SEATTLE, March 27, 2019 (GLOBE NEWSWIRE) -- CFN Media Group (“CFN Media”), the leading agency and financial media network
dedicated to the North American cannabis industry announces publication of an article featuring the Supreme Cannabis Co. (TSX: FIRE) (OTCQX: SPRWF) (FRA: 53S1). The company is a licensed
producer with a 440,000 sq. ft. facility in Kincardine, Ontario, recently secured Health Canada’s approval for six additional flowering rooms. The new
additions bring its total square footage up to 180,000 sq. ft. across 18 flowering rooms.
Canada’s cannabis industry continues to experience a supply shortage, according to Cowen & Co., which found that nearly half of all items remained out of stock on five provincial
e-commerce websites. With the legalization of edibles expected in October, these supply shortages could increase as the industry
broadens its customer base. These dynamics have created opportunities for licensed producers expanding their production
capacity.
Ramping Up Production
Supreme Cannabis has 180,000 sq. ft. of production capacity following Health Canada’s approval, which translates to an estimated
26,250 kilograms per year—a 50 percent increase from its prior production estimates. The company hopes to further expand its
production capacity to 50,000 kilograms per year, which would make it one of the largest licensed producers in the country during a
critical supply shortage.
“With 18 of 25 flowering rooms at 7ACRES now approved by Health Canada, production space at our facility is near the finish
line,” said Supreme Cannabis President and Founder John Fowler in the press release announcing the expansion. “With our multi-award
winning 7ACRES brand now available in 8 out of 10 provinces, we look forward to completing construction of the facility so that
cannabis enthusiasts coast to coast will be able to enjoy what we believe to be the highest quality cannabis grown at scale in the
country.”
The company’s 7ACRES brand has received multiple cannabis industry awards, including “Brand of the Year” at the 2018 Canadian Cannabis Awards. In addition, the company’s
provincial supply agreements consistently list the brand in the highest brand category available to recreational consumers. The
company believes that premium categorizations are leading to higher profit margins than many of their competitors that target the
low end of the market.
Launching Oil Products
Supreme Cannabis also announced that it expects to launch cannabis oil products into the recreational market
beginning next month. Cannabis oil sales have been significantly outpacing cannabis flower sales as the market matures. According
to Health Canada, licensed producers sold 4,455 kilograms of cannabis oil to consumers in September
2018 (the last reported data) compared to just 1,755 kilograms of cannabis flower.
“Premium oils require premium cannabis,” says Supreme Cannabis CEO Navdeep Dhaliwal. “Our formulation will leverage
supercritical CO2 technology to produce a high quality, purified cannabis oil which we reformulate with the naturally occurring
cannabis terpenes from our 7ACRES High-End Cannabis™. The result is a unique, plant-based cannabis oil that carries the
award-winning qualities of our flower into an oil product for consumers looking for a premium cannabis oil experience.”
The company plans to initially ship oil products to select markets before expanding distribution of its cannabis oil line to
additional provinces by June 2019. Each bottle will contain a proprietary blend of highly purified cannabis oils and terpenes
derived from plants grown by 7ACRES, which differs from the bulk oils produced by many other cannabis oil manufacturers in Canada
and around the world.
Looking Ahead
Supreme Cannabis Co. (TSX: FIRE) (OTCQX: SPRWF) (FRA: 53S1) is well positioned to
capitalize on the growing demand for cannabis across Canada. With growing production capacity and near-term plans to enter the
high-margin cannabis oil business, investors may want to take a closer look at the stock over the coming quarters.
For more information, visit the company’s website at www.supreme.ca.
Please follow the link to watch the full interview: https://www.cannabisfn.com/supreme-cannabis-scales-up-production-into-higher-margin-product-lines/
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Frank Lane
206-369-7050
Flane@cannabisfn.com
