Supreme Cannabis Announces Leadership Transition as Company Accelerates Transformation into Premium Cannabis CPG Company
- Supreme Cannabis Board Director and former President of Starbucks Coffee Canada, Colin Moore, appointed Interim President and CEO.
- Navdeep Dhaliwal departs Company, effective immediately.
- Interim CEO to leverage successful track record to accelerate growth and transformation strategy, while improving speed to market and rightsizing operating and capital spends.
- Search for new CEO to begin immediately.
TORONTO, Jan. 6, 2020 /PRNewswire/ - The Supreme Cannabis Company, Inc. ("Supreme Cannabis" or the "Company") (TSX: FIRE) (OTCQX: SPRWF) (FRA: 53S1) announced today its Board of Directors (the "Board") has named Colin Moore, Director of the Company and former President of Starbucks Coffee Canada, as Interim President and Chief Executive Officer, effective immediately. Mr. Moore succeeds Navdeep Dhaliwal, who has departed the Company. The Company is in the process of engaging a leading, nationally recognized search firm to identify and evaluate a new CEO to lead Supreme Cannabis in its next phase of profitable, long-term growth.
"Today, with Supreme Cannabis firmly established as one of the world's fastest-growing, premium plant driven-lifestyle companies and our industry entering its second phase, the Board determined that the Company would benefit from leadership with the skills and experience to accelerate our growth and transformation into a leading cannabis CPG company," Supreme Cannabis Board Chairman, Michael La Brier said. "We are fortunate to have Colin Moore stepping up to serve as our Interim CEO and lead our efforts to drive long-term, profitable growth and shareholder value during this transitional period."
"Colin's 40 years of experience driving growth and efficiencies in branded, consumer-facing industries, including as President of Starbucks Coffee Canada, in addition to his deep knowledge of the business and strong ties with the management team, will be essential to accelerating our momentum during this important and transformative period," continued Mr. La Brier.
"Supreme Cannabis has built a strong foundation for the future, including award-winning premium brands that are recognized coast-to-coast, industry-leading quality and dedication to operational excellence, and committed, talented people. Going forward, we have a tremendous opportunity to drive profitable growth and cash flow by expanding our market position across all market segments and with new strains and product forms," said Colin Moore, Interim CEO and Director." Greater efficiencies and speed to market will come by rightsizing our production, overhead and capital. As we begin the search for the Company's next leader, I'm excited to get to work immediately on these priorities with a great team that is committed to delivering on Supreme Cannabis's great potential."
About Colin Moore.
Mr. Moore brings a wealth of public market, consumer goods and operational experience to his role Interim Chief Executive Officer of Supreme Cannabis, in addition to his current role as a member on the Company's Board of Directors, which he joined in May 2018.
Previously, Mr. Moore was the President of Starbucks Canada from 2002 to 2011. Under his leadership, the Canadian business expanded to 1,180 retail locations from 315, and more than $1 billion in annual revenue. His responsibilities included company and licensed store retail locations, as well as foodservice sales. In 2008, Mr. Moore expanded his geographic responsibilities to include Mexico, the Caribbean, Central and South America. As president of the Americas, Mr. Moore led the company and focused on licensing and joint venture markets, including the buy-out of a partner in Brazil. In his subsequent corporate role as SVP, Enterprise Optimization at Starbucks, Mr. Moore worked across the global organization to unlock value by reducing store operations waste and streamlining go-to-market processes.
Before joining Starbucks, Mr. Moore held the position of President at the Mosaic Group Inc., a marketing services company traded on the Toronto Stock Exchange. Prior to Mosaic, he spent 22 years with PepsiCo and its successor restaurant company Tricon Global Restaurants (now Yum! Brands Inc.). Mr. Moore holds an Honours Business Administration degree from the Richard Ivey School of Business at the University of Western Ontario.
About Supreme Cannabis.
The Supreme Cannabis Company, Inc., (TSX: FIRE) (OTCQX: SPRWF) (FRA: 53S1), is a global diversified portfolio of distinct cannabis companies, products and brands. Since 2014, the Company has emerged as one of the world's fastest-growing, premium plant-driven lifestyle companies. Supreme Cannabis' portfolio of brands caters to diverse consumer experiences, with brands and products that address recreational, wellness, medicinal and new consumer preferences.
The Company's brand portfolio includes, 7ACRES, Blissco, Truverra, Sugarleaf by 7AC and Khalifa Kush Enterprises Canada. Supreme Cannabis' brands are backed by a focused suite of world-class operating assets that serve key functions in the value chain, including, scaled cultivation, value-add processing, centralized manufacturing and product testing and R&D. Follow the Company on Instagram, Twitter, Facebook, LinkedIn and YouTube.
Forward-Looking Information.
Certain statements made in this press release may constitute "forward-looking information" within the meaning of applicable securities laws. Forward-looking information may relate to anticipated events or results including, but not limited to: the availability and supply of the Company's products in Canadian provinces; the Company's transition 100% recreational sales; and other statements that are not historical facts. Particularly, information regarding our expectations of future results, targets, performance achievements, prospects or opportunities is forward-looking information. Often, but not always, forward-looking statements can be identified by the use of forward-looking terminology such as "may", "will", "expect", "believe", "estimate", "plan", "could", "should", "would", "outlook", "forecast", "anticipate", "foresee", "continue" or the negative of these terms or variations of them or similar terminology. Forward-looking information is current as of the date it is made and is based on reasonable estimates and assumptions made by us at the relevant time in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we believe are appropriate and reasonable in the circumstances. However, we do not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws in Canada. There can be no assurance that such estimates and assumptions will prove to be correct.
Many factors could cause our actual results, level of activity, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking information as discussed in the "Risk Factors" section of the Company's Annual Information Form dated September 17, 2019 ("AIF"). A copy of the AIF and the Company's other publicly filed documents can be accessed under the Company's profile on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com. The Company cautions that the list of risk factors and uncertainties described in the AIF is not exhaustive and other factors could also adversely affect its results. Readers are urged to consider the risks, uncertainties and assumptions carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such information.
SOURCE The Supreme Cannabis Company, Inc.
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