TORONTO, ONTARIO -- (Marketwired) -- 12/16/16 --
Supreme Pharmaceuticals Inc. ("Supreme" or the "Company") (CSE:SL)(CSE:SL.CN) announces that at the annual general meeting of its shareholders (the "Meeting") held in Toronto, Ontario on December 16, 2016, the shareholders approved the election of Mr. Chuck Rifici as a director of the Company. Mr. Rifici joins current directors Mr. Michael La Brier, Mr. Scott Walters, Mr. Navdeep Dhaliwal and Mr. John Fowler who were re-elected as directors at the Meeting. At the Meeting, the shareholders also approved the re-appointment of MNP LLP as auditors of the Company for the ensuing year.
"I am proud of what our team has accomplished in 2016," said John Fowler, CEO of Supreme. "One year ago we were a dozen staff just going through the process of becoming a Licensed Producer under the Access to Cannabis for Medical Purposes Regulations (the "ACMPR"). Today, we are Canada's only business-to-business focused Licensed Producer and have positioned ourselves to be Canada's leading bulk cannabis cultivator. After obtaining the license in March of 2016, our team has worked to execute on our business plan: proving the advantages of the hybrid greenhouse by producing quality cannabis that has generated strong demand, as demonstrated in the previously announced LOI's to sell 100% of our Phase 1 output to a group of ACMPR Licensees. This execution has enabled us to raise approximately $70,000,000 in capital in 2016 to fund the expansion of our hybrid greenhouse property we estimate will produce up to 50,000 KG per annum (subject to regulatory approval). Today, we capped off a fantastic year by adding Chuck Rifici to our board of directors. Our board of directors consistently provides value through great advice and guidance, and we look forward to benefiting from Chuck's experiences as a pioneer of the legal cannabis industry in Canada."
Mr. Rifici is the founder and CEO of Nesta Holdings Inc., Chairman of National Access Cannabis, a director of Aurora Marijuana Inc., Director of CannaRoyalty Corp. and co-founder and former CEO of Tweed Marijuana Inc. Mr. Rifici is a Chartered Professional Accountant, obtained his MBA from Queen's University and earned a B.A.Sc. in Computer Engineering from the University of Ottawa.
In addition, the Company has issued 7,300,000 stock options (each an "Option ") to various Directors, Officers, Employees, and Consultants. Each Option has an exercise price of $2.00 and is exercisable at any time prior to December 15, 2026, subject to the terms and conditions of the Company's Employee Stock Option Plan.
Supreme is a Canadian publicly traded company committed to becoming a leading supplier of affordable medical cannabis through its wholly-owned subsidiary 7 ACRES (formerly AMMCan). 7ACRES is a federally licensed producer of medical cannabis pursuant to the Access to Cannabis for Medical Purposes Regulations operating 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.
Forward Looking Statements
Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in the Company's periodic filings with Canadian securities regulators. When used in this news release, words such as "will, could, plan, estimate, expect, intend, may, potential, believe, should," and similar expressions, are forward-looking statements.
Forward-looking statements may include, without limitation, statements including the anticipated closing of the above-referenced offerings and anticipated use of proceeds and other statements of fact.
Although the Company has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended, including, but not limited to: dependence on obtaining regulatory approvals; limited operating history; reliance on management; requirements for additional financing; competition; hindering market growth due to inconsistent public opinion and perception of the medical-use marijuana industry; and regulatory or political change.
There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. As a result of these risks and uncertainties, the results or events predicted in these forward-looking statements may differ materially from actual results or events.
Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this release. The Company disclaims any intention or obligation to update or revise such information, except as required by applicable law, and the Company does not assume any liability for disclosure relating to any other company mentioned herein.
The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.
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Source: Supreme Pharmaceuticals Inc.