Supreme Pharmaceuticals is a unique company with a unique background of people running it. Supreme Pharmaceuticals Is a favourite at Cannainvestor for one reason, it has potential.Just like any speculative play in this industry, Supreme Pharmaceuticals has the right factors in play and everything going for it. Not to mention the company has $71 million dollars in cash ready to use it if they need it.
Supreme Pharmaceuticals is set to obtain its license any day now, the speculative timeframe seems to be between March 10th 2017 – March 31st 2017. Health Canada has very strict regulations and procedures it follows before granting sale approval and licensing.
To date, 7 ACRES has completed three harvests of medical cannabis at the Hybrid Greenhouse. In aggregate the three harvests are expected to total over 300,000 grams of medical cannabis “buds” and “trim”. Management is satisfied with the quality of the cannabis produced and the performance of both the Hybrid Greenhouse and the operations team at 7 ACRES. Management believes the cannabis produced by 7 ACRES meets the requirements for Health Canada to issue the “sales approval”.
Supreme’s current License does not permit 7 ACRES to sell cannabis. Health Canada monitors the quality of the cannabis being produced by all Licensed Producers, and in particular those newly Licensed Producers entering the market. When a producer is first licensed, they are typically issued a “cultivation-only” license. This is a License, which does not include permission for the activity of sale.
This graduated approach is for the purpose of verifying that the cannabis meant for registered clients meets all of the quality standards set out under the ACMPR. Once a Licensed Producer has finished producing the first two lots of dried marijuana, which have been produced, packaged, tested and approved according to the Company’s Standard Operating Procedures (“SOP”) and the requirements of the ACMPR, the Licensed Producer may apply for an inspection to add permission for the activity of sale. Such inspection focuses on the Company’s SOPs, compliance with Subdivision D of the ACMPR which set out the “Good Production Practices”, production records and procedures related to sales, adverse reactions and recalls. As of the date hereof, 7 ACRES has taken steps to obtain permission for the activity of sale but has not yet received such permission.
SUPREME PHARMACEUTICALS INC. CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
SUPREME PHARMACEUTICALS INC. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL RESULTS