- Supreme Cannabis' premium wellness brand, Blissco, receives oil
sales license from Health Canada.
- Blissco expects to ship first CBD oil product to the Canadian
market in Q2 fiscal 2020.
- Blissco product sales expected to meaningfully contribute to
Supreme Cannabis' fiscal 2020 revenue.
TORONTO, Oct. 8, 2019 /PRNewswire/ - The Supreme Cannabis
Company, Inc. ("Supreme Cannabis" or the "Company") (TSX: FIRE)
(OTCQX: SPRWF) (FRA: 53S1), is pleased to announce that Blissco
Cannabis Corp. ("Blissco"), Supreme Cannabis' premium wellness
brand and a multi-licensed processor and distributor, has received
licensing approval from Health Canada for the sale of cannabis oils
from its facility in Langley, British
Columbia (the "Facility").
The cannabis oil sales license granted by Health Canada (the
"License") allows Blissco to sell full spectrum cannabidiol (CBD)
oil products. As previously announced, Supreme Cannabis closed its
acquisition of Blissco in the first quarter of fiscal 2020. The
Company has since integrated, focused and advanced Blissco's
business, initiating construction on a large-scale ethanol based
extraction lab to expand upon Blissco's existing CO2-based
extraction capability. By the end of calendar year 2019, Supreme
Cannabis expects that the Facility will have the capacity to
produce over 7,000,000 tincture bottles annually. Supreme Cannabis
also expects the Blissco brand to meaningfully contribute to
projected revenue in fiscal 2020.
"With the receipt of the License and expanded extraction
capacity, Blissco will be positioned to address the growing unmet
demand for high-quality CBD oil products across Canada," said
Navdeep Dhaliwal, CEO of Supreme
Cannabis. "Blissco's legacy of premium whole flower products
established a brand that represents quality and authenticity to
wellness consumers. For over a year, Blissco's team developed
advanced oil processing and formulation capabilities based on the
same ethos. Consumers will soon be able to experience high-quality
CBD oil products from a premium wellness brand they have come to
trust. The team at Blissco has developed sophisticated expertise
and diligently executed against ambitious business objectives,
their hard work and vision has led to this significant
milestone."
Blissco anticipates launching its first CBD oil product to the
Canadian market in the second quarter of fiscal 2020 and
introducing a suite of complementary cannabis extract products in
subsequent quarters.
Supreme Cannabis is also pleased to announce that Todd McAdam has assumed the role of General
Manager of the Facility. Mr. McAdam is a highly experienced
operations professional with a career that spans more than 30 years
in the food and beverage industries. Mr. McAdam most recently
served as General Manager at Labatt Breweries of Canada's Turning
Point Brewery in British Columbia.
Mr. McAdam will manage and support the production, sale and
distribution of Blissco's high-quality products.
About Supreme Cannabis.
The Supreme Cannabis Company, Inc. is a global diversified
portfolio of distinct cannabis companies, products and brands.
Since 2014, the Company has emerged as one of the world's
fastest-growing, premium plant driven-lifestyle companies by
effectively deploying capital, with an emphasis on disciplined
growth and high-quality products.
Supreme Cannabis' portfolio includes 7ACRES, its wholly-owned
subsidiary and multi-award-winning brand; Blissco Cannabis Corp., a
wellness cannabis brand and a multi-licensed processor and
distributor based in British
Columbia; Truverra Inc., a global medicinal cannabis brand
and licensed cultivator; Cambium Plant Sciences, a plant genetics
and cultivation IP company; Medigrow Lesotho, an cannabis oil
producer located in southern Africa; Supreme Heights, an investment
platform focused on CBD brands in the UK and Europe and a brand partnership and licensing
deal with Khalifa Kush Canada
ULC.
Supreme Cannabis trades as FIRE on the Toronto Stock Exchange
(TSX: FIRE), SPRWF on the OTC Exchange in the United States (OTCQX: SPRWF) and 53S1 on
the Frankfurt Stock Exchange (FRA: 53S1). Follow us on
Instagram, Twitter, Facebook and YouTube.
We simply grow better.
Forward-Looking Information.
Certain statements made in this press release may constitute
"forward-looking information" within the meaning of applicable
securities laws ("forward-looking statements"). These
forward-looking statements may relate to anticipated events or
results and include, but are not limited to, expected production
capacity of the Facility, contributions of the Blissco brand to our
projected revenue in fiscal 2020, the anticipated launch and timing
of Blissco's products in the Canadian market, our ability to create
shareholder value and other statements that are not historical
facts. 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. The
forward-looking statements in this news release are only
predictions and are subject to a variety of risks and uncertainties
and other factors that could cause actual events or results to
differ materially from those projected in the forward-looking
statements. There can be no assurance that such estimates and
assumptions will prove to be correct. The Company is under no
obligation, and expressly disclaims any intention or obligation, to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
expressly required by applicable securities laws in Canada.
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SOURCE The Supreme Cannabis Company, Inc.