PROVIDES LICENSE UPDATE
Supreme Pharmaceuticals Inc.'s (FIRE.V) wholly owned subsidiary, 8528934 Canada Ltd., doing business as 7 Acres, has received several updates from Health Canada with respect to its cultivation licence pursuant to the access to cannabis for medical purposes regulations.
Update on sales approval
Management understands that Health Canada is in the process of testing dried cannabis samples provided by 7 Acres in relation to its application to add the activity of sales to the licence. As noted in the company's press release dated May 8, 2017, random samples of cannabis plant leaves produced by 7 Acres were tested and show no signs of contamination. Supreme believes that an update regarding its application for the sales activity will be provided in the coming weeks. Furthermore, Health Canada has informed Supreme that the licence will be amended in the near term in order to permit 7 Acres to sell cannabis seeds and clones to other licensed producers.
Licence capacity and term
Health Canada has removed the previous production and storage capacity of the licence. Supreme is now permitted to store up to $150-million worth of cannabis at any given time. In addition, the licence term has been extended for an additional two years and the licence is now valid until March 11, 2020.
John Fowler, president and chief executive officer, stated: "We are pleased to be making progress with Health Canada. The forthcoming approval to sell cannabis genetics is one leg of our B2B sales model, allowing us to monetize our genetic inventory. As we await an update on the sales approval, we continue to cultivate and build our inventory in advance of sales approval."
About Supreme Pharmaceuticals Inc.
Supreme is a Canadian publicly traded company committed to becoming a leading cultivator and distributor of sun grown cannabis through its wholly-owned subsidiary 7ACRES. 7ACRES is a federally licensed producer of medical cannabis pursuant to the ACMPR operating inside a 342,000 sq. ft. Hybrid Greenhouse facility. The Hybrid Greenhouse combines the best technology of indoor production with the efficiencies and sustainability of a greenhouse, in a single large-format production footprint. Please visit www.supreme.ca and www.7acres.com for more information.