- John Fowler to assume role of President.
- Navdeep Dhaliwal to assume role of Chief Executive Officer.
TORONTO, Sept. 24, 2018 /CNW/ - The Supreme Cannabis Company, Inc. ("Supreme Cannabis" or the "Company") (TSXV: FIRE) (OTCQX: SPRWF) (FRA: 53S1), is pleased to announce a realignment of its senior leadership in order to further position the Company for global growth and continued operational success.
John Fowler, currently Chief Executive Officer of the Company, will assume the role of President of the Company, and Navdeep Dhaliwal, currently the President of the Company, will assume the role of Chief Executive Officer of the Company, effective at the end of the business day on September 24, 2018. Both individuals will continue to serve as members of the Company's board of directors (the "Board").
Mr. Fowler and Mr. Dhaliwal recommended the realignment to the Board, reflecting their belief that Mr. Fowler's intimate knowledge and expertise with infrastructure development and commercial cannabis operations is critical for the successful completion of the 7ACRES facility and launch in the recreational market. Supreme Cannabis intends to utilize Mr. Fowler's extensive industry experience for the build out of the Company's previously announced "Lot 16" California-style indoor cultivation project, as well as future product and market segments that the Company may enter. The realignment will allow Mr. Fowler to best support the Company's growth through focus on product and operational development in the role of President.
Under Mr. Fowler's leadership, construction of 7ACRES' world class facility is scheduled for completion by year end and annual production capacity is expected to reach 50,000kg in mid 2019. Mr. Fowler's leadership was also instrumental in Supreme Cannabis securing supply agreements with provincial recreational partners in Ontario, British Columbia, Alberta, Manitoba, Nova Scotia and PEI.
At the same time, Mr. Fowler and Mr. Dhaliwal believe that by assuming the role of Chief Executive Officer, Mr. Dhaliwal's extensive experience in international business and his capital markets background will optimize the Company's growth trajectory.
Mr. Dhaliwal, in his role as Chief Executive Officer, will continue to focus on executing on the Company's broader global growth strategy including M&A opportunities, strategic investments, and developing the Company's international and medical businesses. Mr. Dhaliwal will also continue to lead the Company's investor and capital markets relations activities. To date, Mr. Dhaliwal has led the Company's capital raising efforts, strategy, international investments and initiatives.
With the continued global acceptance of medical cannabis, increasing federal legalization of medical cannabis in countries globally and the impending legalization of recreational cannabis in Canada, the management team and the Board are confident in this realignment to build a global diversified cannabis company.
"Since joining the Board as Chairman, I have been impressed with the management team's visionary strategy and commitment to operational execution. This leadership realignment positions Supreme Cannabis for rapid global growth, while continuing to build strong long-term operational assets. The Board is excited to usher in the next phase of Supreme Cannabis' global growth," said Michael La Brier, Chairman of the Board.
About Supreme Cannabis
The Supreme Cannabis Company (TSXV: FIRE) (OTCQX: SPRWF) (FRA: 53S1) is a Canadian publicly traded company committed to providing premium brands and products that proudly reflect its consumers, people and uniquely innovative culture. The Company's portfolio includes its wholly-owned subsidiary and flagship brand 7ACRES.
7ACRES is a federally licensed producer of cannabis operating inside a 342,000-square-foot facility in Kincardine, Ontario. 7ACRES is dedicated to providing consumers with a premium-quality product that recognizes its customers are informed, discerning and value a brand and culture that aligns with their principles. 7ACRES brand success has been reflected in provincial supply agreements, where 7ACRES' product is consistently listed in the highest brand category available to recreational consumers.
The Company's growing portfolio also includes an equity investment and long-term global distribution partnership with Lesotho-based Medigrow for the exporting of medical-grade cannabis oil.
The Supreme Cannabis Company has consistently set the standard for innovation in the sector, including the design of growing facilities and development of operational excellence metrics. We are confident that together with our flagship brand, proprietary technology and products, truly unique culture, and industry-leading team, we will deliver our shareholders consistent long-term value creation.
Certain statements made in this press release may constitute forward-looking information under applicable securities laws. These statements may relate to anticipated events or results and include, but are not limited to, expectations regarding our regulatory environment and potential changes in law, the growth in our financial growth, production capacity and sales, construction of the 7ACRES facility, our future position of high quality product, expansion of our distribution network, operational success, 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 statements are current as of the date they are made and are based on applicable 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 statements, including, without limitation, the factors discussed in the "Risk Factors" section of the Company's Annual Information Form dated January 22, 2018 ("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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE The Supreme Cannabis Company, Inc.
For further information: Investor Relations, Scott Davidson, Bayfield Strategy, Inc., Phone: 416-466-6265, Email: [email protected], Website: supreme.ca