TORONTO, June 18, 2019 /CNW/ - The Supreme Cannabis Company, Inc. ("Supreme Cannabis" or the "Company") (TSX: FIRE) (OTCQX: SPRWF) (FRA: 53S1) welcome's Health Canada's final regulations for new cannabis products ("Health Canada's Regulations") and reiterates its expanded product strategy.
On June 14, 2019, Health Canada released to license holders amended cannabis regulations to permit the legal production and sale of three additional types of cannabis products, including, cannabis edibles, extracts and topicals. As anticipated, Health Canada's Regulations support Supreme Cannabis' expanded product strategy. Under its brands, Supreme Cannabis intends to create high-quality cannabis extracts, which include vaping liquids, concentrates, oils and tinctures.
With the announcement of Health Canada's Regulations, Supreme Cannabis is positioned to enter the extracts category alongside one of the most proven and established vaporizer companies in the world. As announced on June 7, 2019, Supreme Cannabis will enter the cannabis extracts category through its agreement with Pax Labs, Inc. ("PAX"). Under the agreement, Supreme Cannabis' wholly-owned subsidiary, 7ACRES, becomes one of only four licensed producers to supply cannabis pods for the PAX Era vaporizer in Canada. PAX has sold over 1.5 million devices worldwide and is known for its best-selling pen-and-pod system in the U.S.
In addition to its partnership with PAX, Supreme Cannabis intends to develop and commercialize a product lineup that includes extracts and oils under its exclusive partnership with Khalifa Kush Enterprises Canada ULC. The Company's strategic investment and proposed acquisition of Blissco Cannabis Corp. ("Blissco") will also provide the opportunity for new product development; under Blissco's brand, Supreme Cannabis intends to introduce oils and topicals for the premium wellness consumer.
"As we prepare to bring new products to market, we are pleased to see regulations that prioritize consumer safety and align with our focused and forward-looking approach," said Navdeep Dhaliwal, CEO of Supreme Cannabis. "Over the last year, we have made diligent investments to prepare for the cannabis extracts market, which in some legal U.S. states, represents upwards of 35% of industry sales. Supreme Cannabis has positioned brands, secured partnerships and developed inputs to address this meaningful segment of the market and introduce high-quality cannabis products as early as possible."
Health Canada's Regulations are expected to come into effect on October 17, 2019. On July 15, 2019, license holders can begin to submit requests for license amendments. On October 17, 2019, Health Canada's Regulations come into force and license holders can begin to submit new product notifications. The earliest anticipated date new products will be available for purchase is mid-December 2019.
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; Cambium Plant Sciences, a plant genetics and cultivation IP company; Medigrow Lesotho, a cannabis oil producer located in southern Africa; and a brand partnership and licensing deal with Khalifa Kush Enterprises Canada.
Supreme Cannabis 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.
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Certain statements made in this release may constitute forward-looking information under applicable securities laws. These statements may relate to anticipated events or results. 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, supreme.ca