viewSupreme Pharmaceuticals

Supreme closes mortgage on medical marijuana greenhouse

Company heading into expansion phase for production

Greenhouse growing more product to meet high demand
Greenhouse growing more product to meet high demand

Supreme Pharmaceuticals Inc. (CNSX:SL) just closed a $4 million mortgage with a private lender for a hybrid greenhouse facility in Kincardine, Ontario, the company said on Monday.

Proceeds from the one-year, 12% fixed rate, interest-only mortgage were used to refinance a prior vendor take-back mortgage with respect to its wholly owned subsidiary, 8528934 Canada Ltd. (7 Acres).

Supreme Pharmaceuticals CEO John Fowler explained that this was a significant milestone for the company. "The hybrid greenhouse is exceeding performance expectations with a high-quality first crop nearing harvest in the 16,500-square-foot phase zero, while we expand the production area by 80,000 square feet into phase one."

The greenhouse is dedicated to growing medical-use marijuana and the company has agreements with five licensed producers. After completion of phase one of the project and subject to regulatory approval, Supreme expects total production capacity to rise to over 10,000 kilograms per year.

Supreme Pharma shares were up 2% at C$0.50 in Toronto on Monday.

Quick facts: Supreme Pharmaceuticals

Price: - -

Market: CSE
Market Cap: -

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...



Full interview: Akerna 'widening its competitive moat' with rollup strategy...

Akerna Corp (NASDAQ:KERN) CEO Jessica Billingsley tells Proactive the Denver, Colorado-based cannabis-focused regulatory compliance technology company is looking to 'widen its competitive moat' with recent investment into anti-counterfeit technology platform solo sciences inc. Billingsley...

21 minutes ago

2 min read