TORONTO, June 3, 2019 /PRNewswire/ – Heavenly Rx Ltd., the international hemp and CBD-focused portfolio company of SOL Global Investments Corp. (“SOL Global” or the “Company“) (CSE: SOL) (OTCQB: SOLCF) (Frankfurt: 9SB) is pleased to announce key leadership appointments today, including bringing on two distinguished business personalities as Chief Executive Office and Chief Operating Officer.
It is with great pleasure that SOL Global today announces the appointment of Paul Norman, former President of North America for the $13B food giant Kellogg, to serve as Chief Executive Officer and Chairman of its portfolio company, Heavenly Rx Ltd. (“Heavenly Rx“), effective immediately.
Mr. Norman, a global consumer products leader, who most recently served as President of Kellogg North America and SVP of Kellogg Company, will focus on the long-term strategic direction and success of Heavenly Rx. As President of Kellogg’s $9 billion North American business, Mr. Norman led the most aggressive transformation agenda in the company’s history. His multi-decade tenure at Kellogg was defined by transformation, profitable growth and shareholder value creation through strategic portfolio management, innovation and diverse talent development. Mr. Norman has deep global experience in building market-leading brands while successfully navigating complex regulatory environments, including leading the development and highly successful global expansion of such brands as Pop-Tarts, the Kashi Company and Pringles.
Heavenly Rx is also pleased to announce today the appointment of Mike Beedles to serve as Chief Operating Officer and Chief Technology Officer. Mr. Beedles most recently served as President of SATO North America, President of SATO Global Solutions, and Executive Officer of SATO Holdings, Inc., a global barcode and RFID technology company publicly traded on the Tokyo Stock Exchange (TSE) with a focus on retail, industrial, and transportation logistics. Mr. Beedles is also a founding member and Chairman of the Board of Acuitas Digital, which provides innovative digital retail solutions to international companies. Mr. Beedles brings with him nearly three decades of extensive experience in supply chain logistics and over 20 years of experience building technology companies, some of which have been acquired by private and public companies. Mike’s deep knowledge and professional experience to form strategic partnerships and joint venture opportunities with companies such as Credit Suisse First Boston, Intel Capital, Softbank and Ethica Partners will be a unique asset to our growth.
“We are beyond thrilled to have someone with Paul’s experience and leadership skills as CEO of Heavenly Rx,” said Brady Cobb, CEO of SOL Global and member of Heavenly Rx’s board of directors. “With Paul’s proven track record of value-creation and exemplary portfolio management, we know he is the ideal person to steer the in-market execution of the company and its portfolio of brands as the Hemp and CBD industry continue evolving in this massive growth phase. His eye for innovation and knowledge of brand creation combined with Mike’s skills in retail, supply chain management, and forward looking vision using innovative technology for growth will ensure Heavenly Rx’s spot as a market leader. I couldn’t be more excited to welcome them both to the team.”
“I am honored to have the opportunity to lead Heavenly Rx and shape its portfolio of companies at such an important time in the evolution of the nascent CBD and hemp industries,” said Paul. “Heavenly Rx is developing, executing and advancing a robust pipeline of industry-leading products that have the potential of changing many lives for the better with the healing properties of the hemp plant. Also, I am excited to work with Mike to build out a leadership team and organization capable of delivering on the Heavenly Rx vision and realizing the full potential of the CBD opportunity ahead of us both in the U.S. and globally.”
Heavenly Rx is the international hemp-focused portfolio company of SOL Global. Heavenly Rx holds controlling ownership interests in various industry-leading assets in the hemp/CBD and THC-free cannabinoid wellness space, with an initial focus on hemp cultivation, processing and the manufacturing of a diverse range of traditional CBD products including oils, tinctures, balms, and vape-ready products. Additionally, Heavenly Rx intends to include several proprietary brands across numerous consumer product group verticals such as cosmetics and beauty products, bath and body products, infused foods (subject to governmental approvals and/or compliance) and a number of pet-related products.
Among Heavenly Rx’s first strategic assets in the growing hemp industry is its investment in Knoxville, Tennessee-based Blühen Botanicals LLC (“Blühen“), of which they have a 50.1% interest. Blühen Botanicals is an industry-leading hemp and hemp-derived CBD biomass farming, processing, extraction and retail company headquartered in Knoxville, Tennessee. Blühen produces its own best-in-class proprietary blend of boutique wellness products at its dedicated pharmaceutical-grade hemp research facility in Knoxville. It is expected that Blühen will become Heavenly Rx’s exclusive supplier of bulk hemp-derived CBD distillates and isolate and hemp-based extracts.
About SOL Global Investments Corp.
SOL Global is an international investment company with a focus on, but not limited to, cannabis and cannabis related companies in legal U.S. states, the hemp and CBD marketplaces and the emerging European cannabis and hemp marketplaces. Its strategic investments and partnerships across cultivation, distribution and retail complement the company’s R&D program with the University of Miami. It is this comprehensive approach that is positioning SOL Global as a future frontrunner in the United States’ medical cannabis industry.
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 in this press release include, but are not limited to, statements with respect to Heavenly Rx‘s growth plans and business strategy as well as Blühen becoming Heavenly Rx’s exclusive supplier of bulk hemp-derived CBD distillates and isolate and hemp-based extracts.
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 the failure to receive all necessary regulatory and governmental approvals and adverse general market, economic and business conditions.
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 and key personnel; 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 current MD&A and annual information form, both of 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.
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