- Supreme Cannabis receives conditional approval to list on Toronto Stock Exchange
- Its 7ACRES line voted 2018 Cannabis Brand Of The Year
- Expects to reach annual output capacity of 50,000 kg by middle of 2019
- Company plans to launch jointly-developed products with Khalifa Kush Enterprises
Another day… another milestone… The Supreme Cannabis Company Inc. (TSX.V: FIRE) (OTC: SPRWF) (FRA: 53S1) makes progress seem so easy. After a string of recent successes that include completion of 19 flowering rooms, clinching a deal with Khalifa Kush Enterprises and copping the 2018 Cannabis Brand of the Year Award, the company has received conditional approval from the Toronto Stock Exchange (the “TSX”) to graduate from the TSX Venture Exchange (“TSXV”) and list its common shares on the TSX (http://cnw.fm/Pw9Jt). Conditional approval from the TSX Listings Committee is the penultimate step to a full listing, which is formalized and confirmed at a public listing ceremony. Supreme Cannabis expects the TSX listing to broaden its investment appeal and improve its ability to execute 2019’s strategic imperatives. If the past is any guide to the future, Supreme will continue to deliver on its promises.
The uplisting announcement follows an array of achievements in 2018. In December, 7ACRES, a wholly owned subsidiary of Supreme Cannabis, was recognized as ‘Brand of the Year’ at the 2018 Canadian Cannabis Awards presented by Lift & Co. (TSXV: LIFT). The Canadian Cannabis Awards celebrate Canadian cannabis, distinguishing the people, companies and products that make it great. 7ACRES was selected by a panel of industry professionals from a variety of sectors in the cannabis space. The award recognizes the enormous effort behind creating a brand, strategy, culture, image and impact that resonates in the public consciousness (http://cnw.fm/Y15zh).
7ACRES generated the sixth-highest revenue among Canadian licensed cannabis producers in the fourth quarter of 2018. Considering that 2018 was its first year of sales, the volume achieved validates Supreme’s strategy of producing high-end cannabis to scale. 7ACRES was able to complete 19 flowering rooms; it expects to achieve its target of 25 completed flowering rooms by March 2019. At that point, the total facility will extend over 440,000 square feet, with cultivation space of 300,000 square feet – about seven acres.
Supreme Cannabis expects 7ACRES to reach its estimated annual output of 50,000 kg by the middle of calendar 2019. During the year, the company aims to strengthen 7ACRES’ market position as a leading premium flower brand. It also has a number of other initiatives in the works.
Supreme has announced an exclusive consulting agreement with Wiz Khalifa’s Khalifa Kush Enterprises (KKE) to develop and launch a line of premium cannabis products in the budding Canadian market (http://cnw.fm/stL0K). The move could bring the KKE strains that have proved so successful in the U.S. market into Canada’s emerging recreational market. Wiz Khalifa is a Grammy Award-winning American rapper, singer, songwriter and actor who has become an icon within the cannabis community. After collaborating with Colorado-based RiverRock Cannabis in 2016, Khalifa developed his own line of regulated marijuana strains, products and concentrates under the Khalifa Kush brand. These products have already hit dispensary shelves across most states where cannabis has been legalized.
Supreme has also acquired a 10 percent stake in Medigrow Lesotho (PTY) Limited (http://cnw.fm/QcH1r). In addition, the two companies have agreed to enter into a long-term global distribution partnership for medical cannabis oil (as defined in the Access to Cannabis for Medical Purposes Regulations). The cannabis oil will be produced by Medigrow in Lesotho, and, subject to all government and international regulatory approvals, the oil will be exported to international markets in the European Union and South America. Medigrow is located in the Kingdom of Lesotho in southern Africa. The company is licensed by the Lesotho Ministry of Health to cultivate and manufacture medical cannabis and cannabis oil products.
For more information, visit the company’s website at www.Supreme.ca
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