The Supreme Cannabis Company, Inc. (TSX: FIRE) (OTCQX: SPRWF) announced that its Board of Directors 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.
Supreme recent reported a drop in its revenue from the 2019 fourth quarter amount of $19 million to the 2020 first quarter amount of $11.4 million. The quarter-over-quarter decrease in net revenue was attributed to the combination of a rapid deterioration of pricing and demand in the wholesale market and the previously announced 7ACRES mechanical failure in grow rooms 1, 2 and 3. The company called this “an isolated one-time event with all three grow rooms recommissioned and replanted in September 2019.”
“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.”
Supreme said it is in the process of engaging a search firm to identify and evaluate a new CEO to lead Supreme Cannabis in its next phase of profitable, long-term growth.
La Brier added, “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.”
“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.”