- Supreme Cannabis to acquire communications and stakeholder
relations firm.
- Bayfield CEO Riyaz Lalani to
assume Chief Corporate Officer role of the Company.
- The acquisition is being pursued to allow the Company to
accelerate strategic priorities, bolster communications efforts,
and drive global growth
TORONTO, Nov. 13, 2018 /CNW/ - The Supreme Cannabis
Company, Inc. ("Supreme Cannabis" or the "Company") (TSXV: FIRE)
(OTCQX: SPRWF) (FRA: 53S1), announced today that it has entered
into a definitive agreement to acquire leading communications and
stakeholder relations firm Bayfield Strategy, Inc. ("Bayfield").
Bayfield's CEO, founder and
shareholder, Riyaz Lalani, will be
appointed to the position of Chief Corporate Officer ("CCO") of the
Company where he will help shepherd the Company through its next
stage of growth as a leading premium cannabis producer in the
world. Bayfield's employees will
enter into employment agreements with Supreme Cannabis and assume a
variety of roles in corporate operations and stakeholder
relations.
Over the last two decades, Mr. Lalani has advised public
companies, boards of directors, private equity funds and hedge
funds across North America. Prior
to founding Bayfield, Mr. Lalani
was the Chief Operating Officer of the leading shareholder services
firm in Canada. Beforehand he was
the head of research for an international asset manager in
New York and Toronto, focused on investments in
biotechnology, life sciences, resources, and a variety of other
industry sectors. Mr. Lalani will contribute a unique and diverse
experience set that encompasses capital allocation, strategic
communications, and operational execution.
"Over the past year we have come to appreciate the vision,
sophistication and enthusiasm of the Supreme Cannabis team, and the
extraordinary leadership of Navdeep
Dhaliwal and John Fowler. The
mission and positioning of Supreme Cannabis in one of the most
exciting new industries in the world was an opportunity we could
not pass up," said Riyaz Lalani, CEO
of Bayfield. "I believe it speaks
volumes that in Bayfield's best
year ever, our team believed so strongly in Supreme Cannabis'
mission and growth prospects that we jumped on the opportunity to
join their team full-time."
"I am excited to welcome the Bayfield team to Supreme Cannabis. We have
worked closely with Bayfield and
have come to trust their advice, work ethic, and values. As we
enter an exciting growth stage for the Company and the global
cannabis industry, we will benefit from the infusion of skills and
experience brought by the Bayfield
team. Supreme's acquisition of Bayfield and our retention of Riyaz Lalani as our new CCO, will support our
growth efforts for Supreme's businesses in Canada and internationally," said Navdeep Dhaliwal, CEO of Supreme Cannabis.
We Grow Better as a team.
Under the terms of the definitive agreement, Supreme Cannabis
will issue $2 million worth of common
shares to Bayfield shareholders in
exchange for all of the issued and outstanding shares of
Bayfield. Closing of the transaction is expected to occur on
or about November 30, 2018 and is
subject to customary closing conditions including the approval of
the TSX Venture Exchange.
About Supreme Cannabis
The Supreme Cannabis Company (TSXV: 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 flagship brand 7ACRES.
7ACRES is a federally licensed producer of cannabis operating
inside a 342,000-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 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 consistently set the standard
for innovation 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.
Stay Connected:
For more information, please visit The Supreme Cannabis Company
and 7ACRES websites.
Follow us on Twitter, Facebook, or Instagram.
Forward-Looking Information
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 and include,
but are not limited to, the completion of the transaction of
purchase and sale contemplated by the definitive agreement, the
strategic and operational benefits resulting from the acquisition
of Bayfield, the integration of
Bayfield employees in the
Company's operations, our future position of high quality product,
and other 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.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE The Supreme Cannabis Company, Inc.