- 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.
Navdeep Dhaliwal, CEO of Supreme Cannabis
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.
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.