- 7ACRES receives Health Canada approval for approximately 30,000 sqft of additional production space.
- Licensed space at 7ACRES increases to 120,000 sqft and target annual production capacity is expected to increase to approximately 17,500kg.
- 7ACRES also received Health Canada approval for its plant micropropagation space.
- Supreme Cannabis anticipates further Health Canada approvals in the near term.
TORONTO, Jan. 28, 2019 /PRNewswire/ - The Supreme Cannabis Company, Inc. ("Supreme Cannabis" or the "Company") (TSXV: FIRE) (OTCQX: SPRWF) (FRA: 53S1) today announced that its wholly-owned subsidiary, 7ACRES, has obtained Health Canada approval to begin cultivating approximately 30,000 sqft of additional flowering rooms at its facility in Kincardine, Ontario.
This raises the total flowering room space from 90,000 sqft to 120,000 sqft and 7ACRES' annual production capacity estimate increases from approximately 13,300kg to 17,500kg. With further production efficiencies and the completion and licensing of all 25 flowering rooms, the potential capacity of the 7ACRES facility is anticipated to reach approximately 50,000kg per year.
Concurrent with flowering room approvals, 7ACRES also received licensing approval for production space designated for plant micropropagation. Supreme Cannabis is commencing cannabis micropropagation services at the 7ACRES facility to bring additional agricultural sciences to 7ACRES' high-quality cannabis production.
"Scaling our 7ACRES facility is a top priority and today's announcement is another significant step forward towards completing that goal," said John Fowler, President and Founder of Supreme Cannabis. "7ACRES-branded dried flower has received enthusiastic reviews from consumers across Canada. With this additional production capacity, we'll be able to better satisfy the demand from cannabis enthusiasts coast-to-coast."
The 7ACRES facility remains on-track for total construction completion of all flowering rooms by the end of March 2019. Supreme Cannabis anticipates that additional flowering rooms will be approved by Health Canada in the near term.
About Supreme Cannabis
The Supreme Cannabis Company (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 multi-award-winning brand, 7ACRES.
7ACRES is a federally licensed producer of cannabis operating inside a 440,000-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 multiple award wins, including the "Brand of the Year" award 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.
The Supreme Cannabis Company 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.
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, the completion of the remaining flowering rooms at the Kincardine facility, our present and future expected annual production capacity 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.