CAN (ON): Supreme Cannabis lays off 15% of staff

The Supreme Cannabis Company has announced the implementation of a new operating structure, including staff reductions, to drive efficiencies and support long-term, profitable growth.

“As Interim President and CEO, I committed to take immediate steps to position Supreme Cannabis for long-term success, including rightsizing the Company’s cost structure and focusing our efforts on near-term revenue-generating opportunities,” said Colin Moore, Director and Interim President and CEO. “Recent staff reductions were an extremely difficult decision for myself and the Board, but I believe them to be necessary to create a more agile, focused and profitable organization for the long-term benefit of all of Supreme Cannabis’ stakeholders. The changes we are implementing will empower our people, drive value for our shareholders and ensure that we continue to deliver a consistent and premium product to our consumers.”

"Under the new optimized organization, reporting structures at the corporate level are being streamlined and vendor contracts and support services have been rationalized," the team with the company explains. "Focusing the Company on near-term revenue generating opportunities and creating a more nimble and effective corporate structure resulted in a 33% reduction in employee headcount at a corporate level. In addition to ongoing improvements to the Company’s operational efficiencies, Supreme Cannabis has begun implementing a flatter organizational structure and cost-saving measures across its operating assets, including a reduction in the number of positions at the operational level of approximately 13%. Across the Company, the total number of positions have decreased by approximately 15%."

As previously announced, the Company will provide its second quarter financial results for the three and six months ended December 31, 2019, as well as an update on its plan for accelerated revenue growth and strategy to support its transition into a premium cannabis CPG company, after markets close on February 13, 2020.

For more information:
Supreme Cannabis
info@supreme.ca 
supreme.ca  


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