Supreme Cannabis Signs $12M Guaranteed Supply Agreement with Tilray®
Supreme Cannabis and Tilray® enter into a twelve-month guaranteed supply agreement
Supreme Cannabis to supply 7ACRES premium dried cannabis to Tilray®
The value of the agreement is estimated to be approximately C$12 million
TORONTO, Sept. 26, 2018 /PRNewswire/ - The Supreme Cannabis Company, Inc. ("Supreme Cannabis" or the "Company") (TSXV: FIRE) (OTCQX: SPRWF) (FRA: 53S1), announced that the Company's wholly owned subsidiary, 7ACRES, has entered into a supply agreement to provide dried cannabis to Tilray Canada Ltd., a subsidiary of Tilray Inc.® (NASDAQ :TLRY ), a global leader in cannabis research, cultivation, processing and distribution currently serving tens of thousands of patients in 12 countries spanning 5 continents.
This agreement is a guaranteed commitment to purchase. It will cover the twelve-month period starting October 1, 2018 and is estimated to have a value of approximately C$12 million. As was the case with the recently announced deal between the two companies, the dried cannabis provided to Tilray by 7ACRES will be used primarily to support medical cannabis patients in Canada, including Tilray's robust patient population.
"We are excited to be entering into this agreement with Tilray, an organization – like Supreme Cannabis – that focuses on the end user and demands leading quality assurance standards," said John Fowler, President of The Supreme Cannabis Company. "Tilray has built an industry-leading global medical distribution platform, which has resulted in robust demand for high quality cannabis products. We are happy to provide 7ACRES premium products alongside Tilray's well-regarded and existing lineup to support medical patients around the world."
About Supreme Cannabis
The Supreme Cannabis Company (TSXV: FIRE) (OTCQX: SPRWF) (FRA: 53S1) is a Canadian publicly traded company committed to providing premium brands and products that proudly reflect its consumers, people and uniquely innovative culture. The Company's portfolio includes its wholly-owned subsidiary and flagship brand 7ACRES.
7ACRES is a federally licensed cannabis producer operating a 342,000-square-foot facility in Kincardine, Ontario. 7ACRES is dedicated to providing consumers with a premium-quality product that recognizes its customers are informed, discerning and value a brand and culture that aligns with their principles. 7ACRES brand success has been reflected in provincial supply agreements with the provinces of Ontario, British Columbia, Alberta, Manitoba, Nova Scotia and Prince Edward Island.
The Company's growing portfolio also includes an equity investment and long-term global distribution partnership with Lesotho-based Medigrow for the exporting of medical-grade cannabis oil.
The Supreme Cannabis Company has consistently set the standard for innovation in the sector, including the design of growing facilities and development of operational excellence metrics. We are confident that together with our flagship brand, proprietary technology and products, truly unique culture, and industry-leading team, we will deliver our shareholders consistent long-term value creation.
For more information, please visit The Supreme Cannabis Company and 7ACRES websites.
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