- Supreme Cannabis contracts with MediPharm to provide extraction
and production for the Company's branded adult-use cannabis oils
products
TORONTO, Nov. 13, 2018 /CNW/ - The Supreme Cannabis
Company, Inc. ("Supreme Cannabis" or the "Company") (TSXV: FIRE)
(OTCQX: SPRWF) (FRA: 53S1), is pleased to announce that the Company
has entered into a three-year agreement with MediPharm Labs Inc.
("MediPharm"), a wholly owned subsidiary of MediPharm Labs Corp.
(TSXV: LABS), to facilitate the launch of the Company's cannabis
oil products line. MediPharm holds a processing license and
is a leader in the cannabis industry focused exclusively on
cannabis extraction and producing pharmaceutical-grade cannabis
oil.
Supreme Cannabis, through its wholly-owned subsidiary, 7ACRES
has agreed to supply a minimum of approximately 1,000 kg of
high-quality cannabis trim as input per year to MediPharm for the
extraction and production of at least 200,000 40ml units of
premium, high-terpene cannabis oil products for the adult-use
consumer market. Under the terms of this agreement, all cannabis
oil products processed by MediPharm will be sold under Supreme
Cannabis' brands, including a new, to be announced brand. The
program will be established at no capital cost to Supreme Cannabis,
with MediPharm receiving a processing fee based on the cannabis oil
produced.
"We expected market segmentation as the Canadian cannabis
industry evolved and the emergence of dedicated experts focused on
downstream activities. Partnering with product experts, such as
MediPharm, allows Supreme Cannabis to launch oil products quickly,"
said Navdeep Dhaliwal, CEO of
Supreme Cannabis. "We are excited to be working with MediPharm and
look forward to Canadian adult-use consumers being able to
experience High End Cannabis™ oil products derived from what
we believe is the best flower being produced at scale."
About Supreme Cannabis
The Supreme Cannabis Company, Inc. (TSXV: FIRE) (OTCQX: SPRWF)
(FRA: 53S1) 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 cannabis producer operating 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 with the provinces
of Ontario, British Columbia, Alberta, Manitoba, Nova
Scotia and Prince Edward
Island.
The Company's growing portfolio also includes an equity
investment and long-term global distribution arrangement with
Lesotho-based Medigrow for the
exporting of medical-grade cannabis oil.
The 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.
Stay Connected:
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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 the estimated
production under the terms of the agreement 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 October 2, 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.