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The Supreme Cannabis Company Inc (TSE: FIRE) (OTC: SPRWF) said Monday that it has appointed Colin Moore as interim president and CEO. Moore previously worked as president of Starbucks Corporation (NASDAQ: SBUX)'s Canadian division.
Moore is replacing Navdeep Dhaliwal, who "has departed the company," Supreme Cannabis said.
No reason was given for Dhaliwal's departure.
The company said it's is searching for a permanent CEO as it transforms into a cannabis consumer packaged goods company.
"We are fortunate to have Colin Moore stepping up to serve as our Interim CEO and lead our efforts to drive long-term, profitable growth, and shareholder value during this transitional period," Michael La Brier, chairman of the Supreme Cannabis board, said in a statement.
“Colin’s 40 years of experience driving growth and efficiencies in branded, consumer-facing industries, including as president of Starbucks Coffee Canada, in addition to his deep knowledge of the business and strong ties with the management team, will be essential to accelerating our momentum during this important and transformative period.”
Moore said Supreme Cannabis can find greater efficiency and speed to market by "rightsizing" its production, overhead and capital.
"As we begin the search for the company’s next leader, I’m excited to get to work immediately on these priorities with a great team that is committed to delivering on Supreme Cannabis’s great potential."
Supreme Cannabis shares were down 3% at 47 cents at the time of publication.
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