DECEMBER 12, 2014
Not For Dissemination In The United States. Failure To Comply With This Restriction May Constitute A Violation Of United States Securities Law.
December 12, 2014, Vancouver, BC – Supreme Pharmaceuticals Inc. (the “Company”) (SPRWF – OTC) (“SL” – CSE) is pleased to report that the Company has completed the security and infrastructure upgrades at the hybrid industrial greenhouse facility in Kincardine, Ontario (the “Facility”) and is ready for the Health Canada pre-license inspection of the Facility.
Since the acquisition of the 342,000 sq. ft. facility in May 2014, the Company has spent approximately $4M in upgrades to transform the Facility from an out-of use tomato greenhouse to a highly secured, state-of-the-art, automated medical marijuana facility. These upgrades include a level 9 security vault capable of storing up to $150 million of dried marijuana, a sophisticated digital security system including intrusion detection and visual surveillance, as well as sanitation and automation, all which meets or exceeds the regulatory requirements set by Health Canada.
The Company and its management team have carefully planned the upgrades of the Facility to provide an optimal environment to manufacture high quality, low-cost medical marijuana. If successful in obtaining the license to produce medical marijuana subsequent to the pre-license inspection, the Company expects to immediately commence growing in its first completed phase of the Facility. Subsequent phases of the Facility are expected to be built out later in 2015 which will increase the productive capacity of the Facility. No date has been set yet for the Health Canada inspection.
John Fowler, the Company’s Director of Operations, stated: “The construction thus far has been a massive undertaking for us. We are excited to move forward in the licensing process and stay on track with our goal of providing high-quality, low-cost medical marijuana in the coming months.”
430 – 580 Hornby Street, Vancouver BC
This press release is not an offer of the Units, or the underlying Common Shares and Warrants, for sale in the United States. The Units may not be offered or sold in the United States absent registration under the U.S. Securities Act of 1933, as amended, or an exemption from such registration. The Company has not registered and will not register the Common Shares and Warrants underlying the Units under the U.S. Securities Act of 1933, as amended. The Company does not intend to engage in a public offering of Units in the United States.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.
FORWARD LOOKING INFORMATION
This news release contains forward‐looking statements and forward‐looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward‐looking statements or information. More particularly and without limitation, this news release contains forward‐looking statements and information relating to the use of proceeds of the Offering, as well as the Company’s corporate strategy. The forward‐looking statements and information are based on certain key expectations and assumptions made by management of the Corporation, including, without limitation, the Company’s ability to carry out its business plan following the issuance of the required licenses by Health Canada. Although management of the Corporation believes that the expectations and assumptions on which such forward looking statements and information are based are reasonable, undue reliance should not be placed on the forward‐looking statements and information since no assurance can be given that they will prove to be correct.
Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Corporation relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward‐looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the Company’s ability to identify and complete additional suitable acquisitions to further the Company’s growth as well as risks associated with the medical marijuana industry in general such as operational risks in development and production delays or changes in plans with respect to development projects or capital expenditures; the uncertainty of the capital markets; the uncertainty of receiving the required licenses, production, costs and expenses; health, safety and environmental risks; marketing and transportation; loss of markets; environmental risks; competition; incorrect assessment of the value of the potential market; ability to access sufficient capital from internal and external sources; failure to obtain required regulatory and other approvals and changes in legislation, including but not limited to tax laws and related regulations. Accordingly, readers should not place undue reliance on the forward‐looking statements, timelines and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive.
The forward‐looking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forward‐looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws or the Canadian Securities Exchange. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.