TORONTO, Jan. 25, 2018 /CNW/ - The Supreme Cannabis Company, Inc. (the "Company" or "Supreme") (TSXV:FIRE), TORONTO, is pleased to announce that its wholly-owned subsidiary, 8528934 Canada Ltd. ("7ACRES"), has entered into a Definitive Supply Agreement (the "Agreement") with Cannmart, Inc. ("Cannmart") a wholly-owned subsidiary of Namaste Technologies Inc. ("Namaste") (CSE: N) (FRA: M5BQ) (OTCMKTS: NXTTF), whereby Cannmart has committed to purchase 1000 kilograms of premium quality medical cannabis from 7ACRES in 2018, on a take or pay basis. The aggregate value of the Agreement is $6,000,000.00, representing validation of Supreme's premium strategy. The Agreement shall commence on the date Cannmart becomes a "Licensed Producer" under the Access to Cannabis for Medical Purposes Regulations (the "ACMPR"). The Agreement represents a significant milestone for both parties and their respective support and commitment to the purchase and sale of premium dried cannabis flower.
"We are proud to announce this deal with Namaste and our continued commitment to the cultivation and supply of premium dried cannabis flower," Said John Fowler, CEO of Supreme. "As a cultivation focused Licensed Producer we rely on strong retail partners to provide access to consumers and favourable brand positioning. We are impressed by the platform being built by Namaste to date, and its innovative strategy to position Cannmart as a "sales-only" entity which is a natural fit with 7ACRES's business model."
Sean Dollinger, President and CEO of Namaste commented, "We are very excited to announce this Agreement with Supreme and to make a purchase commitment, which we feel brings significant value in securing supply for premium quality medical cannabis for Cannmart. We look forward to working with Supreme and their management team and anticipate a long-term relationship that will be beneficial for both companies over the next several years."
John Fowler, CEO and Director
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, Cannmart becoming a "Licensed Producer" under the ACMRP and the timing thereof, 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 "Risk Factors" section of the Company's Annual Information Form dated January 22, 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 Supreme Pharmaceuticals Inc.
For further information: Investor Relations: Jenni Byrne, Bayfield Strategy, Inc., Phone: 416-466-6265, Email: IR@supreme.ca, Website: supreme.ca