Supreme Pharmaceuticals Inc. (CNSX:SL) said on Monday it has strengthened its board of directors, following receipt of the federal licence to cultivate marijuana at its seven-acre (342,000 square feet) hybrid greenhouse facility in Kincardine, Ontario.
Michael La Brier joins the board of directors as chairman. Mr. La Brier is a successful Toronto-based real estate developer. La Brier will be joined on the board by Scott Walters.
Meanwhile, Navdeep Dhaliwal, CA, a current director of Supreme, has been appointed the chief financial officer.
La Brier brings a wealth of entrepreneurial and governance experience to Supreme from his prior positions as president of Canderel Stoneridge, a large real estate development firm, and trustee and chair of the governance committee at Primaris REIT. La Brier will be replacing Chris Bechtel, who has stepped down as both chairman and director.
La Brier stated: "As a long-standing shareholder, I am excited to join the board and assist the management team in meeting its short-term and long-term growth objectives. Management has done a great job laying the groundwork for Supreme to obtain a leadership position in the cannabis market. With the licence in hand, I believe the road ahead for Supreme is bright."
Walters is a former investment banker and hedge fund manager who has become a leading figure in the emerging marijuana industry.
Walters was the start-up chief executive officer of another Canadian company that is now a licensed producer and currently is CEO of a successful US-based medical support business focused on the needs of patients suffering from chronic and disabling illnesses utilizing cannabinoids to improve their quality of life.
Dhaliwal has an extensive background in capital markets and the growth of new ventures. He is a chartered accountant and began his career with KPMG LLP. Mr. Dhaliwal replaces former interim CFO Cailin Ghelsen, who will remain with the company's finance department.
Supreme also announced that it has granted 800,000 options to purchase common shares of the company to the new directors pursuant to the terms of the company's option plan. The options have an exercise price of 75 cents.