- Licensed space at 7ACRES increases to 180,000 sqft.
- Target annual production capacity is estimated to increase by 50% to approximately 26,250kg.
- Supreme Cannabis expects to submit additional rooms for Health Canada approval in the near term.
TORONTO, March 21, 2019 /CNW/ - The Supreme Cannabis Company, Inc. ("Supreme Cannabis" or the "Company") (TSX: FIRE) (OTCQX: SPRWF) (FRA: 53S1) today announced that its wholly-owned subsidiary, 7ACRES, has obtained Health Canada approval for six additional flowering rooms totaling 60,000 sqft of additional production space at its facility in Kincardine, Ontario.
Total flowering room space at 7ACRES increases from 120,000 sqft to 180,000 sqft and 7ACRES' annual production capacity estimate increases from approximately 17,500kg to 26,250kg. As noted in previous communications, Supreme Cannabis expects that with further production efficiencies following the licensing of all 25 flowering rooms, 7ACRES' potential capacity is anticipated to reach approximately 50,000kg per year by mid-2019.
"Today's announcement is a major milestone which represents a 50% increase in our estimated annual production capacity. With 18 of 25 flowering rooms at 7ACRES now approved by Health Canada, production space at our facility is near the finish line," said John Fowler, President and Founder of Supreme Cannabis. "With our multi-award winning 7ACRES brand now available in 8 out of 10 provinces, we look forward to completing construction of the facility so that cannabis enthusiasts coast-to-coast will be able to enjoy what we believe to be the highest-quality cannabis grown at scale in the country."
About Supreme Cannabis
The Supreme Cannabis Company (TSX: FIRE) (OTCQX: SPRWF) (FRA: 53S1) is a Canadian publicly traded company committed to providing premium brands and products that proudly reflect its consumers, people and uniquely innovative culture. The Company's portfolio includes its wholly-owned subsidiary and multi-award-winning brand, 7ACRES.
7ACRES is a federally licensed producer of cannabis operating inside a 440,000-square-foot facility in Kincardine, Ontario. 7ACRES is dedicated to providing consumers with a premium-quality product that recognizes its customers are informed, discerning and value a brand and culture that aligns with their principles. 7ACRES brand success has been reflected in its multiple award wins, including the "Brand of the Year" award at the 2018 Canadian Cannabis Awards, and in provincial supply agreements where 7ACRES' product is consistently listed in the highest brand category available to recreational consumers.
The Company's growing portfolio also includes an equity investment and long-term global distribution partnership with Lesotho-based Medigrow for the exporting of medical-grade cannabis oil.
The Supreme Cannabis Company has been a leading innovator in the sector including the design of growing facilities and development of operational excellence metrics. Together with our flagship brand, proprietary technology and products, unique culture, and industry-leading team, we seek to deliver our shareholders consistent long-term value creation.
Certain statements made in this press release may constitute forward-looking information under applicable securities laws. These statements may relate to anticipated events or results and include, but are not limited to, expectations regarding our the construction schedule for the flowering rooms, primary office and administrative area at 7ACRES' Kincardine and the estimated total square footage and annual output therefrom and other statements that are not historical facts. Particularly, information regarding our expectations of future results, targets, performance achievements, prospects or opportunities is forward-looking information. Often, but not always, forward-looking statements can be identified by the use of forward-looking terminology such as "may", "will", "expect", "believe", "estimate", "plan", "could", "should", "would", "outlook", "forecast", "anticipate", "foresee", "continue" or the negative of these terms or variations of them or similar terminology. Forward-looking statements are current as of the date they are made and are based on applicable estimates and assumptions made by us at the relevant time in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we believe are appropriate and reasonable in the circumstances. However, we do not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws in Canada. There can be no assurance that such estimates and assumptions will prove to be correct. Many factors could cause our actual results, level of activity, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, the factors discussed in the "Risk Factors" section of the Company's Annual Information Form dated October 2, 2018 ("AIF"). A copy of the AIF and the Company's other publicly filed documents can be accessed under the Company's profile on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com. The Company cautions that the list of risk factors and uncertainties described in the AIF is not exhaustive and other factors could also adversely affect its results. Readers are urged to consider the risks, uncertainties and assumptions carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such information.
SOURCE The Supreme Cannabis Company, Inc.
For further information: Scott Davidson, Investor Relations, Email: [email protected], Phone: 416-466-6265, Website: supreme.ca.