TORONTO, May 30, 2019 – The Supreme Cannabis Company, Inc. (“Supreme Cannabis”) (TSX: FIRE) (OTCQX: SPRWF) (FRA: 53S1) comments on the recent changes to South Africa’s Medicines and Related Substances Act.
This past week, South Africa’s Department of Health removed Cannabidiol (“CBD”) from the country’s Schedule 7 list of highly controlled drugs, allowing for legal sale of CBD products made in accordance with the government’s specified preparations.
Supreme Cannabis’ international medical cannabis oil partner, Medigrow Lesotho (“Medigrow”), is licensed by the Lesotho Ministry of Health to cultivate and manufacture medical cannabis and cannabis oil products in the Kingdom of Lesotho, a jurisdiction located within Southern Africa. Supreme Cannabis will explore opportunities to serve South Africa’s commercial CBD market through its preferential global distribution agreement with Medigrow.
“This meaningful change to South Africa’s legislation creates immense opportunity for Medigrow to manufacture and supply high-quality CBD oil to a neighbouring jurisdiction,” said Navdeep Dhaliwal, CEO of Supreme Cannabis. “We are pleased to see countries like South Africa adopting thoughtful changes to policy and implementing well-regulated systems with the potential to improve public health and wellness.”
Medigrow’s advanced commercial operations include a rapidly-scaling cultivation facility being built to EU GMP standards and an industrial-grade oil extractor. In anticipation of its first international exports, Medigrow is currently building an inventory of oils.
Supreme Cannabis and Medigrow look forward to productively working with regulators in South Africa while continuing to explore additional international export opportunities.
About The Supreme Cannabis Company, Inc.
The Supreme Cannabis Company, Inc. is a global diversified portfolio of distinct cannabis companies, products and brands. Since 2014, the Company has emerged as one of the world’s fastest-growing, premium plant driven-lifestyle companies by effectively deploying capital, with an emphasis on disciplined growth and high-quality products.
Supreme Cannabis’ portfolio includes 7ACRES, its wholly-owned subsidiary and multi-award-winning brand; Cambium Plant Sciences, a plant genetics and cultivation IP company; Medigrow Lesotho, a cannabis oil producer located in southern Africa; and a brand partnership and licensing deal with Khalifa Kush Enterprises Canada.
Supreme trades as FIRE on the Toronto Stock Exchange (TSX: FIRE), SPRWF on the OTC Exchange in the United States (OTCQX: SPRWF) and 53S1 on the Frankfurt Stock Exchange (FRA: 53S1). Follow us on Instagram, Twitter, Facebook and YouTube.
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SOURCE: The Supreme Cannabis Company, Inc.
The Supreme Cannabis Company, Inc.
Scott Davidson, Investor Relations