Supreme Cannabis Announces New President and Interim CEO from Starbucks Canada

The Supreme Cannabis Co. [stock_market_widget type="inline" template="generic" color="default" assets="FIRE.TO" markup="(TSX: {symbol} {currency_symbol}{price} ({change_pct}))" api="yf"] announced today that the board of directors has named Colin Moore as Interim President and CEO effective immediately. He was previously a director of the company and former president of Starbucks Canada.

He is succeeding Navdeep Dhaliwal, who has departed the company effective immediately. Supreme Cannabis is now using a search firm to identify and evaluate a new CEO to lead the company.

This management transition represents yet another move by a large Canadian LP during tough times in the industry. Supreme is clearly zeroed in on positioning themselves as the premium cannabis CPG leader.

The Transition

We’ve previously highlighted how Supreme Cannabis is readying themselves for the CPG-battle ahead in the industry. This is another big move to bolster the experience of the management team.

Colin Moore has extensive public markets, CPG, and operational experience through his time at Starbucks Canada, Mosaic Group, and PepsiCo.

As President of Starbucks Canada for over 9 years, the company expanded from 315 retails locations to 1180 and more than $1 billion in annual revenue.

This was followed by a transition to President of Americas and then SVP, Enterprise Optimization where he worked on the global-level, increasing valuing through cost reductions and streamlining.

Clearly Moore will bring a wealth of valuable experience to the President and CEO role as Supreme Cannabis searches for a new leader. If Supreme can maintain its excellent company culture, focused on respecting the plant and end cannabis users, then this should serve investors well.

Colin Moore appears to understand this himself:

“Supreme Cannabis has built a strong foundation for the future, including award-winning premium brands that are recognized coast-to-coast, industry-leading quality and dedication to operational excellence, and committed, talented people. Going forward, we have a tremendous opportunity to drive profitable growth and cash flow by expanding our market position across all market segments and with new strains and product forms”
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Supreme was a market awareness client of Capital 10X.

The opinions provided in this article are those of the author and do not constitute investment advice. Readers should assume that the author and/or employees of Capital 10X hold positions in the company or companies mentioned in the article. For more information, please see our Content Disclaimer.

Evan Veryard has a Bachelor's of Chemical Engineering from McGill University and a MaSc. of Chemical Engineering from RMC. He has over 6 years of research experience focusing on industrial materials. Address: 682 Indian Road, Toronto, Ontario, M6P 2C9. Phone: 416-721-8257.
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