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UNITED STATES/
TORONTO, March 3, 2021 /CNW/ - The Supreme Cannabis
Company, Inc. ("Supreme Cannabis" or the "Company") (TSX: FIRE)
(OTCQX: SPRWF) (FRA: 53S1) today announced that it has established
an at-the-market equity program (the "ATM Program") that allows the
Company to issue and sell up to C$30,000,000 of common shares in the capital of
the Company (the "Common Shares") from treasury to the public, from
time to time, at the Company's discretion. All Common Shares sold
under the ATM Program will be sold through the Toronto Stock
Exchange or another marketplace (as defined in National Instrument
21-101 – Marketplace Operation) upon which the Common Shares
are listed, quoted or otherwise traded, at the prevailing market
price at the time of sale. The ATM Program was re-established
following the withdrawal by the Company of its previous base shelf
prospectus dated April 22, 2020 in
connection with the filing of its current base shelf prospectus
dated February 23, 2021 (the "Shelf
Prospectus").
The ATM Program is designed to provide the Company with
additional financing flexibility should it be required in the
future. The volume and timing of distributions under the ATM
Program, if any, will be determined in the Company's sole
discretion. Distributions of the Common Shares under the ATM
Program will be made pursuant to the terms of an equity
distribution agreement (the "Distribution Agreement") dated
March 3, 2021 entered into between
the Company and BMO Capital Markets (the "Agent").
The ATM Program will be effective until the earlier of
March 24, 2023 and the issuance and sale of all of the Common
Shares issuable pursuant to the ATM Program, unless terminated
prior to such date by the Company or the Agent in accordance with
the terms of the Distribution Agreement. Supreme Cannabis intends
to use the net proceeds from the ATM Program, if any, for general
corporate purposes, working capital needs and capital expenditures,
including the repayment of indebtedness. As Common Shares
distributed under the ATM Program will be issued and sold at the
prevailing market price at the time of the sale, prices may vary
among purchasers during the period of the ATM Program.
The offering of Common Shares under the ATM Program is qualified
by a prospectus supplement dated March 3,
2021 (the "Prospectus Supplement") to the Shelf Prospectus,
which were each filed with the applicable securities regulatory
authorities in each of the provinces and territories in
Canada. The Distribution
Agreement, the Prospectus Supplement and the Shelf Prospectus are
available on the System for Electronic Document Analysis and
Retrieval ("SEDAR") website at www.sedar.com. Alternatively, the
Agent will send copies of the Distribution Agreement, the
Prospectus Supplement and the Shelf Prospectus upon request by
contacting: BMO Capital Markets, Brampton Distribution Centre C/O
The Data Group of Companies, 9195 Torbram Road, Brampton, Ontario, L6S 6H2, or by telephone at
(905) 791-3151 Ext 4312, or by email at
torbramwarehouse@datagroup.ca.
This news release does not constitute an offer to sell or the
solicitation of an offer to buy the Common Shares, nor shall there
be any sale of the Common Shares in any province, state or
jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such province, state or jurisdiction.
About Supreme Cannabis.
The Supreme Cannabis Company, Inc., (TSX: FIRE) (OTCQX:
SPRWF) (FRA: 53S1), is a global diversified portfolio of
distinct cannabis companies, products and brands. Since 2014, the
Company has emerged as one of the world's most premium producers of
recreational, wholesale and medical cannabis products.
Supreme Cannabis' portfolio of brands caters to diverse consumer
experiences, with brands and products that address recreational,
wellness, medicinal and new consumer preferences. The Company's
brand portfolio includes, 7ACRES, 7ACRES Craft Collective, Blissco,
sugarleaf, and Hiway. Supreme Cannabis addresses national and
international medical cannabis opportunities through its premium
Truverra brand.
Supreme Cannabis' brands are backed by a focused suite of
world-class operating assets that serve key functions in the value
chain, including, scaled cultivation, value-add processing,
centralized manufacturing and product testing and R&D. Follow
the Company on Instagram, Twitter, Facebook, LinkedIn and
YouTube.
We simply grow better.
Forward-Looking Information.
Certain statements made in this press release constitute
"forward-looking information" within the meaning of applicable
securities laws. Forward-looking statements and information may be
identified by such terms as "anticipates", "believes", "targets",
"estimates", "plans", "expects", "may", "will", "could" or "would".
In this press release, forward-looking information and statements
relate to, among other things: the issuance, sale and distribution
of Common Shares pursuant to the ATM Program, including the price,
volume and timing of any distributions; the intended use of net
proceeds from the ATM Program; and other statements that are not
historical facts. The forward-looking information is based on
assumptions and estimates that the Company believes are appropriate
and reasonable in the circumstances. The forward-looking events and
circumstances discussed in this release may not occur and could
differ materially as a result of known and unknown risk factors and
uncertainties affecting the Company, including risks regarding the
COVID-19 epidemic, the cannabis industry, market conditions,
economic factors, management's ability to manage and to operate the
business and the equity markets generally. The forward-looking
information contained in this press release is made as of the date
hereof, and the Company is not obligated to update or revise any
forward-looking information, whether as a result of new
information, future events or otherwise, except as required by
applicable securities laws.
SOURCE The Supreme Cannabis Company, Inc.