TORONTO, Nov. 7, 2017 /CNW/ - Supreme Pharmaceuticals Inc. ("Supreme" or the "Company") (TSXV: FIRE) is pleased to announce 7ACRES has commenced production in the newly constructed flowering rooms recently approved by Health Canada. Yesterday, over 3,000 plants of a specially selected phenotype of cannabis called "Wappa" were hand-transplanted into the first of three 10,000 sq. ft. flowering rooms. Wappa was selected for the inaugural planting due to its favourable early-stage market feedback, growth characteristics and terpene content. The transplanting was completed in a single-day process, required to ensure the uniformity of the end product. The remaining 20,000 sq. ft. will be fully planted over the balance of November 2017, increasing 7ACRES' anticipated annual output capacity to over 5,000 kg per year.
"Today marks an important growth milestone for 7ACRES as Canada's leading cultivation-focused Licensed Producer," said John Fowler, CEO of Supreme. "Adding an additional 30,000 sq. ft. of flowering rooms quadruples our production capacity and moves us closer to achieving our goal of growing premium quality cannabis flowers at scale. The additional output increases our ability to establish national strategic partnerships with Licensed Producers that are seeking to provide Canadian patients with premium cannabis. As well, the expansion also represents the next step in scaling 7ACRES in preparation for the Canadian adult use market."
Supreme anticipates the first harvests from the additional flowering rooms will be completed in the first quarter of calandar 2018.
Licensed Producers and/or ACMPR applicants interested in procuring premium quality dried cannabis flowers or trim may contact wholesale@7ACRES.com.
Supreme is a Canadian publicly traded company established as the leading premium cultivator and distributor of sun grown cannabis through its wholly-owned subsidiary 7ACRES. 7ACRES is a federally licensed producer of medical cannabis pursuant to the ACMPR operating inside a 342,000 sq. ft. hybrid-facility. This facility combines the best technology of indoor production with the efficiencies and sustainability of a greenhouse, in a single large-format production footprint. Please visit supreme.ca and 7ACRES.com for more information.
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 regulatory environment and potential changes in law, expectations regarding our production capacity, technology and operations 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 "Risks and Uncertainties" section of the Company's Management's Discussion & Analysis dated May 30, 2017 ("MD&A"). A copy of the MD&A 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 MD&A 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.
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SOURCE Supreme Pharmaceuticals Inc.
For further information: Investor Relations, Jenni Byrne, Bayfield Strategy, Inc., Phone: 416-466-6265, Email: IR@supreme.ca, Website: supreme.ca