Supreme Pharmaceuticals announces that its wholly owned subsidiary AMMCan has entered into Letters of Intent ("LOIs") with respect to the long-term supply of dried cannabis to five Licensed Producers (as such term is defined in the Marihuana for Medical Purposes Regulations). These transactions are conditional upon the parties obtaining applicable regulatory approvals, including AMMCan obtaining a sales license under the MMPR, execution of definitive agreements, completion of satisfactory due diligence, and other customary closing conditions. Upon the execution and delivery of definitive agreements, such agreements would allocate for sale more than 250 kg of dried marijuana and 70 kg of dried marijuana trim in 2016, representing substantially all of AMMCan's anticipated 2016 production. The agreements will be renewable for successive one year periods unless otherwise terminated in accordance with their terms.
Supreme is the first LP in Canada to focus exclusively on a B2B model intended to provide stable, quality and long-term supply to retail focused LPs. John Fowler, President and CEO, stated: "These LOIs validate our B2B business model, leveraging our competitive advantage as a single-license producer operating one of the largest, most innovative production facilities in the country. Our goal is to support aggregate growth in the industry by providing leading retailers with high quality, sun grown cannabis and today is the first step towards that goal."
For more information:
Supreme Pharmaceuticals
202 – 20 De Boers Dr, Toronto ON
M3J 0H1
Phone: (416) 630-7272
[email protected]
www.supreme.ca
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