TORONTO, ONTARIO — (Marketwired) — 03/10/17 — Supreme Pharmaceuticals Inc. (“Supreme” or the “Company“) (CSE:SL)(CSE:SL.CN) announces that its wholly-owned subsidiary 7 ACRES has received a renewal of its license to cultivate cannabis pursuant to the Access to Cannabis for Medical Purposes Regulations (“ACMPR“). Supreme also understands that Health Canada is in the final phase of its review of 7 ACRES’ application (the “Application“) for the authorization to sell bulk cannabis. The Application was submitted in November 2016 followed by a site inspection in January 2017.
In light of recent events facing the industry relating to certain licensed producer’s purported use of unapproved pesticides, Health Canada has increased its focus on the cultivation methods and cultivation inputs used by all licensed producers not only with respect to pesticides but also nutrients and fertilizers. Supreme has always been transparent with Health Canada regarding its cultivation methods and the use of cannabis-specific nutrients (collectively the “Nutrients“), recording all such use in its Standard Operating Procedures (“SOPs“) which are subject to ongoing audit by Health Canada. The Nutrients used by 7 ACRES are a specialty brand of cannabis-specific fertilizers developed and manufactured in Maple Ridge, BC by Remo Brands Ltd. As part of the ongoing review process, Health Canada has asked Supreme to work with Remo Brands Ltd. to provide reasonable data that the Nutrients comply with all relevant safety guidelines and applicable law.
“Supreme is committed to patient safety and the quality of our cannabis,” stated John Fowler, CEO. “We agree with and support Health Canada’s increased rigor and its precautionary efforts relating to the Nutrients as well as the regulator’s increased vigilance of our fledgling industry which we see as positive for our sector’s growth.”
Supreme is a Canadian publicly traded company committed to becoming a leading supplier of affordable medical cannabis through its wholly-owned subsidiary 7 ACRES (formerly AMMCan). 7ACRES is a federally licensed producer of medical cannabis pursuant to the Access to Cannabis for Medical Purposes Regulations operating a 342,000 sq. ft. Hybrid Greenhouse facility. The Hybrid Greenhouse combines the best technology of indoor production with the efficiencies and sustainability of a greenhouse, in a single large-format production footprint. Please visit www.supreme.ca and www.7acres.com for more information.
Forward Looking Statements
Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in the Company’s periodic filings with Canadian securities regulators. Although the Company has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, other factors could cause results, performance or achievements not to be as anticipated, estimated or intended, including, but not limited to: dependence on obtaining regulatory approvals; limited operating history; competition; inconsistent public opinion and perception of the medical-use marijuana industry; and regulatory or political change. There can be no assurance that such information will prove to be accurate or that management’s expectations or estimates of future developments, circumstances or results will materialize. As a result of these risks and uncertainties, the results or events predicted in these forward-looking statements may differ materially from actual results or events. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this release. The Company disclaims any intention or obligation to update or revise such information, except as required by applicable law, and the Company does not assume any liability for disclosure relating to any other company mentioned herein.
The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.
Source: Supreme Pharmaceuticals Inc.