Mr. John Fowler reports
SUPREME MAKES STRATEGIC INVESTMENT IN DISTRIBUTION PARTNER AND SECURES SUPPLY AGREEMENT WITH BLISSCO
The Supreme Cannabis Company Inc. has completed a $3-million strategic equity investment in BlissCo Cannabis Corp. BlissCo is a company located in Vancouver, B.C., that has applied to become a licensed producer under the Access to Cannabis for Medical Purposes Regulations. BlissCo was formed on the completion of a reverse takeover transaction involving Trigen Resources Inc. and Bliss Co Holdings Ltd. that closed concurrently with the investment. Trading of BlissCo is expected to commence by Feb. 28, 2018, on the Canadian Securities Exchange under the symbol BLIS. Pursuant to the investment, Supreme holds an approximate 10.1-per-cent ownership interest in BlissCo.
In addition, Supreme Cannabis's wholly owned subsidiary 8528934 Canada Ltd. operating as 7ACRES has entered into a definitive supply agreement with BlissCo. 7ACRES will supply BlissCo with a minimum of 1,000 kilograms of premium quality dried cannabis on a take-or-pay basis over a 12-month period starting July 1, 2018. The aggregate value of the supply agreement is estimated to be $6-million, representing a further validation of Supreme's premium-focused, branded wholesale business-to-business model.
BlissCo, founded by chief executive officer Damian Kettlewell, is a distribution and extraction focused company which is currently completing the construction of its Metro Vancouver distribution facility. In addition to his role at BlissCo, Mr. Kettlewell is currently a director and spokesperson for the Association of Beverage Licenses of B.C. and serves as the private sector spokesperson for the Responsible Marijuana Retail Alliance of B.C., a public-private partnership between the B.C. government Employee's Union and ABLE B.C. Prior to founding BlissCo, Mr. Kettlewell spent 11 years as a partner and director of external affairs for JAK's Beer Wine and Spirits in British Columbia.
"We have been watching the development of BlissCo for some time and have been impressed by Mr. Kettlewell's retail and distribution strength, industry connectivity and vision for the cannabis industry in British Columbia and Western Canada," said John Fowler, chief executive officer of Supreme Cannabis. "Like Supreme, British Columbians have a passion for high-quality cannabis and we look forward to working with Mr. Kettlewell and his team at BlissCo."
"Over the past year, we have revised our business model to concentrate on our core strength: in-province cannabis distribution," said Mr. Kettlewell, chief executive officer and founder of BlissCo. "British Columbia will be a competitive retail market where quality will be a differentiating factor. Our focused business plan has allowed us to avoid the time and capital commitments of developing massive cultivation infrastructure, and instead pursue partnerships with leading quality-focused cultivators such as Supreme Cannabis's 7ACRES."
About The Supreme Cannabis Company Inc.
Supreme is a Canadian publicly traded company committed to becoming a leading cultivator and distributor of sun-grown cannabis through its wholly owned subsidiary 7ACRES. 7ACRES is a federally licensed producer of medical cannabis pursuant to the ACMPR (Access to Cannabis for Medical Purposes Regulations) operating inside a 342,000-square-foot 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.
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