Supreme Expands B2B Business Through Genetics Agreement
Press Release: June 06, 2016 08:00 ET
TORONTO, ONTARIO--(Marketwired - June 6, 2016) - Supreme Pharmaceuticals Inc. (the "Company" or "Supreme") (CSE:SL)(OTC PINK:SPRWF) via its wholly owned subsidiary has entered into a letter of intent with a Canadian Licensed Producer (a "LP") with respect to the long-term supply by the Company of multiple premium cannabis cultivars for production by the LP. The transaction is conditional upon the parties obtaining applicable regulatory approvals, execution of definitive agreements, and other customary closing conditions. Supreme anticipates the transaction to close within the next sixty (60) days.
John Fowler, CEO of Supreme stated: "Last month we announced the commencement of our business-to-business sales model by entering into LOIs for the sale of dried marihuana to five fully licensed Canadian LPs. Today marks the commencement of the second leg of our business: supply of high quality cannabis genetics to other LPs. The genetics business diversifies our revenue while remaining committed to supporting the aggregate growth of the legal cannabis industry in Canada."
Canadian Licensed Producers or applicant companies interested in receiving genetic starting materials may contact firstname.lastname@example.org.
Supreme is a Canadian publicly traded company committed to becoming a leading supplier of affordable medical cannabis through its wholly-owned subsidiary 7 Acres (formerly AMMCan). 7 Acres is a federally licensed producer of medical marijuana pursuant to the MMPR operating 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 forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These risks and uncertainties include, but are not limited to, the Company's ability to satisfy the conditions associated with its cultivation license, the Company's ability to obtain a sales license and the related timing considerations, the ability to satisfy conditions to closing of the proposed materials supply transactions, performance by the Company and counter-parties of their obligations under the materials supply transactions, the availability of further financing, consumer interest in its products, competition, regulation, operational and technological risks, including uncertainties relating to the quality and quantities of production, and anticipated and unanticipated costs and delays. These statements speak only as of the date of this news release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents which can be found under the Company's profile on www.sedar.com. This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbour provisions of the Private Securities Litigation Reform Act of 1995.