to advise and mentor the executive management team of Cannasouth.

"With the recent grant of a commercial cultivation and manufacture license to Cannasouth Bioscience, I have achieved what I set out to do, to build a solid platform for the company to grow and prosper in the New Zealand medicinal cannabis industry," Foreman said in a statement.

Foreman planned to remain a long-term investor in the company.

Chairman Tony Ho congratulated Foreman for his expertise gathered over the past 18 years from hemp cultivation through to medicinal cannabis research and to the genesis of the emerging New Zealand medicinal cannabis sector.

Shares in Cannasouth last traded at 94c, having gained 34 per cent over the last 12 months.