TSXV: FIRE
TORONTO, Oct. 23, 2017 /CNW/ - Supreme Pharmaceuticals
Inc. ("Supreme" or the "Company") (TSXV: FIRE)
announced today that 7ACRES has obtained the Health Canada
approvals necessary to commence cultivation at the recently
completed 30,000 sq. ft. flowering rooms at the Company's Hybrid
facility. The additional flowering area consists of
three modular 10,000 sq. ft. flowering rooms representing the most
recent innovation of 7ACRES' hybrid cultivation methodology.
The additional flowering rooms increases the size of 7ACRES'
flowering facility from 10,000 sq. ft. to 40,000 sq. ft.
"Our mission at Supreme is to drive innovation in commercial
production of legal, premium cannabis," said John Fowler CEO of
Supreme. "Since inception we have focused on refining and
improving our cultivation infrastructure, management systems and
standard operating procedures. The operational experience we
accumulated in 2016 was used to design and develop the new
flowering rooms, incorporating feedback from our operators as well
as our skilled team of engineers and consultants. I am proud
of the progress we have made as an organization, and I'm excited to
see the new levels of quality we can achieve moving forward."
The additional flowering rooms were approved pursuant to Health
Canada's revised licensing process, announced in May 2017.1 The new revised
process replaces the need for a pre-license inspection with an
in-depth paper-based process intended to streamline the approval of
additional capacity at a licensed site.
About Supreme
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
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.
Forward-Looking 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,
expectations regarding our production capacity, technology and
operations 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 "Risks and Uncertainties" section of the
Company's Management's Discussion & Analysis dated May 30, 2017 ("MD&A"). A copy of the MD&A
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 MD&A 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.
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1
https://www.canada.ca/en/health-canada/news/2017/05/statement_from_healthcanadaonimprovingthelicensingofproductionof.html
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SOURCE Supreme Pharmaceuticals Inc.