The Supreme Cannabis Company, Inc. (OTCQX: SPRWF) has hired Beena Goldenberg, the former CEO of Hain-Celestial Canada, as the company’s President and Chief Executive Officer. Ms. Goldenberg succeeds Colin Moore, who as interim President and Chief Executive Officer since January 2020 took significant steps to reduce Supreme’s operating and overhead costs, expand its product offering across all market segments and accelerate its transition into a premium cannabis consumer packaged goods company. She was also appointed to the board.
“I am humbled and excited by this opportunity to help grow a leading cannabis CPG company. Supreme Cannabis’ award-winning premium brands, deep dedication to quality and industry-leading cultivation and production facilities are tremendous advantages for any CPG company, especially one in the cannabis industry, which is now increasingly consumer-driven,” Ms. Goldenberg commented. “I look forward to working with this outstanding team to accelerate the company’s recent progress within the consumer marketplace.”
Goldenberg follows former CEO Navdeep Dhaliwal, who left the company in January following a rough fourth-quarter. At that time, Supreme reported a drop in its revenue of $19 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.”
Moore became the interim CEO and the company statement said that he would continue to serve as a director of the company and would also be an advisor to Goldenberg.
“Over the past three months, Supreme Cannabis has made significant progress, becoming a more agile, efficient and consumer-focused company. With Ms. Goldenberg’s leadership, I am convinced that our Company is better positioned than ever to succeed for the benefit of all of our stakeholders,” said Mr. Moore. “I would like to take this opportunity to thank the dedicated Supreme Cannabis employees who I had the pleasure of working with over the past four months. I look forward to supporting our new President and CEO through this transition and continuing to work with her in my role on the Board.”