- Supreme Cannabis and Tilray® enter into a twelve-month guaranteed supply agreement
- Supreme Cannabis to supply 7ACRES premium dried cannabis to Tilray®
- The value of the agreement is estimated to be approximately C$12 million
TORONTO, Sept. 26, 2018 /PRNewswire/ - The Supreme Cannabis Company, Inc. ("Supreme Cannabis" or the "Company") (TSXV: FIRE) (OTCQX: SPRWF) (FRA: 53S1), announced that the Company's wholly owned subsidiary, 7ACRES, has entered into a supply agreement to provide dried cannabis to Tilray Canada Ltd., a subsidiary of Tilray Inc.® (NASDAQ: TLRY), a global leader in cannabis research, cultivation, processing and distribution currently serving tens of thousands of patients in 12 countries spanning 5 continents.
This agreement is a guaranteed commitment to purchase. It will cover the twelve-month period starting October 1, 2018 and is estimated to have a value of approximately C$12 million. As was the case with the recently announced deal between the two companies, the dried cannabis provided to Tilray by 7ACRES will be used primarily to support medical cannabis patients in Canada, including Tilray's robust patient population.
"We are excited to be entering into this agreement with Tilray, an organization – like Supreme Cannabis – that focuses on the end user and demands leading quality assurance standards," said John Fowler, President of The Supreme Cannabis Company. "Tilray has built an industry-leading global medical distribution platform, which has resulted in robust demand for high quality cannabis products. We are happy to provide 7ACRES premium products alongside Tilray's well-regarded and existing lineup to support medical patients around the world."
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 flagship brand 7ACRES.
7ACRES is a federally licensed cannabis producer operating 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 provincial supply agreements with the provinces of Ontario, British Columbia, Alberta, Manitoba, Nova Scotia and Prince Edward Island.
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 consistently set the standard for innovation 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, expectations regarding our regulatory environment and potential changes in law, 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 January 22, 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.