- Supreme Cannabis receives approval for additional 30,000 sq.ft.
of flowering rooms at 7ACRES
TORONTO, July 11, 2018 /CNW/ - The Supreme Cannabis
Company ("Supreme" or the "Company") (TSXV:FIRE), today announced
that it has obtained Health Canada approval to commence cultivation
on approximately 30,000 square feet of additional flowering rooms
at its 7ACRES facility. The new capacity is expected to double
7ACRES' estimated annual production from 5,000kg to
10,000kg.
The proprietary technology and modular design of 7ACRES'
facility has allowed for the rapid scaling of operations while
maintaining industry-leading product quality, production standards
and minimizing execution risk.
"Since receiving its license just over 24 months ago, 7ACRES has
demonstrated that it is one of the fastest scaling producers in the
industry, having added more than 60,000 square feet of flowering
capacity over this brief period," said John
Fowler, CEO of Supreme. "With this capacity expansion,
7ACRES is positioned as a top producer and the leading recreational
brand for adult consumers seeking a high-quality
product."
Total completion of growing rooms at the 342,000-square foot
7ACRES facility is on schedule for completion in December 2018.
To date, the Company has announced supply agreements with the
provinces of Manitoba and
Alberta, and have submitted
applications with other provinces. With an annual production
capacity expected to reach 50,000 kg once the 7ACRES facility is
fully operational, the Company is committed to supplying
premium-quality cannabis flower to the Canadian recreational market
from coast-to-coast.
About Supreme Cannabis
The Supreme Cannabis Company is a Canadian publicly traded
company committed to providing premium brands and products that
proudly reflect its consumers, people and uniquely innovative
culture. The Company's portfolio includes its wholly-owned
subsidiary and flagship brand 7ACRES.
7ACRES is a federally licensed producer of medical cannabis
operating inside a 342,000-square-foot facility in Kincardine, Ontario. 7ACRES is dedicated to
providing consumers with a premium-quality product that recognizes
its customers are informed, discerning and value a brand and
culture that aligns with their principles. 7ACRES brand success has
been reflected in provincial supply agreements, where 7ACRES'
product is consistently listed in the highest brand category
available to recreational consumers.
The Company's growing portfolio also includes an equity
investment and long-term global distribution partnership with
Lesotho-based Medigrow for the
exporting of medical-grade cannabis oil.
The Supreme Cannabis Company has consistently set the standard
for innovation in the sector, including the design of growing
facilities and development of operational excellence metrics. We
are confident that together with our flagship brand, proprietary
technology and products, truly unique culture, and industry-leading
team, we will deliver our shareholders consistent long-term value
creation.
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, the growth in our
capacity and sales, our future position of high quality product 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 The Supreme Cannabis Company, Inc.