- As of calendar year-end, 7ACRES has 19 completed flowering rooms
- Completion of all 25 flowering rooms scheduled for March 2019
- Administrative offices and other facilities scheduled for completion by mid-2019
- Health Canada approval of additional flowering rooms expected in the near term
TORONTO, Jan. 2, 2019 /PRNewswire/ - The Supreme Cannabis Company, Inc. ("Supreme Cannabis" or the "Company") (FIRE.V) (SPRWF) (53S1.F), announces that as of calendar year-end, 7ACRES has 19 completed flowering rooms and is on track for all 25 flowering rooms to be completed in March 2019. Once completed, 7ACRES will have a greenhouse footprint of approximately 300,000 square feet, with the total facility reaching over 440,000 square feet. Supreme Cannabis expects 7ACRES to reach its estimated annual output of 50,000 kg by the middle of calendar 2019.
Management believes the 7ACRES facility is unique in Canada for its ability to produce high-quality cannabis on a commercial scale. Each of the facility's modular flowering rooms utilize industry-leading HPS lighting technology to provide "indoor" quality lighting that is supplemented by the sun to improve terpene and cannabinoid production. The facility's modular design allows each flowering room to provide variable environmental conditions tailored to the specific needs of the crop in production, while also reducing the risk of crop loss.
An updated timeline of construction completion is as follows:
- December 2018 – 19 total flowering rooms completed.
- January 2019 – 3 additional flowering rooms are expected to be completed.
- February 2019 – 1 additional flowering room is expected to be completed.
- March 2019 – 2 additional flowering rooms are expected to be completed, representing the completion of all 25 flowering rooms.
- Mid-2019 – primary office and administrative area are expected to be completed.
Expansion of the facility is subject to Health Canada regulatory approvals. As flowering rooms are completed, Supreme Cannabis intends to look for opportunities to streamline the Health Canada review process, such as by having groups of completed rooms reviewed simultaneously for licensing.
"We are thrilled with the progress made at our facility in Kincardine, Ontario and are excited to announce that we are nearing completion for all of our flowering rooms," said John Fowler, President & Founder of Supreme Cannabis. "In our view, 7ACRES sets the international standard for cannabis cultivation and allows us to grow craft-quality cannabis at scale. We believe consumer behaviour has validated our thesis that people prefer higher-quality flower and are willing to pay more for it, and as the market expands for derivative products such as vape pens and edibles we expect consumers will prefer products extracted from the highest quality inputs.
About Supreme Cannabis
The Supreme Cannabis Company, Inc. (FIRE.V) (SPRWF) (53S1.F) 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 award-winning brand 7ACRES.
7ACRES is a federally licensed producer of cannabis operating inside 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 its "Brand of the Year" award win at the 2018 Canadian Cannabis Awards, and in provincial supply agreements where 7ACRES' product is consistently listed in the highest brand category available to recreational consumers.
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.
Supreme Cannabis has been a leading innovator 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 the construction schedule for the flowering rooms, primary office and administrative area at 7ACRES' Kincardine and the estimated total square footage and annual output therefrom 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 October 2, 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.
Supreme Cannabis currently believes that the construction timeline, greenhouse square footage and estimated annual output for 7ACRES' Kincardine facility can be reasonably estimated and is based on underlying assumptions that management believes are reasonable in the circumstances, given the time period for such guidance. However, there can be no assurance that Supreme Cannabis will be able to meet the construction timeline, increase its square footage of flowering rooms or increase its annual output within the timelines set out herein or at all.
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.
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