TORONTO, March 7, 2019 /CNW/ - The Supreme Cannabis Company, Inc. ("Supreme Cannabis" or the "Company") (TSX:FIRE) (OTCQX:SPRWF) (FRA: 53S1), today announced the strengthening of its board of directors (the "Board") with the appointment of a new independent director, Kenneth R. McKinnon, Q.C. As an experienced corporate executive and director, Mr. McKinnon brings substantial financial oversight and business advisory experience to the Company's Board.
Mr. McKinnon is currently a Partner at Citrus Capital Partners Ltd. and serves on the board of Touchstone Exploration Inc., and Alvopetro Energy Ltd. His previous director experience includes Petrominerales Ltd. and Lightstream Resources Ltd. where he served as Chairman from 2011 -2016. Mr. McKinnon also served on the Board of Governors of the University of Calgary and as a Director of Alberta Innovates, holding positions on the Executive Committee and as Chairman of the Compensation and Governance Committees in each organization.
"Mr. McKinnon brings a wealth of governance expertise and experience to our already robust board of directors," said Navdeep Dhaliwal, CEO of Supreme Cannabis. "As a management team, we benefit greatly from our Board's stewardship and oversight. This addition will be of great value as we continue to execute on our strategic imperatives for 2019 and position Supreme Cannabis for long-term growth in the international cannabis market."
"I'm pleased to be joining the board of Supreme Cannabis at this important inflection point in the Company's history within an exciting and dynamic market environment," said Kenneth McKinnon. "As the Company embarks on a period of tremendous growth and differentiation, I look forward to working with the management team to implement the best practises in corporate governance."
Following Supreme Cannabis's recent graduation to the Toronto Stock Exchange, the Board reviewed its existing corporate governance and, in line with best practice, decided to increase the number of independent directors sitting on the Board. As such, the Company has also accepted the resignation of Mr. Scott Walters, who served as a director of the Company since 2016 before becoming a member of Supreme's management team in 2018. The Board thanks Mr. Walters for his service and contribution and notes that he will continue to play a valuable role on Supreme Cannabis' senior management team as its Vice President of Corporate Development.
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 "Brand of the Year" award at the 2018 Canadian Cannabis Awards, "Best Licensed Producer Branding" award at the 2018 AdCann Advertising 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.
SOURCE The Supreme Cannabis Company, Inc.
For further information: Scott Davidson, Investor Relations, Email: [email protected], Phone: 416-466-6265, Website: supreme.ca.
Original Press Release: newswire.ca