Supreme Cannabis Completes First Shipment to Israel and Provides Corporate Update
- Supreme Cannabis completes landmark international medical cannabis export from Canada to Israel
- Supreme Cannabis' international medical brand, Truverra, to be sold through BOL Pharma's network of pharmacies across Israel
- Supreme Cannabis provides update on corporate activities amid the COVID-19 pandemic
TORONTO, April 2, 2020 /PRNewswire/ - The Supreme Cannabis Company, Inc. ("Supreme Cannabis" or the "Company") (TSX: FIRE) (OTCQX: SPRWF) (FRA: 53S1) today announced the completion of its first international cannabis shipment from Canada into Israel. Supreme Cannabis partnered with Breath of Life International Ltd. ("BOL Pharma"), Israel's largest and leading producer of medical cannabis and cannabis products, to offer Truverra-branded premium medical cannabis to patients in Israel.
"This transaction represents a new international revenue opportunity for Supreme Cannabis and builds Truverra's global medical brand in one of the most sophisticated medical cannabis markets in the world," said Colin Moore, Interim President and CEO of Supreme Cannabis. "With the support of BOL Pharma, we navigated both Canada and Israel's complex regulatory landscapes to achieve compliance with regulatory authorities in both countries, including Health Canada, the Canadian Food Inspection Agency and Israel's Ministry of Health and Ministry of Agriculture and Rural Development. We benefitted from BOL Pharma's skilled team, international experience and solidified position as a leading medical cannabis company in Israel. As we pursue capital-light international opportunities, we will continue to look to Jeff Adams, Truverra's CEO, and his exceptional team to build Truverra's medical brand globally."
"We are pleased to address the growing demand for premium indoor grown medical cannabis product in Israel through our first cannabis import from Canada. Supreme Cannabis is a partner that shares our high standards for quality and respect for patients and consumers," said Dr. Tamir Gedo, CEO of BOL Pharma. "On March 30, Truverra products became available across pharmacies in Israel and we are already receiving positive feedback from patients. We look forward to continuing to work with Supreme Cannabis and to offering Truverra's premium medical cannabis to patients in Israel."
BOL Pharma has been involved in researching and developing cannabis-based products for 13 years. It is the largest medical cannabis company in Israel and the only one to handle all stages of cultivation and production, ensuring compliance with the strictest standards set by the Israeli Ministry of Health and EU-GMP conditions. BOL Pharma is distributing Truverra's medical cannabis in 10-gram containers to its network of pharmacies across Israel.
Truverra's cannabis was grown at Supreme Cannabis' 440,000 square foot premium indoor hybrid cultivation facility (the "7ACRES Facility") in Kincardine, Ontario. The Truverra branded medical cannabis was purposefully grown and allocated to this international medical opportunity. Supreme Cannabis continues to operate internationally in the EU and UK through Truverra's CBD e-commerce business (truverra.com).
COVID-19 Corporate Update
"As an essential business in Ontario and other Canadian provinces, Supreme Cannabis has the privilege to continue to produce products for our consumers, to provide income opportunities to our employees and to continue to support the communities we operate in," said Colin Moore.
Supreme Cannabis continues to work to mitigate risk and manage disruption to its operations with the implementation of remote work when possible and increased precautionary measures at its facilities, including, limited shift sizes, separation between shifts, additional sterilization processes, staggered breaks, and continued access to personal protective equipment such as gloves and masks. These health, safety and sanitation measures have been applied in addition to the Company's usual best-practices.
Supreme Cannabis has also experienced some minor external business disruptions due to the COVID-19 pandemic, including supplier and third-party testing delays. These delays have pushed out the launch dates for 7ACRES' whole flower pre-rolls and PAX pods for the PAX Era vaporizer. These new products were originally slated to be introduced to the Canadian market in the Company's fiscal Q3, ending March 31, 2020 and are now expected to be available in fiscal Q4.
The Company's top priority continues to be the well-being of its employees. Supreme Cannabis is pleased to announce that current front-line employees are receiving temporary recognition pay in acknowledgement of their hard work through these difficult times. At the same time, Supreme Cannabis remains committed to making a positive impact in the communities it operates in. This past week, employees at the 7ACRES Facility led an initiative to donate 500 N95 masks to Bruce County first responders. The Company continues to look for opportunities to support its local communities through these challenging conditions.
About Supreme Cannabis.
The Supreme Cannabis Company, Inc., (TSX: FIRE) (OTCQX: SPRWF) (FRA: 53S1), is a global diversified portfolio of distinct cannabis companies, products and brands. Since 2014, the Company has emerged as one of the world's fastest-growing, premium plant-driven lifestyle companies. Supreme Cannabis' portfolio of brands caters to diverse consumer experiences, with brands and products that address recreational, wellness, medicinal and new consumer preferences.
The Company's brand portfolio includes, 7ACRES, Blissco, Truverra, Sugarleaf by 7AC and Khalifa Kush Enterprises Canada. Supreme Cannabis' brands are backed by a focused suite of world-class operating assets that serve key functions in the value chain, including, scaled cultivation, value-add processing, centralized manufacturing and product testing and R&D. Follow the Company on Instagram, Twitter, Facebook, LinkedIn and YouTube.
We simply grow better.
Forward-Looking Information.
Certain statements made in this press release may constitute "forward-looking information", "future oriented financial information" or "financial outlooks" (collectively, "forward-looking information") within the meaning of applicable securities laws. Forward-looking information may relate to anticipated events or results including, but not limited to: pursuing capital-light international opportunities; building Truverra's medical brand globally; BOL Pharma's continued work with Supreme Cannabis and the continued offering of Truverra's premium medical cannabis in Israel; the expected launch dates for 7ACRES' whole flower pre-rolls and PAX pods for the PAX Era vaporizer; Supreme Cannabis' international operations; the Company's measures to mitigate risk and manage disruptions to its operations; the production of products by the Company; providing income opportunities to employees and supporting local communities; and other statements that are not historical facts. Particularly, information regarding our expectations of future results, targets, performance achievements, prospects or opportunities is forward-looking information. Often, but not always, forward-looking statements can be identified by the use of forward-looking terminology such as "may", "will", "expect", "believe", "estimate", "plan", "could", "should", "would", "outlook", "forecast", "anticipate", "foresee", "continue" or the negative of these terms or variations of them or similar terminology. Forward-looking information is current as of the date it is made and is based on reasonable estimates and assumptions made by us at the relevant time in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we believe are appropriate and reasonable in the circumstances. To the extent any forward-looking information in this press release constitutes "future oriented financial information" or "financial outlooks", within the meaning of applicable securities laws, the purpose of such information being provided is to demonstrate the potential of the Company and readers are cautioned that this information may not be appropriate for any other purpose. However, we do not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws in Canada. There can be no assurance that such estimates and assumptions will prove to be correct.
Many factors could cause our actual results, level of activity, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking information as discussed in the "Risk Factors" section of the Company's Annual Information Form dated September 17, 2019 ("AIF"). A copy of the AIF and the Company's other publicly filed documents can be accessed under the Company's profile on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com. The Company cautions that the list of risk factors and uncertainties described in the AIF is not exhaustive and other factors could also adversely affect its results. Readers are urged to consider the risks, uncertainties and assumptions carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such information.
SOURCE The Supreme Cannabis Company, Inc.
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