TORONTO, Jan. 25, 2018 /CNW/ – The Supreme Cannabis Company, Inc. (the “Company” or “Supreme”) (TSXV:FIRE), TORONTO, is pleased to announce that its wholly-owned subsidiary, 8528934 Canada Ltd. (“7ACRES”), has entered into a Definitive Supply Agreement (the “Agreement”) with Cannmart, Inc. (“Cannmart”) a wholly-owned subsidiary of Namaste Technologies Inc. (“Namaste”) (CSE: N) (FRA: M5BQ) (OTCMKTS: NXTTF), whereby Cannmart has committed to purchase 1000 kilograms of premium quality medical cannabis from 7ACRES in 2018, on a take or pay basis. The aggregate value of the Agreement is $6,000,000.00, representing validation of Supreme’s premium strategy. The Agreement shall commence on the date Cannmart becomes a “Licensed Producer” under the Access to Cannabis for Medical Purposes Regulations (the “ACMPR“). The Agreement represents a significant milestone for both parties and their respective support and commitment to the purchase and sale of premium dried cannabis flower.
“We are proud to announce this deal with Namaste and our continued commitment to the cultivation and supply of premium dried cannabis flower,” Said John Fowler, CEO of Supreme. “As a cultivation focused Licensed Producer we rely on strong retail partners to provide access to consumers and favourable brand positioning. We are impressed by the platform being built by Namaste to date, and its innovative strategy to position Cannmart as a “sales-only” entity which is a natural fit with 7ACRES’s business model.”
Sean Dollinger, President and CEO of Namaste commented, “We are very excited to announce this Agreement with Supreme and to make a purchase commitment, which we feel brings significant value in securing supply for premium quality medical cannabis for Cannmart. We look forward to working with Supreme and their management team and anticipate a long-term relationship that will be beneficial for both companies over the next several years.”
John Fowler, CEO and Director
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 operating inside a 342,000 sq. ft. 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.7acres.com for more information.