Supreme Cannabis has entered into a definitive agreement to acquire communications and stakeholder relations firm Bayfield Strategy. Bayfield's CEO, founder and shareholder, Riyaz Lalani, will be appointed to the position of Chief Corporate Officer of the company. Bayfield's employees will enter into employment agreements with Supreme Cannabis and assume a variety of roles in corporate operations and stakeholder relations.
Over the last two decades, Mr. Lalani has advised public companies, boards of directors, private equity funds and hedge funds across North America. Prior to founding Bayfield, Mr. Lalani was the Chief Operating Officer of the leading shareholder services firm in Canada. Beforehand he was the head of research for an international asset manager in New York and Toronto, focused on investments in biotechnology, life sciences, resources, and a variety of other industry sectors.
"Over the past year we have come to appreciate the vision, sophistication and enthusiasm of the Supreme Cannabis team, and the extraordinary leadership of Navdeep Dhaliwal and John Fowler. The mission and positioning of Supreme Cannabis in one of the most exciting new industries in the world was an opportunity we could not pass up," said Riyaz Lalani, CEO of Bayfield. "I believe it speaks volumes that in Bayfield's best year ever, our team believed so strongly in Supreme Cannabis' mission and growth prospects that we jumped on the opportunity to join their team full-time."
"I am excited to welcome the Bayfield team to Supreme Cannabis. We have worked closely with Bayfield and have come to trust their advice, work ethic, and values. As we enter an exciting growth stage for the Company and the global cannabis industry, we will benefit from the infusion of skills and experience brought by the Bayfield team. Supreme's acquisition of Bayfield and our retention of Riyaz Lalani as our new CCO, will support our growth efforts for Supreme's businesses in Canada and internationally," said Navdeep Dhaliwal, CEO of Supreme Cannabis.
Under the terms of the definitive agreement, Supreme Cannabis will issue $2 million worth of common shares to Bayfield shareholders in exchange for all of the issued and outstanding shares of Bayfield. Closing of the transaction is expected to occur on or about November 30, 2018 and is subject to customary closing conditions including the approval of the TSX Venture Exchange.