FEBRUARY 26, 2018
- Supreme completed $3,000,000 strategic equity investment in BlissCo (CSE:BLIS), late-stage ACMPR applicant company based in Vancouver, British Columbia.
- Investment gives Supreme a 10% ownership stake in BlissCo.
- 7ACRES, Supreme’s wholly-owned subsidiary, will supply BlissCo with approximately 1,000kg of high-quality cannabis, valued at approximately $6,000,000.
TORONTO, Feb. 26, 2018 /CNW/ – The Supreme Cannabis Company, Inc. (“Supreme Cannabis” or the “Company“) (TSXV:FIRE), is pleased to announce that it has completed a $3,000,000 strategic equity investment (the “Investment“) in BlissCo Cannabis Corp. (“BlissCo”). BlissCo is a company located in Vancouver, British Columbia that has applied to become a Licensed Producer under the Access to Cannabis for Medical Purposes Regulations (the “ACMPR“). BlissCo was formed on the completion of a reverse takeover transaction involving Trigen Resources Inc. and Bliss Co Holdings Ltd. that closed concurrently with the Investment. Trading of BlissCo is expected to commence by February 28, 2018 on the Canadian Securities Exchange under the symbol BLIS. Pursuant to the Investment, Supreme holds an approximate 10.1% ownership interest in BlissCo.
In addition, Supreme Cannabis’ wholly owned subsidiary 8528934 Canada Ltd. o/a 7ACRES has entered into a definitive supply agreement (the “Supply Agreement“) with BlissCo. 7ACRES will supply BlissCo with a minimum of 1,000 kilograms of premium quality dried cannabis on a take-or-pay basis over a twelve-month period starting July 1, 2018. The aggregate value of the Supply Agreement is estimated to be $6,000,000, representing a further validation of Supreme’s premium-focused, branded wholesale B2B model.
BlissCo, founded by CEO Damian Kettlewell, is a distribution and extraction focused company which is currently completing the construction of its Metro Vancouver distribution facility. In addition to his role at BlissCo, Mr. Kettlewell is currently a director and spokesperson for the Association of Beverage Licenses of BC (“ABLE BC“) and serves as the private sector spokesperson for the Responsible Marijuana Retail Alliance of BC, a public-private partnership between the BC Government Employee’s Union and ABLE BC. Prior to founding BlissCo, Mr. Kettlewell spent 11 years as a partner and director of external affairs for JAK’s Beer Wine and Spirits in British Columbia.
“We have been watching the development of BlissCo for some time and have been impressed by Mr. Kettlewell’s retail and distribution strength, industry connectivity and vision for the cannabis industry in British Columbia and Western Canada.” said John Fowler, CEO of Supreme Cannabis. “Like Supreme, British Columbians have a passion for high-quality cannabis and we look forward to working with Mr. Kettlewell and his team at BlissCo.”
“Over the past year, we have revised our business model to concentrate on our core strength: in-province cannabis distribution,” said Damian Kettlewell, CEO and Founder of BlissCo. “British Columbia will be a competitive retail market where quality will be a differentiating factor. Our focused business plan has allowed us to avoid the time and capital commitments of developing massive cultivation infrastructure, and instead pursue partnerships with leading quality-focused cultivators such as Supreme Cannabis’ 7ACRES.”
John Fowler, Director and CEO
Supreme is a Canadian publicly traded company committed to becoming a leading cultivator and distributor of sun grown cannabis through its wholly-owned subsidiary 7ACRES. 7ACRES is a federally licensed producer of medical cannabis pursuant to the ACMPR operating inside a 342,000 sq. ft. hybrid facility. The hybrid facility 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.
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, including the legalization of recreational or adult-use cannabis and the timing thereof, expectations regarding our production capacity, technology, operations and the value of the Supply Agreement 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 Supreme Pharmaceuticals Inc.