Supreme Cannabis Provides Construction Update for 7ACRES
TORONTO, Jan. 2, 2019 /PRNewswire/ – The Supreme Cannabis Company, Inc. (“Supreme Cannabis” or the “Company”) (TSXV: FIRE) (OTCQX: SPRWF) (FRA: 53S1), 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. In our view, 7ACRES sets the international standard for cannabis cultivation and allows us to grow craft-quality cannabis at scale.
John Fowler, President & Founder of Supreme Cannabis
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. (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 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.