The Supreme Cannabis Company (TSX: FIRE) appears to have a slight leadership problem. Following the sudden departure of John Fowler late last year, current CEO Navdeep Dhaliwal has now left his role effective immediately. It is unclear if Dhaliwal was forced out of the company, or if his sudden departure was his own doing. In his place, the board of directors has elected to focus operations on a consumer packaged goods (CPG) model, versus that of a cannabis cultivator.
As a result of focusing operations on a CPG model, Supreme Cannabis has appointed Colin Moore, former president of Starbucks Coffee Canada, as the interim president and chief executive officer. Supreme is in the process of finding a permanent replacement for the role via a national search to find the individual that will “lead Supreme Cannabis in its next phase of profitable, long-term growth.”
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.
Michael La Brier, Chairman of Supreme Cannabis
Notably, this mornings press release failed to thank Dhaliwal for his time at the company, despite the efforts he took with Fowler to build the business to the brand it has become today. The release instead focused on Moore, despite Moore being appointed as the interim CEO rather than the permanent replacement.
Supreme Cannabis last traded at $0.63 on the TSX.
Information for this analysis was found via Sedar, The CSE and Supreme Cannabis. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.
