- Nikhil Handa to assume role of CFO of Supreme Cannabis.
- CFO Dimitre Naoumov to become Vice President, Finance.
TORONTO, March 8, 2019 /CNW/ - The Supreme Cannabis Company, Inc. ("Supreme Cannabis" or the "Company") (TSX: FIRE) (OTCQX: SPRWF) (FRA: 53S1) today announced that the Company has appointed Mr. Nikhil Handa as the Company's new Chief Financial Officer. Current Chief Financial Officer, Dimitre Naoumov, will become the Company's Vice President, Finance.
As the Company continues to grow and execute on its business plan, Supreme Cannabis is realigning the leadership of its finance department to further accelerate its international and domestic growth initiatives. Mr. Handa, as CFO, will be responsible for the stewardship of Supreme Cannabis' finance department, with an emphasis on capital allocation planning, M&A, and transactional execution as the Company focuses on expanding operations and distribution of its premium cannabis products domestically and internationally.
Mr. Handa joins Supreme Cannabis with considerable cross-sector capital markets experience. Most recently he was the VP of Finance at Well.ca, a leading online destination for health, wellness, beauty and baby products. In that role he led the finance function, provided leadership across various aspects of operations and drove key strategic initiatives including the sale of Well.ca to McKesson Canada. Over the course of his career, Mr. Handa also held a variety of senior finance and operational roles at Restaurant Brands International, the fast food holding company created by the merger of Burger King and Tim Hortons and majority owned by 3G Capital. Additionally, he was a key member of the mergers and acquisition group of RBC Capital Markets.
"Mr. Handa brings a wealth of transactional experience, strategic leadership and financial acumen to our management team and will provide complimentary experience to our already strong finance team," said Navdeep Dhaliwal, CEO of Supreme Cannabis. "His addition will help ensure our Company is well-positioned to seize on available growth opportunities as we look to expand our portfolio of businesses throughout 2019."
Mr. Naoumov will continue to be a valuable member of the Company's senior leadership team in his role as VP, Finance. In this capacity, Mr. Naoumov will ensure the Company continues to implement and adopt the best practises in financial reporting, corporate governance, and on-going finance operational improvements.
"During Dimitre's tenure as CFO, Supreme Cannabis has undergone tremendous operational growth and executed on a number of significant long-term value creation initiatives. In particular, Dimitre played a key role in the successful implementation of an ERP system while maintaining best-in-class financial reporting," said Navdeep Dhaliwal, CEO of Supreme Cannabis. "As we embark on this next stage of global growth, Dimitre's expertise will be heavily relied upon to implement and adopt best practises in financial reporting, tax planning, and the integration of new assets."
About Supreme Cannabis
The Supreme Cannabis Company (TSX: 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 multi-award-winning brand, 7ACRES.
7ACRES is a federally licensed producer of cannabis operating inside a 440,000-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 its multiple award wins, including the "Brand of the Year" award at the 2018 Canadian Cannabis Awards, and 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 been a leading innovator 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 including 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 October 2, 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: Scott Davidson, Investor Relations, Email: [email protected], Phone: 416-466-6265, Website: supreme.ca.