- Supreme’s Truverra acquisition is valued at approximately C$20 million
- Supreme Cannabis intends to repurpose Truverra’s Health Canada-licensed facility to produce cannabis extracts for use in concentrates and vaping liquids
- The company will gain entry into Europe through Truverra’s subsidiary
The Supreme Cannabis Company Inc. (TSX: FIRE) (OTCQX: SPRWF) (FRA: 53S1) intends to acquire privately held, Toronto-based Truverra Inc. in a three-cornered amalgamation between Truverra, Supreme Cannabis and a wholly owned subsidiary of Supreme Cannabis. The transaction for 14.7 million common shares of Supreme Cannabis has a value of approximately C$20 million (http://cnw.fm/kZ74p).
Truverra’s Health Canada-licensed facility in Toronto, Ontario, will produce cannabis-derivative products for Legalization 2.0, an industry term for a second wave of regulations in Canada anticipated for fall 2019. Companies such as Supreme Cannabis are positioning themselves for this new growth opportunity (http://cnw.fm/7BFjc).
The transaction has been unanimously approved by the Supreme Cannabis and Truverra boards, as well as a special Supreme Cannabis committee. The closing is subject to Truverra receiving requisite approval from its shareholders at a special meeting. The transaction is expected to close prior to August 30, 2019 (http://cnw.fm/jpqW1).
Truverra is a private cannabis company that sells to Canada and the international cannabis markets through its subsidiaries, Truverra (Europe) B. V. and Canadian Clinical Cannabinoids Inc. (CCC). Truverra Europe, a wholly owned subsidiary based in the Netherlands, already sells a broad portfolio of hemp-based CBD products into European markets.
“With the acquisition of Truverra, we secure a Toronto-based facility equipped to extract our high-quality inputs for concentrates and vaping liquids in the near term,” Supreme Cannabis CEO Navdeep Dhaliwal stated in a news release. “Truverra’s operations also provide an additional entry point into Europe’s CBD wellness market, where Truverra Europe has successfully launched multiple CBD products in various jurisdictions.”
Supreme Cannabis announced that it was planning to retrofit Truverra’s Health Canada-licensed, 5,000-square-foot facility in Ontario to produce both solvent and solvent-less concentrate and leverage its position as a cannabis producer with premium flower at scale.
The Truverra acquisition will also provide Supreme Cannabis with opportunities to address the international medical market. The announced agreement notes that Truverra would serve as Supreme Cannabis’ global medical brand, building on an existing R&D platform and established CBD offerings within Europe.
Supreme Cannabis is a Toronto-based company that is pursuing opportunities and generating sustainable growth in what it sees as a global emerging market. The company’s portfolio includes 7ACRES, an award-winning brand; Cambium Plant Sciences, a cultivation IP and plant-genetics company; Medigrow Lesotho, a Southern Africa cannabis oil producer; Supreme Heights, an investment platform focused on CBD; and a brand partnership and licensing deal with Khalifa Kush Enterprises Canada.
For more information, visit the company’s website at www.Supreme.ca
NOTE TO INVESTORS: The latest news and updates relating to SPRWF are available in the company’s newsroom at http://cnw.fm/FIRE
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