- Supreme Cannabis' premium wellness brand, Blissco, receives oil sales license from Health Canada.
- Blissco expects to ship first CBD oil product to the Canadian market in Q2 fiscal 2020.
- Blissco product sales expected to meaningfully contribute to Supreme Cannabis' fiscal 2020 revenue.
TORONTO, Oct. 8, 2019 /PRNewswire/ - The Supreme Cannabis Company, Inc. ("Supreme Cannabis" or the "Company") (TSX: FIRE) (OTCQX: SPRWF) (FRA: 53S1), is pleased to announce that Blissco Cannabis Corp. ("Blissco"), Supreme Cannabis' premium wellness brand and a multi-licensed processor and distributor, has received licensing approval from Health Canada for the sale of cannabis oils from its facility in Langley, British Columbia (the "Facility").
The cannabis oil sales license granted by Health Canada (the "License") allows Blissco to sell full spectrum cannabidiol (CBD) oil products. As previously announced, Supreme Cannabis closed its acquisition of Blissco in the first quarter of fiscal 2020. The Company has since integrated, focused and advanced Blissco's business, initiating construction on a large-scale ethanol based extraction lab to expand upon Blissco's existing CO2-based extraction capability. By the end of calendar year 2019, Supreme Cannabis expects that the Facility will have the capacity to produce over 7,000,000 tincture bottles annually. Supreme Cannabis also expects the Blissco brand to meaningfully contribute to projected revenue in fiscal 2020.
"With the receipt of the License and expanded extraction capacity, Blissco will be positioned to address the growing unmet demand for high-quality CBD oil products across Canada," said Navdeep Dhaliwal, CEO of Supreme Cannabis. "Blissco's legacy of premium whole flower products established a brand that represents quality and authenticity to wellness consumers. For over a year, Blissco's team developed advanced oil processing and formulation capabilities based on the same ethos. Consumers will soon be able to experience high-quality CBD oil products from a premium wellness brand they have come to trust. The team at Blissco has developed sophisticated expertise and diligently executed against ambitious business objectives, their hard work and vision has led to this significant milestone."
Blissco anticipates launching its first CBD oil product to the Canadian market in the second quarter of fiscal 2020 and introducing a suite of complementary cannabis extract products in subsequent quarters.
Supreme Cannabis is also pleased to announce that Todd McAdam has assumed the role of General Manager of the Facility. Mr. McAdam is a highly experienced operations professional with a career that spans more than 30 years in the food and beverage industries. Mr. McAdam most recently served as General Manager at Labatt Breweries of Canada's Turning Point Brewery in British Columbia. Mr. McAdam will manage and support the production, sale and distribution of Blissco's high-quality products.
About Supreme Cannabis.
The Supreme Cannabis Company, Inc. is a global diversified portfolio of distinct cannabis companies, products and brands. Since 2014, the Company has emerged as one of the world's fastest-growing, premium plant driven-lifestyle companies by effectively deploying capital, with an emphasis on disciplined growth and high-quality products.
Supreme Cannabis' portfolio includes 7ACRES, its wholly-owned subsidiary and multi-award-winning brand; Blissco Cannabis Corp., a wellness cannabis brand and a multi-licensed processor and distributor based in British Columbia; Truverra Inc., a global medicinal cannabis brand and licensed cultivator; Cambium Plant Sciences, a plant genetics and cultivation IP company; Medigrow Lesotho, an cannabis oil producer located in southern Africa; Supreme Heights, an investment platform focused on CBD brands in the UK and Europe and a brand partnership and licensing deal with Khalifa Kush Canada ULC.
Supreme Cannabis trades as FIRE on the Toronto Stock Exchange (TSX: FIRE), SPRWF on the OTC Exchange in the United States (OTCQX: SPRWF) and 53S1 on the Frankfurt Stock Exchange (FRA: 53S1). Follow us on Instagram, Twitter, Facebook and YouTube.
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Certain statements made in this press release may constitute "forward-looking information" within the meaning of applicable securities laws ("forward-looking statements"). These forward-looking statements may relate to anticipated events or results and include, but are not limited to, expected production capacity of the Facility, contributions of the Blissco brand to our projected revenue in fiscal 2020, the anticipated launch and timing of Blissco's products in the Canadian market, our ability to create shareholder value and other statements that are not historical facts. 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. The forward-looking statements in this news release are only predictions and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. There can be no assurance that such estimates and assumptions will prove to be correct. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities laws in Canada.
SOURCE The Supreme Cannabis Company, Inc.