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TORONTO, ONTARIO -- (Marketwired) -- 06/19/17 -- Supreme Pharmaceuticals Inc. ("Supreme" or the "Company") (TSX VENTURE: FIRE) is pleased to announce that the Company's wholly-owned subsidiary, 8528934 Canada Ltd. d/b/a 7 Acres ("7ACRES"), received several updates from Health Canada with respect to its cultivation license (the "License") pursuant to the Access to Cannabis for Medical Purposes Regulations ("ACMPR").
Update on Sales Approval
Management understands that Health Canada is in the process of testing dried cannabis samples provided by 7ACRES in relation to its application to add the activity of sales to the License. As noted in the Company's press release dated May 8, 2017, random samples of cannabis plant leaves produced by 7ACRES were tested and show "no signs of contamination." Supreme believes that an update regarding its application for the sales activity will be provided in the coming weeks. Furthermore, Health Canada has informed Supreme that the License will be amended in the near term in order to permit 7ACRES to sell cannabis seeds and clones to other licensed producers.
License Capacity and Term
Health Canada has removed the previous production and storage capacity of the License. Supreme is now permitted to store up to $150,000,000 worth of cannabis at any given time. In addition, the License term has been extended for an additional two years and the License is now valid until March 11, 2020.
John Fowler, President and CEO, stated: "We are pleased to be making progress with Health Canada. The forthcoming approval to sell cannabis genetics is one leg of our B2B sales model, allowing us to monetize our genetic inventory. As we await an update on the sales approval, we continue to cultivate and build our inventory in advance of sales-approval."
Supreme is a Canadian publicly traded company committed to becoming a leading cultivator and distributor of sun grown cannabis through its wholly-owned subsidiary 7ACRES. 7ACRES is a federally licensed producer of medical cannabis pursuant to the ACMPR operating inside a 342,000 sq. ft. Hybrid Greenhouse facility. The Hybrid Greenhouse combines the best technology of indoor production with the efficiencies and sustainability of a greenhouse, in a single large-format production footprint. Please visit www.supreme.ca and www.7acres.com for more information.
This news release contains certain "forward-looking information" within the meaning of applicable Canadian securities law. Forward-looking information is frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or information that certain events or conditions "may" or "will" occur. This information is only a prediction. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking information throughout this news release. Forward-looking information includes, but is not limited to: the Company's ability to satisfy the conditions associated with its cultivation licence and to obtain sales approval, regulatory or political change, operational and technological risks, anticipated and unanticipated costs and delays, competition and other risks affecting the Company in particular and the medical cannabis industry generally. Forward-looking information is based on the opinions and estimates of management at the date the information is made, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.Contacts: Investor Relations 202 - 20 De Boers Dr. Toronto ON M3J 0H1 (416) 630-7272 NEXT ARTICLE
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