- As of calendar year-end, 7ACRES has 19 completed flowering
rooms
- Completion of all 25 flowering rooms scheduled for March 2019
- Administrative offices and other facilities scheduled for
completion by mid-2019
- Health Canada approval of
additional flowering rooms expected in the near term
TORONTO, Jan. 2, 2019 /CNW/ - The Supreme Cannabis
Company, Inc. ("Supreme Cannabis" or the "Company") (TSXV: FIRE)
(OTCQX: SPRWF) (FRA: 53S1), announces that as of calendar year-end,
7ACRES has 19 completed flowering rooms and is on track for all 25
flowering rooms to be completed in March
2019. Once completed, 7ACRES will have a greenhouse
footprint of approximately 300,000 square feet, with the total
facility reaching over 440,000 square feet. Supreme Cannabis
expects 7ACRES to reach its estimated annual output of 50,000 kg by
the middle of calendar 2019.
Construction Update
Management believes the 7ACRES facility is unique in
Canada for its ability to produce
high-quality cannabis on a commercial scale. Each of the facility's
modular flowering rooms utilize industry-leading HPS lighting
technology to provide "indoor" quality lighting that is
supplemented by the sun to improve terpene and cannabinoid
production. The facility's modular design allows each flowering
room to provide variable environmental conditions tailored to the
specific needs of the crop in production, while also reducing the
risk of crop loss.
An updated timeline of construction completion is as
follows:
- December 2018 – 19 total
flowering rooms completed.
- January 2019 – 3 additional
flowering rooms are expected to be completed.
- February 2019 – 1 additional
flowering room is expected to be completed.
- March 2019 – 2 additional
flowering rooms are expected to be completed, representing the
completion of all 25 flowering rooms.
- Mid-2019 – primary office and administrative area are expected
to be completed.
Expansion of the facility is subject to Health Canada regulatory
approvals. As flowering rooms are completed, Supreme Cannabis
intends to look for opportunities to streamline the Health Canada
review process, such as by having groups of completed rooms
reviewed simultaneously for licensing.
"We are thrilled with the progress made at our facility in
Kincardine, Ontario and are
excited to announce that we are nearing completion for all of our
flowering rooms," said John Fowler,
President & Founder of Supreme Cannabis. "In our view, 7ACRES
sets the international standard for cannabis cultivation and allows
us to grow craft-quality cannabis at scale. We believe consumer
behaviour has validated our thesis that people prefer
higher-quality flower and are willing to pay more for it, and as
the market expands for derivative products such as vape pens and
edibles we expect consumers will prefer products extracted from the
highest quality inputs.
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
award-winning brand 7ACRES.
7ACRES is a federally licensed producer of 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 its "Brand of the Year" award win at the 2018
Canadian Cannabis Awards, and 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.
Supreme Cannabis has been a leading innovator 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:
For more information, please visit The Supreme Cannabis
Company and 7ACRES websites.
Follow us on Twitter, Facebook, or Instagram.
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 the construction
schedule for the flowering rooms, primary office and administrative
area at 7ACRES' Kincardine
and the estimated total square footage and annual output therefrom
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.
Supreme Cannabis currently believes that the construction
timeline, greenhouse square footage and estimated annual output for
7ACRES' Kincardine facility can be
reasonably estimated and is based on underlying assumptions that
management believes are reasonable in the circumstances, given the
time period for such guidance. However, there can be no assurance
that Supreme Cannabis will be able to meet the construction
timeline, increase its square footage of flowering rooms or
increase its annual output within the timelines set out herein or
at all.
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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SOURCE The Supreme Cannabis Company, Inc.