Toronto, Ontario–(Newsfile Corp. – January 6, 2022) – Hill Street Beverage Company Inc. (TSXV: BEER) (“Hill Street” or the “Company“) announces the appointment of a permanent CEO and new progress made toward its growth agenda.
Hill Street Appoints Craig Binkley as Permanent CEO
Hill Street announces the appointment of Craig Binkley as its full-time Chief Executive Officer. Craig has been operating in the interim Co-CEO role along with fellow board member Lori Senecal since February 9, 2021. Lori will transition out of the interim Co-CEO role and will continue in her current Board of Director (“Board“) role.
Board Chairman Jack Fraser commented, “The support and skill that both Lori and Craig have provided to Hill Street and its shareholders over the past ten months have been exceptional. Designing and launching a new strategy around out-licensing of its DehydraTECH™ global usage rights has been transformative for Hill Street and has created the foundation of its ongoing strategic direction.” Jack further stated, “Having Craig step into the Chief Executive Officer role full time provides operational continuity to the business and the strong eco-system of partners that has been developed, and it solidifies the leadership of Hill Street behind the clear growth plan that has been put in place. As a seasoned executive with key leadership roles in the global beverage space with The Coca-Cola Company along with blue-chip B2B, pharmaceutical and cannabis operational experience, we are very fortunate to have been able to bring Craig on as our CEO.”
As the Company’s business model was being re-engineered over the past 10 months, the Company had an interim Co-CEO structure to ensure breadth of senior leadership presence during the time of dynamic transition across a range of critical business initiatives.
“The interim plan of having two globally experienced CEOs has been important during the Company’s transition, as we worked to transform the business model and to set up the operational backbone to support the breadth and scale of the global growth agenda,” stated Lori Senecal, Hill Street Board member. “We now feel the transition period is complete and the time is right for one focused CEO to power the company forward. Given Craig’s highly relevant background and deep experience with Hill Street, he is absolutely tailor made to lead this next chapter.”
“My joint roles as interim Co-CEO and Board Member have allowed me to more deeply assess the opportunities and needs of the business first-hand and to gain operational insight into the lines of business with the best growth and profitability potential,” commented Craig Binkley, CEO of Hill Street. “Looking ahead, the roadmap is clear and I could not be more excited to lead the team in driving the Company forward.”
Continued Growth Momentum Across the Business
Cannabis Technology Licensing Business
As noted in its one-year update press release, the path to Hill Street’s commercialization of patented DehydraTECH™ intellectual property post-acquisition of global usage rights has been rapidly operationalized in the US through both the organic growth of existing licensees of the technology and a systematic strategy for the addition of new licensees. The key partnership with DeHydr8 MI, LLC in Michigan, where consumer products powered by DehydraTECHTM are now on-shelves in Michigan, is being expanded to Illinois as a next step to execute our playbook to launch new US states with locally-licensed producers.
Cannabis-Infused Beverage Distribution
The path toward achieving national distribution in Canada for the Company’s (V)ia Regal cannabis-infused sparkler beverages continues as purchase orders for both (V)ia Regal Pink Grape Sparkler and White Grape Sparkler have been received through the Company’s manufacturing partner Molecule Holdings, Inc., for distribution in the provinces of British Columbia and Northwest Territories. These orders represent the first in these geographies and the first orders in Canada for the (V)ia Regal White Grape Sparkler product.
Alcohol-Free Wine Distribution Business
Continuing to act as a strong revenue foundation for Hill Street, Vin(Zero)’s line of award-winning alcohol-free wines remains on-trend with consumer desires for better-for-you foods & beverages. Vin(Zero) continues to delight consumers and drive trial of alcohol-free wines by participating in a number of initiatives for Dry January through social media, influencer partnerships and an increased focus on ecommerce sales.
The Board of Hill Street would also like to thank Raymond Bisaillon, who is stepping down as a member of the Board. Raymond has been a valuable member of the Board since February 2021, helping to frame and drive opportunities following the Company’s acquisition of the global usage rights to DehydraTECH™ for use in the production of THC and CBD cannabis products. Raymond remains a loyal shareholder and supporter of the Company but has decided to focus on developing his Sudbury-based business and his passionate leadership of local philanthropic initiatives.
Additionally, the Company announces that its Annual and Special Meeting of Shareholders (the “AGM“) will take place at 10am EST on March 1, 2022 as a virtual meeting. More information on the AGM will be provided to shareholders prior to the meeting.
About Hill Street Beverage Company Inc. (TSXV: BEER)
Hill Street Beverage Company Inc. is a progressive non-alcoholic beverage and cannabis solutions company. We are pioneering the space where craft consumer products meet bioscience by combining our deep CPG expertise and our rights to use Lexaria Bioscience Corp.’s ground-breaking DehydraTECH™ patent portfolio for product development, licensing and B2B sales of cannabis ingredients.
Hill Street Beverage brands include a portfolio of award winning Vin(Zero) alcohol-free wines. Hill Avenue Cannabis brands include (V)ia Regal Pink and White Grape Sparklers.
For more information on our Hill Avenue Cannabis business activities or to check out Hill Street Beverage’s award-winning alcohol-free line-up and order product to be delivered straight to your home go to www.hillstreetbeverages.com.
For more information:
Craig Binkley, CEO of Hill Street Beverage Company Inc., firstname.lastname@example.org
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