AUGUST 08, 2016
TORONTO, ONTARIO — (Marketwired) — 08/08/16 — Supreme Pharmaceuticals Inc. (the “Company”) (CSE:SL)(OTC PINK:SPRWF) is pleased to announce that it has closed a $4,000,000 mortgage (the “Mortgage“) with a private lender with respect of its wholly owned subsidiary, 8528934 Canada Ltd. (“7 ACRES“) and the 7 ACRES’ Hybrid Greenhouse in Kincardine, Ontario. The Mortgage is a one-year, 12%, fixed-rate, interest only facility. The proceeds from the Mortgage were used to re-finance the prior vendor-take back mortgage.
“This is another milestone for Supreme and our wholly owned subsidiary 7 ACRES,” said John Fowler, CEO of Supreme. “The Hybrid Greenhouse is exceeding performance expectations with a high quality first crop nearing harvest in the 16,500 sq. ft. ‘Phase 0’ while we expand the production area by 80,000 sq. ft. into ‘Phase 1’.”
Supreme is a Canadian publically traded company committed to becoming a leading supplier of affordable medical cannabis achieved by applying commercial agriculture practices to medical cannabis production. Supreme’s flagship facility is a 342,000 sq. ft. hybrid greenhouse located in Kincardine, Ontario, which has been designed to maximize production efficiencies allowing the Company to pass savings along to its future patients. Supreme is the first business-to-business focused Canadian Licensed Producer, offering finished goods and genetics to federally licensed Canadian Licensed Producers. Interested parties should contact firstname.lastname@example.org.
This news release contains forward-looking statements. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “should”, “believe” and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These risks and uncertainties include, but are not limited to, the Company’s ability to satisfy the conditions associated with its cultivation license, the Company’s ability to obtain a sales license and the related timing considerations, the availability of further financing, consumer interest in its products, competition, regulation, operational and technological risks, including uncertainties relating to the quality and quantities of production, and anticipated and unanticipated costs and delays. These statements speak only as of the date of this news release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company’s disclosure documents which can be found under the Company’s profile on www.sedar.com. This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbour provisions of the Private Securities Litigation Reform Act of 1995.
Source: Supreme Pharmaceuticals Inc.