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TORONTO, ONTARIO--(Marketwired - Mar 18, 2016) - Supreme Pharmaceuticals Inc. (the "Company" or "Supreme") (OTC PINK:SPRWF) (CSE:SL) is pleased to announce the closing of the limited time incentive program (the "Incentive Program"), which commenced on February 16th, 2016. Pursuant to the Incentive Program, Supreme received aggregate proceeds of $1,013,654.22 through the issuance of 3,167,646 common shares and 3,167,646 common share purchase warrants (each an "Incentive Warrant"). For more details regarding the incentive warrants, please see the Company's news release dated February 16th, 2016.
"We continue to receive strong support from our existing shareholder base. We have been busy as a company during the licensing process to ensure we hit the ground running," stated John Fowler, President of Supreme. "This Incentive Program further adds to our Treasury and will allow us to quickly execute on our business plan which is focused on continually improving two key metrics: the cost of production and our ability to scale. I must thank our shareholders and the local community for consistently supporting our vision. Finally, I want to applaud my team in Kincardine who were able to obtain the Marihuana for Medical Purposes Regulations ("MMPR") license with zero deficiencies after only a single inspection."
In connection with the grant of a license to cultivate medical marijuana issued to Supreme's wholly owned subsidiary, Advanced Medical Marihuana Canada ("AMMCan"), the Company issued 1,470,000 common shares of Supreme to officers, directors, consultants and other parties owed, to fulfill success based contractual obligations.
Supreme is a Canadian publically traded company committed to becoming a leading supplier of affordable medical cannabis through its wholly-owned subsidiary AMMCan. AMMCan is a federally licensed producer of medical marijuana pursuant to the MMPR operating a 7 Acre hybrid greenhouse facility. The Hybrid Greenhouse combines the best technology of indoor production with the efficiencies and sustainability of a greenhouse, in a single large-format production footprint. Please visit www.supreme.ca and www.ammcan.com for more information.
FORWARD LOOKING INFORMATION
This news release contains forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These risks and uncertainties include, but are not limited to, the Company's ability to satisfy the conditions associated with its cultivation license, the Company's ability to obtain a sales license and the related timing considerations, the availability of further financing, consumer interest in its products, competition, regulation, operational and technological risks, and anticipated and unanticipated costs and delays. These statements speak only as of the date of this news release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents which can be found under the Company's profile on www.sedar.com. This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbour provisions of the Private Securities Litigation Reform Act of 1995.