- One-year, $12 million supply agreement signed with Tilray Inc. to support medical cannabis patients
- State-of-the-art hybrid greenhouse technology and cultivation operations enable 7ACRES to grow premier cannabis sustainably and at scale
- Ramping up to produce an estimated 50,000 kg at full capacity in 2019
- 7ACRES named ‘Brand of the Year’ at the 2018 Canadian Cannabis Awards
The Supreme Cannabis Company Inc. (TSX: FIRE) (OTCQX: SPRWF) (FRA: 53S1) continues to build on its reputation as a global organization that produces and distributes consumer-centric, proprietary cannabis plant products. The company’s mission, aptly stated in an investor presentation (http://cnw.fm/94G9y), is to “make a positive impact on people and the planet by continuing to grow better cannabis businesses globally.”
The Supreme Cannabis Company, through 7ACRES, its wholly owned subsidiary and award-winning Canadian Licensed Producer, provides a high-quality, premier product and brand that reflect the desires of a discriminating cannabis consumer. Company financials show that the 440,000-square-foot facility operated by 7ACRES in Ontario is on track to reach full production capacity in 2019.
7ACRES has received Health Canada approval to begin cultivating approximately 30,000 square feet of additional flowering rooms at its Kincardine, Ontario, facility, which raises the total flowering room space to 120,000 square feet (from 90,000 square feet) and increases the annual production capacity estimate to 17,500 kg (from approximately 13,300 kg), as detailed in a news release (http://cnw.fm/5u9pE).
The facility’s potential capacity is expected to reach approximately 50,000 kg per year in 2019 due to increased production efficiencies and the completion and licensing of all 25 flowering rooms. 7ACRES also received licensing approval for production space designated for plant micropropagation, which Supreme Cannabis will begin at the facility to bring additional agricultural sciences to its 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,” Supreme Cannabis president and founder John Fowler said in the January 28 news release. “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.”
Shipments of the 7ACRES-branded high-end cannabis products have already been made to six of Canada’s provinces through distribution agreements made with provincial government channels. The company announced in early February that it has entered into supply agreements with two additional provinces (http://cnw.fm/UfU0q).
In December, 7ACRES was recognized as ‘Brand of the Year’ at the 2018 Canadian Cannabis Awards presented by Lift & Co. (TSX.V: LIFT). The Canadian Cannabis Awards celebrate Canadian cannabis, distinguishing the people, companies and products that make it great. The award recognizes the enormous effort behind creating a brand, strategy, culture, image and impact that resonate in the public consciousness (http://cnw.fm/bfY7a).
A recent article in MarketRealist.com reviewed several analysts’ recommendations for the company’s stock, noting that Supreme Cannabis has provided an impressive return of 47 percent year-to-date. Among the summarized comments, the article points out that Cormark Securities raised Supreme Cannabis’ target rating to a ‘Buy’, bringing it in line with several other analysts’ recommendations (http://cnw.fm/p6hLo).
The company’s growth strategy includes a C$12 million supply agreement with Tilray Inc. (NASDAQ: TLRY), a global leader in cannabis research, cultivation, processing and distribution, to supply dried cannabis for one year in support of medical cannabis patients in Canada. Supreme Cannabis has also partnered with several Canadian cannabis retailers including Aurora Cannabis, Emerald Health Botanicals, Namaste and Zenabis, among others. In addition, through a distribution partnership with Medigrow Lesotho (PTY) Limited, the company intends to export CBD and cannabis oil to international markets in the European Union and South America.
For more information, visit the company’s website at www.Supreme.ca
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