Proactive Investors - Run By Investors For Investors

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.

View full SL profile View Profile

Supreme Pharmaceuticals Timeline

Related Articles

Oncoprex
October 17 2018
The biotech was founded by an investment group led by scientists and driven by a no-nonsense CEO whose stake is more than just business as usual
skin
April 17 2019
Driving growth was Lojuxta, used to treat a rare and life-threatening disorder that causes abnormally high levels of bad cholesterol. Its sales grew to €13.6mln, up 14.2% year-on-year
Vial of pills
June 25 2018
Cosmos is a modern company, but the trade routes it relies on are ancient
Copyright © Proactiveinvestors.com, 2019. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use