Supreme makes strategic investment in distribution partner and secures supply agreement with BlissCo
The Supreme Cannabis Company Inc (TSXV:FIRE) is pleased to announce that it has completed a $3,000,000 strategic equity investment (the “Investment”) in BlissCo Cannabis Corp. (“BlissCo”). BlissCo is a company located in Vancouver, British Columbia that has applied to become a Licensed Producer under the Access to Cannabis for Medical Purposes Regulations (the “ACMPR”). BlissCo was formed on the completion of a reverse takeover transaction involving Trigen Resources Inc. and Bliss Co Holdings Ltd. that closed concurrently with the Investment. Trading of BlissCo is expected to commence by February 28, 2018 on the Canadian Securities Exchange under the symbol BLIS. Pursuant to the Investment, Supreme holds an approximate 10.1% ownership interest in BlissCo.
In addition, Supreme Cannabis’ wholly owned subsidiary 8528934 Canada Ltd. o/a 7ACRES has entered into a definitive supply agreement (the “Supply Agreement”) with BlissCo. 7ACRES will supply BlissCo with a minimum of 1,000 kilograms of premium quality dried cannabis on a take-or-pay basis over a twelve-month period starting July 1, 2018. The aggregate value of the Supply Agreement is estimated to be $6,000,000, representing a further validation of Supreme’s premium-focused, branded wholesale B2B model.
BlissCo, founded by CEO Damian Kettlewell, is a distribution and extraction focused company which is currently completing the construction of its Metro Vancouver distribution facility. In addition to his role at BlissCo, Mr. Kettlewell is currently a director and spokesperson for the Association of Beverage Licenses of BC (“ABLE BC”) and serves as the private sector spokesperson for the Responsible Marijuana Retail Alliance of BC, a public-private partnership between the BC Government Employee’s Union and ABLE BC. Prior to founding BlissCo, Mr. Kettlewell spent 11 years as a partner and director of external affairs for JAK’s Beer Wine and Spirits in British Columbia.
“We have been watching the development of BlissCo for some time and have been impressed by Mr. Kettlewell’s retail and distribution strength, industry connectivity and vision for the cannabis industry in British Columbia and Western Canada.” said John Fowler, CEO of Supreme Cannabis. “Like Supreme, British Columbians have a passion for high-quality cannabis and we look forward to working with Mr. Kettlewell and his team at BlissCo.”
“Over the past year, we have revised our business model to concentrate on our core strength: in-province cannabis distribution,” said Damian Kettlewell, CEO and Founder of BlissCo. “British Columbia will be a competitive retail market where quality will be a differentiating factor. Our focused business plan has allowed us to avoid the time and capital commitments of developing massive cultivation infrastructure, and instead pursue partnerships with leading quality-focused cultivators such as Supreme Cannabis’ 7ACRES.”
John Fowler, Director and CEO
Supreme is a Canadian publicly traded company committed to becoming a leading cultivator and distributor of sun grown cannabis through its wholly-owned subsidiary 7ACRES. 7ACRES is a federally licensed producer of medical cannabis pursuant to the ACMPR operating inside a 342,000 sq. ft. hybrid facility. The hybrid facility 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.
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 regulatory environment and potential changes in law, including the legalization of recreational or adult-use cannabis and the timing thereof, expectations regarding our production capacity, technology, operations and the value of the Supply Agreement 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 January 22, 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.
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.
SOURCE Supreme Pharmaceuticals Inc.
Meanwhile, two longstanding cannabis partners ended their relationship.
Trulieve to donate $20,000 in scholarship funding and $15,000 to support leadership development
Trulieve Cannabis Corp . (CSE: TRUL) (OTC: TCNNF), a leading and top-performing cannabis company in the United States today announced a new partnership with the Thurgood Marshall College Fund (TMCF), the nation’s largest organization exclusively representing the Black College Community. Trulieve will donate $20,000 to help fund several college scholarships awarded to students who are attending one of the organization’s member-schools as part of Trulieve’s diversity, equity, and inclusion initiatives. The $15,000 in talent funding is earmarked to support TMCF’s internship program, reaching a diverse talent pool of students and alumni from their 47 member-schools to provide immersive experiences at Trulieve.
The new dispensary expands patient access to Florida’s largest inventory of medical cannabis products
Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) (“Trulieve” or “the Company”), a leading and top-performing cannabis company based in the United States announced today the opening of a brand-new Florida dispensary, the Company’s 80th nationwide. The new location marks the Company’s first in Tamarac and third in Broward County expanding patient access to Florida’s largest and broadest assortment of high-quality medical cannabis products.
Revive Therapeutics Provides Update on FDA Phase 3 Clinical Trial for Bucillamine in COVID-19 with Planned Completion and Emergency Use Authorization Request
Revive Therapeutics Ltd. (“Revive” or the “Company”) (CSE: RVV, USA: RVVTF), a specialty life sciences company focused on the research and development of therapeutics for medical needs and rare disorders, is pleased to announce an update on the Company’s U.S. Food & Drug Administration (“FDA”) Phase 3 clinical trial (the “Study”) to evaluate the safety and efficacy of Bucillamine in patients with mild to moderate COVID-19.
With its recent $23 million dollar financing, the Company plans to aggressively expand from 14 clinical sites to up to 50 clinical sites to meet the next enrollment goals for the Study in Q2-2020. The Study is a randomized, double-blinded, placebo-controlled trial and the safety and efficacy data analyzed at each interim analysis timepoint of 210, 400, 600 and 800 completed patients are only made available to the Independent Data and Safety Monitoring Board (“DSMB”) for review and recommendations on continuation, stopping or changes to the conduct of the Study. In the event of any serious safety concerns, the DSMB would be notified to determine any risks and provide its recommendations. To date, in this initial 210 interim point there have been no serious safety concerns that required the DSMB to be notified.
HempFusion Wellness Inc. (TSX:CBD.U) (OTCQX:CBDHF) (FWB:8OO) (“HempFusion” or the “Company”), a leading health and wellness CBD company utilizing the power of whole-food hemp nutrition, is pleased to announce that its common shares have been approved for DTC full-service eligibility in the United States by the Depository Trust Company (“DTC”) and can now be both traded and serviced through DTC’s electronic book-entry system.
DTC is a subsidiary of the Depository Trust & Clearing Corp. (“DTCC”) that provides clearing and settlement services for the financial markets and settles the majority of securities transactions in the United States. This electronic method of clearing securities speeds up the receipt of stock and cash and thus accelerates the settlement process for investors and brokers, enabling the stock to be traded over a much wider selection of brokerage firms.