SEPTEMBER 05, 2018
- Supreme Cannabis receives approval for additional 20,000 sq.ft. of flowering rooms at 7ACRES facility
- New flowering rooms expected to support an increase in annual production potential to 13,330kg
TORONTO, Sept. 5, 2018 /CNW/ – The Supreme Cannabis Company (“Supreme Cannabis” or the “Company”) (TSXV: FIRE) (OTCQX: SPRWF) (FRA: 53S1), announced that it has obtained Health Canada approval to commence cultivation on approximately 20,000 square feet of additional flowering rooms at its 7ACRES facility.
The additional flowering rooms will increase total potential flowering capacity to 90,000 square feet and, assuming a current yield, will bring 7ACRES’ annual production potential from 10,000kg to 13,330kg.
“As the first coast-to-coast premium cannabis brand in Canada, 7ACRES is already one of the fastest scaling producers in the country. This flowering room expansion continues to increase our capacity and improve our ability to meet the demand of cannabis enthusiasts upon legalization of adult use cannabis in Canada,” said John Fowler, CEO of Supreme Cannabis.
Completion of flowering rooms at the 342,000-square foot 7ACRES facility remains on schedule for completion in December 2018. With an annual production capacity expected to reach 50,000 kg once the 7ACRES facility is fully operational, the Company is committed to supplying premium-quality cannabis flower to the Canadian recreational market from coast-to-coast.
About Supreme Cannabis
The Supreme Cannabis Company (TSXV: FIRE)(OTCQX: SPRWF)(FRA: 53S1) is a Canadian publicly traded company committed to providing premium brands and products that proudly reflect its consumers, people and uniquely innovative culture. The Company’s portfolio includes its wholly-owned subsidiary and flagship brand 7ACRES.
7ACRES is a federally licensed cannabis producer operating a 342,000-square-foot facility in Kincardine, Ontario. 7ACRES is dedicated to providing consumers with a premium-quality product that recognizes its customers are informed, discerning and value a brand and culture that aligns with their principles. 7ACRES brand success has been reflected in provincial supply agreements with the provinces of Ontario, British Columbia, Alberta, Manitoba, Nova Scotia and Prince Edward Island. With six provincial partners, Supreme Cannabis joins a select group of leading cannabis companies that have secured supply agreements with five or more provinces to-date, including: Canopy Growth (TSX:WEED)(NYSE:CGC), Aphria (TSX:APH), Aurora (TSX:ACB), Tilray (NASDAQ:TLRY), Organigram (TSXV:OGI), and CannTrust Holdings (TSX:TRST).
The Company’s growing portfolio also includes an equity investment and long-term global distribution partnership with Lesotho-based Medigrow for the exporting of medical-grade cannabis oil.
The Supreme Cannabis Company has consistently set the standard for innovation in the sector, including the design of growing facilities and development of operational excellence metrics. We are confident that together with our flagship brand, proprietary technology and products, truly unique culture, and industry-leading team, we will deliver our shareholders consistent long-term value creation.
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, the growth in our capacity and sales, our future position of high quality product 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 The Supreme Cannabis Company, Inc.