Supreme Pharma’s 7 Acres Can Now Sell Cannabis More than 15 Months After Cultivation License Awarded

Supreme Pharma (TSXV: FIRE) (OTC: SPRWF) reported receipt of the long-awaited amendment to its cultivation license at 7 Acres today. The ability to sell took so long that a website was created to monitor the situation. Here is the update:

The company issued a terse press release with the title “Supreme Receives Sales Approval”:

TORONTO, ONTARIO–(Marketwired – June 28, 2017) – Supreme Pharmaceuticals Inc. (“Supreme” or the “Company”) (TSX VENTURE:FIRE) is pleased to announce that its wholly-owned operating subsidiary, 7ACRES, has been granted its permission to sell under the Access to Cannabis for Medical Purposes Regulations.

Supreme’s 7 Acres facility is a hybrid greenhouse in Kincardine, Ontario. The company has a differentiated, wholesale-only business model. The gap between licensing for cultivation on March 11, 2016 and the amendment for sale today was the longest yet for any ACMPR LP. The company grows from seed rather than from clone, which added several weeks, and it was hit with another delay earlier this year when a nutrient the company uses was caught in a regulatory inquiry.

Shareholders have waited a long time, but now it’s official!

Before this cannabis stock news is here, it's published to subscribers on 420 Investor.

Breaking news by Alan Brochstein, CFA

ab-byline-ncvBased in Houston, Alan leverages his experience as founder of online communities 420 Investor, the first and still largest due diligence platform focused on the publicly-traded stocks in the cannabis industry. With his extensive network in the cannabis community, Alan continues to find new ways to connect the industry and facilitate its sustainable growth. At New Cannabis Ventures, he is responsible for content development and strategic alliances. Before shifting his focus to the cannabis industry in early 2013, Alan, who began his career on Wall Street in 1986, worked as an independent research analyst following over two decades in research and portfolio management. A prolific writer, with over 650 articles published since 2007 at Seeking Alpha, where he has 70,000 followers, Alan is a frequent speaker at industry conferences and a frequent source to the media, including the NY Times, the Wall Street Journal, Fox Business, and Bloomberg TV.

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