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Supreme Pharma raises C$3.6mln for greenhouse expansion

The completion of phase 1 is projected to increase total production capacity to over 10,000 kilograms per year,
Picture of cannabis plant
Money will add 80,000 sq ft to greenhouse

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.

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