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TORONTO, Oct. 2, 2018 /CNW/ – The Supreme Cannabis Company, Inc. (“Supreme Cannabis” or the “Company”) (TSXV: FIRE) (OTCQX: SPRWF) (FRA: 53S1), is pleased to announce that it will be giving notice to holders of its 8% unsecured convertible debentures originally due November 14, 2019 (the “Convertible Debentures”) that such Convertible Debentures will be converted into common shares of Supreme Cannabis (“Shares”) on or about November 6, 2018 (the “Conversion Date”).
Under the terms of the indenture relating to the Convertible Debentures, Supreme Cannabis has the right at any time beginning on March 15, 2018 to convert all, but not less than all, of the principal amount and all accrued and unpaid interest of the Convertible Debentures at the conversion price set out therein if the volume weighted average price of the Shares for 10 consecutive trading days exceeds $2.10.
As of the date hereof, an aggregate principal amount of $7,030,000 and accrued interest of $496,787 was outstanding. The Convertible Debentures will be converted on the Conversion Date at a rate of 625 Shares for each $1,000 principal amount plus accrued and unpaid interest.
About Supreme Cannabis
The Supreme Cannabis Company (TSXV: FIRE) (OTCQX: SPRWF) (FRA: 53S1) 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 flagship brand 7ACRES.
7ACRES is a federally licensed cannabis producer operating 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 provincial supply agreements with the provinces of Ontario, British Columbia, Alberta, Manitoba, Nova Scotia and Prince Edward Island.
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.
The Supreme Cannabis Company has consistently set the standard for innovation 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.
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