RE:RE:E-Mail to IR- concerns with managment changes and TSXAll,
See below response from IR- Again, i have no problem with managment changes, but remain the position that this change should have been more substantial ( Bringing in a new CEO that the market recognizes from the industry or birnging in a CEO from a different industry etc) makes the most sense to me.
Tom you are right in indicating John is essentially assuming an operations Manager role, i dont even feel it equates to a director role- again this is based off the facts presented.
I am going to remain long for the record;
Thank you for your inquiry, I'm sorry to hear that you have concerns with the Company's recent direction but I'm happy to help provide some detail where I can:
- Regarding the TSX, that was a poor word choice on my part. As I stated in the original email, the Company has made it known numerous times that it intends to uplist to the TSX. This is certainly a priority for the Company for all of the reasons you indicated. My mistake was in trying to convey that there was no public timeline available to indicate when this process would take place. In doing so, my response was poorly phrased. I've since corresponded with that same gentleman and provided further clarity. I'd like to make it extremely clear that this was an error on my part and the Company's policy on uplisting has not changed.
- The Board made the decision to move ahead with the CEO and President realignment at this time because the Company is best served by them being established in their roles by October 17th. Mr. Fowler will be able to continue the excellent job he has done in growing the 7ACRES brand into the only coast-to-coast, exclusively-premium cannabis brand in the country and apply it to Supreme's future brands. After October 17th, consumers will dictate the winners and losers in the domestic cannabis market and for that reason distribution is key. Supreme/7ACRES is extremely well positioned for success in the Canadian recreational market with six provincial supply agreements. Mr. Dhaliwal has extensive capital markets experience and has been leading the Company's global growth strategy. As this is a key area of interest for the Company moving forward, the Board felt he was best suited for the CEO role.
- Regarding shareholder value, Supreme acknowledges the fact that the Company has focused more on execution than telling its story to the broader investment community. However, the Company is being more proactive in this area and we're hopeful that the positive share price movement is reflective of that.
- Fiscal results were disseminated aggressively over Canadian and US newswires and were widely shared online. I'm unsure of what you're referring to in this respect. We've seen the analyst reports on those results and they have been positive, please see the attached from GMP.