SEPTEMBER 16, 2014
September 16th, 2014, Vancouver, BC – Supreme Pharmaceuticals Inc. (the “Company”) (SPRWF – OTC) (“SL” – CSE) is pleased to report that it has made significant progress regarding the construction and required security implementation at its 342,000 square foot greenhouse facility located in Kincardine, Ontario (the “Greenhouse”).
Backed by strong support from the local municipality and business community, the Company has been able to move quickly to implement its proposed plan to produce up to 24,000,000 grams of medical marijuana, for which the Company has received a conditional pre-approval letter from Health Canada dated January 22, 2014 (the “Letter”). The Letter sets forth the conditions pursuant to which the Company’s application to be a Licensed Producer under the Marihuana for Medical Purposes Regulations (“MMPR”) may be granted, including the implementation and final inspection by Health Canada of certain cultivation, quality assurance, security and storage strategies. The Company is already in receipt of the required security clearances for its key personnel, as required by Health Canada. Locally, the Company has received all necessary approvals from the municipality, local law enforcement and local fire authorities. Marcomm Security Systems Group Inc., 2013 Security Integrator of the Year, is currently working to complete the installation and commissioning of the electronic security systems to be utilized at the Greenhouse. A level 8 storage vault capable of housing the Company’s production has been installed and the remaining physical security measures are near completion.
Peter Herburger, President and CEO of the Kincardine subsidiary stated, “We are thankful for the strong support from the local community, from the municipality, to the tradespeople to the local residents. With the support of Kincardine we have been able to maintain a construction schedule which will allow us to be ready to grow medical marijuana before the end of this year.”
The Company anticipates being ready for the pre-licenses inspection by Health Canada to verify the Company’s compliance with the requirements of the MMPR in November 2014 and looks forward to continuing its positive relationship with the regulator.
Due to the market opportunity presented by the Greenhouse operation based on its size and anticipated operational efficiencies, the Company will be focusing its attention and resources primarily on its operations in Kincardine, Ontario.
David Stadnyk, President and CEO of the Company stated, “Looking at the marketplace and the difficulties facing smaller licensed producers, we have decided to focus the majority of the Company’s resources on the Greenhouse. Due to its size, local support the operational plan developed by management, the Greenhouse presents the opportunity to produce a large volume of high-quality, low-cost medical marijuana by applying commercial agriculture technology combined with the natural advantages of a greenhouse.”
FORWARD LOOKING INFORMATION
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. This news release includes forward-looking statements with respect to the expected volumes from production; timing for completion of the Greenhouse; timing for implementation of required security measures; the timing for review of the Greenhouse by Health Canada, the subsequent issuance of a MMPR License and the conditions attached thereto; the construction schedule for the Greenhouse, and the expected start of commercial production. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. 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 and such factors as the Company failing to acquire final MMPR license; delays in construction; additional competition in the marketplace; changes to the regulatory landscape; future jurisprudence regarding the MMPR process and implementation; the inability to source the technology and expertise needed to meet the conditions of the MMPR; the Company’s failure to attract and retain qualified horticultural personnel, unexpected conditions or diseases affecting production and general market conditions. 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.