Supreme Pharmaceuticals Inc. (CVE:FIRE) stock hits a new high after announcing senior leadership team moves
SmallCapPower | September 27, 2017: Supreme Pharmaceuticals Inc. (TSXV: FIRE) shares rose 3% to close at $1.47 on Tuesday after the cannabis cultivator and distributor announced changes and additions to its senior leadership team as the Company prepares for its next growth phase.
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Supreme Pharmaceuticals has appointed Mr. Navdeep Dhaliwal as the President. Mr. Dhaliwal previously served as Chief Financial Officer during the first stage of the Company’s development. Mr. Dhaliwal will focus on capital markets, international growth and strategic initiatives such as investments and acquisitions.
New additions to the team include Mr. Omer Azeez to the position of Vice President, Marketing & Regulatory Affairs and Mr. Dimitre Naoumov, CPA, CA as Chief Financial Officer. Mr. Azeez’s track record of developing award-winning strategic initiatives targeting consumer and enterprise audiences will help Supreme Pharmaceuticals to strengthen its wholesale distribution strategy. Mr. Naoumov assisted some of Canada’s largest and most respected public companies with financial reporting, regulatory compliance and corporate transactions. Mr. Naoumov also has extensive experience helping small cap companies during the growth stage with corporate governance, disclosure and accounting best practices.
In addition to the leadership changes, Supreme Pharmaceuticals granted 3,005,000 stock options to various employees, directors and consultants pursuant to the Company’s Employee Stock Option Plan. Each Option has an exercise price of $1.45 and is exercisable at any time prior to September 25, 2022, subject to the terms and conditions of the Plan.
Supreme Pharmaceuticals currently is in development stage with no revenues. But the above additions to the management team shows sign of shifting to the growth stage. The Company had recently received several updates from Health Canada with respect to its cultivation license in June 2017. Supreme Pharmaceuticals is now permitted to store up to $150 million worth of cannabis at any given time and expects to produce 10,000 kilograms of cannabis in 2017, with an estimated value of $35 million.
Supreme Pharmaceuticals began trading on the TSX Venture Exchange on June 6, 2017, and during the past month its stock price has soared more than 30%. Currently, Supreme Pharmaceuticals trades at a Price to Book ratio of 5.36x.
Disclosure: Neither the author nor any of the principals at SmallCapPower, or their family members, own shares in the company mentioned above.
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