TORONTO, Oct. 23, 2017 /CNW/ - Supreme Pharmaceuticals Inc. ("Supreme" or the "Company") (TSXV: FIRE) announced today that 7ACRES has obtained the Health Canada approvals necessary to commence cultivation at the recently completed 30,000 sq. ft. flowering rooms at the Company's Hybrid facility. The additional flowering area consists of three modular 10,000 sq. ft. flowering rooms representing the most recent innovation of 7ACRES' hybrid cultivation methodology. The additional flowering rooms increases the size of 7ACRES' flowering facility from 10,000 sq. ft. to 40,000 sq. ft.
"Our mission at Supreme is to drive innovation in commercial production of legal, premium cannabis," said John Fowler CEO of Supreme. "Since inception we have focused on refining and improving our cultivation infrastructure, management systems and standard operating procedures. The operational experience we accumulated in 2016 was used to design and develop the new flowering rooms, incorporating feedback from our operators as well as our skilled team of engineers and consultants. I am proud of the progress we have made as an organization, and I'm excited to see the new levels of quality we can achieve moving forward."
The additional flowering rooms were approved pursuant to Health Canada's revised licensing process, announced in May 2017.1 The new revised process replaces the need for a pre-license inspection with an in-depth paper-based process intended to streamline the approval of additional capacity at a licensed site.
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 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 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.
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