Toronto-based cannabis producer Supreme Cannabis (TSX: FIRE) (OTC: SPRWF) (FRA: 53S1), announced a leadership change to better leverage management experience. John Fowler, currently CEO, will become President, and Navdeep Dhaliwal, currently President, will become CEO, effective September 24, 2018. Both will continue to serve on the board of directors.
Supreme’s Board believes that Fowler’s knowledge of infrastructure development and commercial cannabis operations is critical for the successful completion of the 7ACRES facility and timely launch in the recreational market. Additionally, it thinks Dhaliwal’s experience in international business and capital markets will optimize Supreme’s global growth. The shift allows both to better focus on their strengths.
Supreme is a Canadian publicly traded company building out production facilities and cannabis brands. It’s wholly-owned subsidiary and flagship brand, 7ACRES, is a licensed producer which operates a 342,000 sf (7.8 acres) facility in Kincardine, Ontario.
The company has supply agreements with partners in Ontario, British Columbia, Alberta, Manitoba, Nova Scotia and PEI. Its portfolio includes an investment in, and global distribution partnership with, Lesotho-based Medigrow for the export of medical-grade cannabis oil.
The leadership shift allows Fowler to focus on building out the “Lot 16” California-style indoor cultivation project, plus future product and market segments. 7ACRES’ facility is scheduled for completion by end of 2018, and annual production capacity is expected to reach 50,000kg in mid-2019.
Dhaliwal, as CEO, will focus on Supreme’s global growth strategy including M&A opportunities, strategic investments, and international and medical businesses. He will also continue to lead investor and capital markets relations activities. He has led Supreme’s capital raising efforts, strategy, international investments and initiatives.