TORONTO, Aug. 13, 2019 /CNW/ - The Supreme Cannabis Company, Inc. ("Supreme Cannabis" or the "Company") (TSX: FIRE) (OTCQX: SPRWF) (FRA: 53S1) is pleased to announce the closing of its acquisition of all of the issued and outstanding shares of privately-held Truverra Inc. ("Truverra") (the "Transaction"). The Transaction was completed by way of a three-cornered amalgamation pursuant to which 2708300 Ontario Ltd., a wholly-owned subsidiary of Supreme Cannabis, amalgamated with Truverra to form a newly amalgamated company ("Amalco") which shall operate under the name "Truverra Inc." as a wholly-owned subsidiary of the Company. Consideration for the Transaction consisted of the issuance of approximately 14.7 million common shares of Supreme (the "Consideration Shares") to shareholders of Truverra (the "Truverra Shareholders"). The Transaction was previously announced by Supreme Cannabis on July 17, 2019.
Truverra Shareholders holding approximately 59% of the Consideration Shares (the "Principal Shareholders") are subject to voluntary lock-up agreements (the "Lock-Up Agreements") in connection with the closing of the Transaction whereby 50% of the Considerations Shares held by the Principal Shareholders will be subject to restrictions on sale until released under the terms of the Lock-Up Agreements on the 12-month anniversary of the closing date of the Transaction.
About Supreme Cannabis.
The Supreme Cannabis Company, Inc., is a global diversified portfolio of distinct cannabis companies, products and brands. Since 2014, the Company has emerged as one of the world's fastest-growing, premium plant driven-lifestyle companies by effectively deploying capital, with an emphasis on disciplined growth and high-quality products.
Supreme Cannabis' portfolio includes 7ACRES, its wholly-owned subsidiary and multi-award-winning brand; Blissco Cannabis Corp., a wellness cannabis brand and a multi-licensed processor and distributor based in British Columbia; Truverra Inc., a global medicinal cannabis brand and licensed cultivator; Cambium Plant Sciences, a plant genetics and cultivation IP company; Medigrow Lesotho, an cannabis oil producer located in southern Africa; Supreme Heights, an investment platform focused on CBD brands in the UK and Europe and a brand partnership and licensing deal with Khalifa Kush Enterprises Canada.
Supreme trades as FIRE on the Toronto Stock Exchange (TSX: FIRE), SPRWF on the OTC Exchange in the United States (OTCQX: SPRWF) and 53S1 on the Frankfurt Stock Exchange (FRA: 53S1). Follow us on Instagram, Twitter, Facebook and YouTube.
We simply grow better.
About Truverra Inc.
Truverra Inc. is a privately held cannabis company based in Toronto, Ontario. Since 2013, Truverra's wholly owned subsidiary, Canadian Clinical Cannabinoids Inc. (CCC), has invested in state-of-the-art equipment and world class GMP quality systems to meet the growing demands of the market for extraction and purification services that meet international quality standards. Truverra's European subsidiary, Truverra (Europe) B.V., is located in the Netherlands and produces a broad portfolio of CBD Hemp products for the European market. Truverra operates its businesses with the goal of becoming a global leader in the development, production, and marketing of cannabis and hemp-derived medicinal products with clinically proven efficacy.
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: (i) the business plan and objectives of Truverra; (ii) the expected release date under the Lock-Up Agreements; and (iii) Supreme Cannabis obtaining final approval from the TSX. 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 risk that the Transaction does not obtain final approval from the TSX; the risk of adherence under the Lock-Up Agreements [; the ability to realize expected benefits from the Transaction; public opinion and the other 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.
To knowledge of the Company, Supreme Cannabis (including newly acquired Truverra) carries out its operations in compliance with all applicable laws in the jurisdictions in which it operates.
SOURCE The Supreme Cannabis Company, Inc.
For further information: Nikhil Handa, CFO, Madelin Daviau, Investor Relations, Email: [email protected], Phone: 416-466-6265, supreme.ca