- Supreme Cannabis contracts with MediPharm to provide extraction and production for the Company's branded adult-use cannabis oils products
TORONTO, Nov. 13, 2018 /CNW/ - The Supreme Cannabis Company, Inc. ("Supreme Cannabis" or the "Company") ( TSXV: FIRE) (OTCQX: SPRWF) (FRA: 53S1), is pleased to announce that the Company has entered into a three-year agreement with MediPharm Labs Inc. ("MediPharm"), a wholly owned subsidiary of MediPharm Labs Corp. ( TSXV: LABS), to facilitate the launch of the Company's cannabis oil products line. MediPharm holds a processing license and is a leader in the cannabis industry focused exclusively on cannabis extraction and producing pharmaceutical-grade cannabis oil.
Supreme Cannabis, through its wholly-owned subsidiary, 7ACRES has agreed to supply a minimum of approximately 1,000 kg of high-quality cannabis trim as input per year to MediPharm for the extraction and production of at least 200,000 40ml units of premium, high-terpene cannabis oil products for the adult-use consumer market. Under the terms of this agreement, all cannabis oil products processed by MediPharm will be sold under Supreme Cannabis' brands, including a new, to be announced brand. The program will be established at no capital cost to Supreme Cannabis, with MediPharm receiving a processing fee based on the cannabis oil produced.
"We expected market segmentation as the Canadian cannabis industry evolved and the emergence of dedicated experts focused on downstream activities. Partnering with product experts, such as MediPharm, allows Supreme Cannabis to launch oil products quickly," said Navdeep Dhaliwal, CEO of Supreme Cannabis. "We are excited to be working with MediPharm and look forward to Canadian adult-use consumers being able to experience High End Cannabis™ oil products derived from what we believe is the best flower being produced at scale."
About Supreme Cannabis
The Supreme Cannabis Company, Inc. ( TSXV: 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 flagship brand 7ACRES.
7ACRES is a federally licensed cannabis producer operating a 342,000-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 provincial supply agreements with the provinces of Ontario, British Columbia, Alberta, Manitoba, Nova Scotia and Prince Edward Island.
The Company's growing portfolio also includes an equity investment and long-term global distribution arrangement with Lesotho-based Medigrow for the exporting of medical-grade cannabis oil.
The Company has consistently set the standard for innovation in the sector, including the design of growing facilities and development of operational excellence metrics. We are confident that together with our flagship brand, proprietary technology and products, truly unique culture, and industry-leading team, we will 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 the estimated production under the terms of the agreement 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.
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.
SOURCE The Supreme Cannabis Company, Inc.
For further information: Investor Relations, Scott Davidson, Bayfield Strategy, Inc., Phone: 416-466-6265, Email: [email protected], Website: supreme.ca.; Company Director, John Fowler, Email: [email protected]