TORONTO–(BUSINESS WIRE)–SOL Global Investments Corp. (“SOL Global” or the “Company“) (CSE: SOL) (OTCPK: SOLCF) (Frankfurt: 9SB) is pleased to announce several exciting changes and additions to its management team and Executive Board.
As previously announced on January 8, 2020, upon the completion of the proposed business combination between Goldstream Minerals Inc. and SOL Global portfolio company, CannCure Investments Inc., SOL Global Chief Executive Officer Brady Cobb will transition to become CEO of the combined entity, Bluma Wellness, Inc. (“Bluma”) Brady will officially transition from his role as CEO and Director of SOL Global on June 1, 2020. Bluma common shares will be listed for trading on the Canadian Securities Exchange.
Bluma will operate as a licensed, vertically integrated medical cannabis company in the State of Florida through its wholly owned operating subsidiary, 3 Boys Farm, LLC, doing business as “One Plant Florida.” One Plant Florida currently operates three (3) medical cannabis retail dispensaries in the State of Florida (with ecommerce driven curbside pickup) in addition to providing a robust statewide (excluding areas west of Panama City Beach, Florida) home delivery platform. One Plant Florida intends to open an additional seven (7) retail dispensaries and/or delivery hub locations on or before December 31, 2020, which will be strategically located throughout Florida (subject to the receipt of all regulatory approvals). One Plant Florida has cultivation and processing facilities located in Indiantown, Florida and Ruskin, Florida. One Plant Florida operates a 54,000 square foot state-of-the-art Nexus Greenhouse facility on its 33-acre Indiantown, Florida farm. In Ruskin, Florida, One Plant Florida operates a 24,000 square foot greenhouse facility, in addition to a GMP-certified cure, processing/packaging and extraction facility.
“It has been my honor and privilege to serve as the CEO of SOL Global through unprecedented times, in the nascent marketplaces such as cannabis in esports in which we have continually executed upon our investment strategy,” said Mr. Cobb. “I am confident in our investments, so much so that I am transitioning from SOL Global to continue the building and scaling up of one of SOL Global’s own portfolio companies, One Plant Florida. I want to thank the entire team at SOL Global and our Board Members and shareholders for their wholehearted support, and for this amazing opportunity.”
SOL Global Executive Chairman Andy DeFrancesco will serve as interim CEO of SOL Global while the Board considers candidates for the position.
Additionally, SOL Global is pleased to announce that Paul Kania has joined the Company as Chief Financial Officer, replacing transitioning CFO Peter Liabotis. Mr. Kania, a registered Certified Public Accountant with the State of New York, is the Principal of PLK Accounting & Finance Inc., which provides CFO and Board services to publicly listed entities. Prior to founding PLK, Mr. Kania worked as an auditor at firms such as MNP LLP in Toronto, and Berdon LLP in New York City, before joining Brookfield Asset Management as a manager in their Corporate Finance department. Mr. Kania graduated with an HBA in Economics and Philosophy from the University of Toronto and has a Finance and Accounting Certificate from Ryerson University.
Mr. Liabotis will continue working with SOL Global in a special advisory position with a number of SOL Global’s portfolio companies.
Finally, SOL Global is pleased to announce that Arena J. Prado-Acosta has joined the Company’s Board of Directors and will also assume the Chairmanship of SOL Global’s audit committee. Prado-Acosta is a Certified Public Accountant with extensive experience in international taxation and audit. After obtaining a bachelor’s degree in accounting from Florida International University in 1995, Prado-Acosta worked for a local CPA firm in Miami and in 1998 obtained her CPA license from the Florida Board of Accountancy, before going out on her own. Prado-Acosta has managed her own firm for the past 22 years, with a focus on small business clients and specializing in corporate tax, international taxation, independent audits, and representation before the Internal Revenue Service.
SOL Global is thrilled to welcome the experienced and talented new members of its management team and Board.
About SOL Global Investments Corp.:
SOL Global is an international private equity company with a focus in the small- and mid-capital investment sectors. SOL Global is sector-agnostic, but its core holdings target QSR, retail, tech, agriculture, hemp and cannabis in legalized jurisdictions, consumer-packaged-goods, Esports, gaming and media companies. SOL Global’s objective is providing shareholders with above-average returns through capital appreciation, dividends, and interest from its investments.
This press release contains “forward-looking information” within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as “may”, “will”, “expect”, “likely”, “should”, “would”, “plan”, “anticipate”, “intend”, “potential”, “proposed”, “estimate”, “believe” or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions “may” or “will” happen, or by discussions of strategy. The forward-looking information contained herein include, but are not limited to, the proposed business combination between CannCure and Goldstream, the search for a new permanent CEO and Bluma’s future growth and expansion.
By their nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking information in this press release including, without limitation: a delay in or the failure to complete the CannCure/Goldstream business combination as proposed or at all; general economic, market or business conditions; future litigation; any failure on the part of Bluma to execute its strategic plans; and any further impacts to the business and operations of the Company as a result of the COVID-19 epidemic.
Other risk factors include, but are not limited to: the Company’s ability to comply with all applicable governmental regulations in a highly regulated business; investing in target companies or projects which have limited or no operating history and are engaged in activities currently considered illegal under US federal laws; changes in laws; limited operating history; reliance on management; requirements for additional financing; competition; inconsistent public opinion and perception regarding the medical-use and adult-use marijuana industry; and regulatory or political change. Additional risk factors can also be found in the Company’s continuous disclosure documents which have been filed on SEDAR and can be accessed at www.sedar.com.
Readers are cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking information. The forward-looking information contained herein is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward-looking information is made. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.