RE:RE:RE:RE:RE:RE:RE:Supreme Partnerships, Assets and Retailers:Yeah it was a 3 million dollar investment for 10% of Bliss Co.
Supreme doesn't seem to be making any mention of that investment in the last few months , I am expecting a news report with updates on Medigrow and Bliss co soon.
Here is the original NR - GLTA
TSXV: FIRE
- Supreme completed $3,000,000 strategic equity investment in BlissCo (CSE:BLIS), late-stage ACMPR applicant company based in Vancouver, British Columbia.
- Investment gives Supreme a 10% ownership stake in BlissCo.
- 7ACRES, Supreme's wholly-owned subsidiary, will supply BlissCo with approximately 1,000kg of high-quality cannabis, valued at approximately $6,000,000.
TORONTO, Feb. 26, 2018 /CNW/ - The Supreme Cannabis Company, Inc. ("Supreme Cannabis" or the "Company") (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."