Xebra Brands Appoints Jay Garnett as CEO

Rhea-AI Summary

Xebra Brands Ltd. (CSE: XBRA) (OTCQB: XBRAF) has appointed Jay Garnett as its new CEO and Director. Garnett is a seasoned entrepreneur with a notable track record in consumer-packaged goods, having founded Seattle's Best Coffee Canada, which was later acquired by Starbucks. He led the Healthy Beverage Company, known for its category-leading organic teas, and participated in the successful growth of Spud.com, which reported $132.8 million in revenue in 2021. Garnett expressed his excitement about launching Xebra’s first commercial cannabis product, Vicious Citrus, targeting key market positions.

Positive

• Appointment of Jay Garnett as CEO brings extensive experience in consumer-packaged goods.
• Garnett's previous successes include founding Seattle's Best Coffee Canada, acquired by Starbucks.
• Under Garnett's leadership, Xebra aims to establish a strong market presence in cannabis.

Negative

• Concerns about continuity as a new CEO takes over amid product launches.

VANCOUVER, BC, April 19, 2022 /PRNewswire/ - Xebra Brands Ltd. ("Xebra") (CSE: XBRA) (OTCQB: XBRAF) (FSE: 9YC) a cannabis company, is pleased to announce that Mr. Jay Garnett has been appointed Chief Executive Officer and Director.

Mr. Garnett, is a serial entrepreneur and corporate executive with many years of success in founding and leading consumer-packaged-goods and beverage companies in Canada and the United States.  Over his nearly 30-year career, he has been recognized with numerous business awards and accolades, including Profit 100's Top 100 in Canada five years in a row, BC Business Top 30 Under 30 and Top 40 Under 40, and he was a finalist for Ernest & Young's Entrepreneur of the Year.

"We are absolutely thrilled to have a CEO of Jay's caliber, and firmly believe that his experience and vision will take Xebra to the next level.  He is uniquely skilled at developing brands and leading companies through the growth phase, and he has an exceptional track record of success," commented Xebra Founder and Chairman Robert Giustra.

Mr. Garnett founded Seattle's Best Coffee Canada, a national wholesaler and retailer in 1993, and it was acquired by Starbucks in 2007.  From 2008 to 2010, he was a shareholder and CEO of the Healthy Beverage Company, a Nestlé development company subsequently acquired by a Mexican conglomerate.  Its Steaz brand became a category leader in organic teas and it was the first company to launch an organic energy drink in the United States.  At the time of the sale, Steaz was the second best selling ready-to-drink tea brand in Whole Foods across North America. 

Mr. Garnett was also a founding partner in 2010 of Spud.com (publicly traded as Freshlocal), an online organic food grocery delivery company with revenues in fiscal 2021 of $132.8 million and a gross profit of $49.5 million; its electronic platform has been adopted by grocers worldwide, including Carrefour the fifth largest grocer in the world. 

In addition, Mr. Garnett launched a wine & spirits import agency, which he quickly grew to national status, and in 2016 it was acquired by one of the top 5 agencies in Canada.  Since 2018, Mr. Garnett has been active in the cannabis sector as an investor and advisor, and he acted as a senior officer and director of Experion Biotech, which was later renamed Citizen Stash and acquired by The Valens Company.  Mr. Garnett is also a significant shareholder of Xebra.

"I'm elated to assume the helm of Xebra on the eve of the launch of its first commercial cannabis product, Vicious Citrus.  My aim is to elevate Xebra's first mover status in Mexican CBD, Dutch pharma-grade THC, and CBN in Canada, to dominant market positions," commented Mr. Garnett.

ON BEHALF OF THE BOARD:

Robert F. Giustra
Chairman

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SOURCE Xebra Brands Ltd.

FAQ

Who is Jay Garnett, the new CEO of Xebra Brands?

Jay Garnett is a seasoned entrepreneur with extensive experience in leading consumer-packaged goods companies, including founding Seattle's Best Coffee Canada.

What experience does Jay Garnett bring to Xebra Brands?

Garnett has a successful history in business leadership, having built and sold several companies in the beverage and food sectors, including Healthy Beverage Company and Spud.com.

What is Xebra Brands' first commercial product under Jay Garnett's leadership?

Xebra Brands is set to launch its first commercial cannabis product called Vicious Citrus.

What is the significance of Jay Garnett's appointment for Xebra Brands?

Garnett's appointment is seen as pivotal for Xebra's growth strategy, aiming to capitalize on market opportunities in cannabis.