Supreme to Evaluate Medical Marijuana Opportunities
March 21 2014 - 8:00AM
Marketwired
Supreme to Evaluate Medical Marijuana Opportunities
CALGARY, ALBERTA--(Marketwired - Mar 21, 2014) - Supreme
Pharmaceuticals Inc. (the "Company") (TSX-VENTURE:SL)(OTCBB:SPRWF)
is pleased to announce that its continued efforts to secure an
exclusive license agreement for a medical device are making
significant headway; the Company will continue to keep its
shareholders up to date on negotiations. In addition to medical
devices, the Company has recently come across opportunities within
the medical marijuana industry. Companies and key contacts have
approached management with opportunities and the Company is
evaluating them accordingly. Given the medical marijuana industry's
immense growth, management is excited to evaluate the merit of the
opportunities.
This emerging multi-billion dollar industry is in the process of
significant regulatory and legal reform that offers explosive
growth opportunities to participants. Currently the industry as a
whole is highly fragmented with significant changes scheduled for
April 1st 2014 as stated on the Health Canada website. Supreme has
been approached as a vehicle to consolidate fragmented growers and
work with dispensaries to obtain the new Marijuana for Medical
Purposes Regulations (MMPR) license. Currently management
is reviewing a number of business plans and proposals as well as
adding industry expertise to its advisory board.
Heath Canada states, "The Marijuana Medical Access Program
(MMAP) ends on March 31, 2014. This is also the date that all
Authorizations to Possess, Personal-Use Production Licenses and
Designated-Person Production Licenses expire. As of April 1, 2014,
the only legal access to marijuana for medical purposes will be
through licensed producers under the Marijuana for Medical
Purposes Regulations (MMPR), even if you have an authorization
to possess or a license to produce that has a later date.
(http://www.hc-sc.gc.ca/dhp-mps/marihuana/index-eng.php)
Upcoming changes in medical marijuana licencing will allow for
licensed producers to grow on a larger, commercial scale. In
estimates from Health Canada the industry could be worth $1.3
billion by 2024, but analysts and industry experts speculate that
this newly formed commercial scale medical marijuana business could
reach $2.6 Billion by 2016. The United States is also undergoing
medical marijuana reform with 20 states now recognizing legal
medical marijuana. In addition Colorado and Washington State have
legalized recreational use with additional states contemplating
legalization.
President and CEO Mr. David Stadnyk states, "As a diversified
life science company we are now looking into the medical marijuana
industry as part of our duty to our shareholders to investigate
potential transactions. As a company we continue to search for
opportunities that provide value and the medical marijuana industry
appears to be booming and may offer significant rewards to our
shareholders. We have several key contacts with potentially
valuable opportunities and we will evaluate them rigorously."
At this time, no transactions are in place, nor is there any
assurance that a new project will be concluded in the future.
SUPREME PHARMACEUTICALS INC.
David Stadnyk, President & CEO
The TSX has not reviewed and does not accept responsibility
for the adequacy or accuracy of this release
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. 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. 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 harbor
provisions of the Private Securities Litigation Reform Act of
1995.
#772 Alastair Ross Technology Centre3553 31st Street NWCalgary
Alberta, T2L 2K7(647)
340-6744info@supremepharmaceuticals.comwww.supremepharmaceuticals.com