MAY 08, 2017
TORONTO, ONTARIO — (Marketwired) — 05/08/17 — Supreme Pharmaceuticals Inc. (“Supreme” or the “Company“) (CSE:SL)(CSE:SL.CN)(CNSX:SL) is pleased to announce that Mr. Ron Factor, B.A.Sc, MBA, has joined its Board of Directors. Mr. Factor was the founder of the global supply chain management consulting practice at Deloitte Consulting in Toronto. He will replace Mr. Chuck Rifici on the Board, who has resigned to focus his efforts on a new venture. The Supreme Board of Directors thanks Mr. Rifici for his contributions to the Company.
“It’s been a pleasure serving on Supreme’s board with one of the most passionate management teams in Canadian cannabis,” said Mr. Chuck Rifici. “I am proud to have been part of Supreme’s journey to build a core competency in scaled cultivation, and look forward to enjoying future success as a long term shareholder.”
“Mr. Rifici made a lasting impact on our strategic development during his brief tenure on our board and remains a supportive shareholder,” said John Fowler, President and CEO of Supreme. “As Mr. Rifici transitions out we are excited to welcome Mr. Factor, who has added significant value over the past year by advising 7ACRES regarding growth of operations. Mr. Factor will be a valuable asset as Supreme increases cultivation operations and prepares for legalization.”
With respect to 7ACRES’ application to add the activity of sale to its license issued under the Access to Cannabis for Medical Purposes Regulations, on May 5, 2017, Health Canada issued a press release regarding its increased scrutiny of the production practices of ACMPR licensees. Pursuant to this increased scrutiny, random samples of plant leaves produced by 7ACRES were tested and show “no signs of contamination.” Supreme believes this is a positive development and provides external validation with respect to the quality assurance program and good production practices developed and employed by the team at 7ACRES. A copy of the Health Canada press release can be found here: http://www.newswire.ca/news-releases/statement-from-health-canada-on-mandatory-testing-of-medical-cannabis-for-unauthorized-pesticides-621498033.html.
Supreme is a Canadian publicly traded company committed to becoming a leading supplier of affordable medical cannabis through its wholly-owned subsidiary 7ACRES (formerly AMMCan). 7ACRES is a federally licensed producer of medical cannabis pursuant to the Access to Cannabis for Medical Purposes Regulations operating a 342,000 sq. ft. Hybrid Greenhouse facility. The Hybrid Greenhouse 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.
Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in the Company’s periodic filings with Canadian securities regulators. Although the Company has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, other factors could cause results, performance or achievements not to be as anticipated, estimated or intended, including, but not limited to: dependence on obtaining regulatory approvals; limited operating history; competition; inconsistent public opinion and perception of the medical-use marijuana industry; and regulatory or political change. There can be no assurance that such information will prove to be accurate or that management’s expectations or estimates of future developments, circumstances or results will materialize. As a result of these risks and uncertainties, the results or events predicted in these forward-looking statements may differ materially from actual results or events. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this release. The Company disclaims any intention or obligation to update or revise such information, except as required by applicable law.
The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.
Source: Supreme Pharmaceuticals Inc.