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Supreme Cannabis Company Inc (The)
Symbol FIRE
Shares Issued 354,532,704
Close 2020-04-02 C$ 0.29
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Supreme Cannabis ships first cannabis to Israel

2020-04-02 08:21 ET - News Release

Mr. Colin Moore reports

SUPREME CANNABIS COMPLETES FIRST SHIPMENT TO ISRAEL AND PROVIDES CORPORATE UPDATE

The Supreme Cannabis Company Inc. has completed 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 chief executive officer 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 benefited 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, chief executive officer 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 European Union-good manufacturing practice 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's 440,000-square-foot premium indoor hybrid cultivation facility (the 7Acres facility) in Kincardine, Ont. 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 the United Kingdom through Truverra's cannabidiol e-commerce business.

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 Mr. 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 prerolls 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 acknowledgment 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 The Supreme Cannabis Company Inc.

Supreme Cannabis 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's portfolio of brands caters to diverse consumer experiences, with brands and products that address recreational, wellness, medicinal and new consumer preferences.

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