TORONTO, Oct. 3, 2017 /CNW/ - Supreme Pharmaceuticals Inc. ("Supreme" or the "Company") (TSXV: FIRE) is pleased to announce that 7ACRES' first month of sales exceeded $1,500,000, and that such sales will be recorded in the quarter ended September 30, 2017.
"Our first sales represent a significant milestone for Supreme and demonstrate our ability to cultivate premium cannabis, navigate the regulatory process, and deliver commercial quantities of a high-quality product to our retail partners. Our first sales offer additional validation of our ability to execute on our unique, scalable and focused business model," said John Fowler, CEO of Supreme.
"7ACRES is establishing a new premium product segment in the Canadian ACMPR industry. Our innovative Hybrid Facility combines the technology of indoor cultivation with the quality of full spectrum sunlight to produce cannabis targeted at the premium segment of the market. Our passionate team is committed to maintaining our quality standards as we scale our cultivation. For Supreme, SunGrown is not about low cost. SunGrown is a premium product category produced by combining the science of indoor cultivation and the sun to produce beautiful terpene-rich cannabis," continued Mr. Fowler.
As the leading business-to-business ("B2B") focused Licensed Producer in Canada, Supreme is working toward establishing a standard for B2B cannabis transactions. Due to the rigorous regulatory oversight of legal cannabis markets, large commercial B2B transactions require intensive due diligence. Supreme requires active and potential clients to participate in an industry-leading B2B due diligence process including chemical analysis, pesticide testing, physical inspection and a thorough inspection of the 7ACRES Hybrid Facility.
Supreme is a Canadian publicly traded company committed to becoming a leading 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 Greenhouse Facility. The Hybrid Greenhouse 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 www.supreme.ca and www.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 industry trends, expectations regarding our regulatory environment and potential changes in law, our sales growth, expectations regarding the quality of our products, operations, financial results, business plans and strategies 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.
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 Supreme Pharmaceuticals Inc.
For further information: Investor Relations, Jenni Byrne, Bayfield Strategy, Inc., Phone: 416.466.6265, Email: IR@supreme.ca, Website: www.supreme.ca