Supreme Pharmaceuticals Inc (CSE:SL) has raised C$3.62mln from a share and a warrant issue to expand its Kincardine greenhouse facility after strong demand recently for its medical-use marijuana.
John Fowler, Supreme’s chief executive, said: "One month ago, we secured supply agreements with five Canadian medical marijuana licensed producers for substantially all of the expected output of phase 0 of our seven-acre hybrid greenhouse.
“Given the strong demand, we will begin phase 1 expansion of an additional 80,000 square feet of hybrid greenhouse area.
“The completion of phase 1 is projected to increase total production capacity to over 10,000 kilograms per year, subject to regulatory approval."
At that point the company may consider a second tranche of financing, said Fowler.