At this point in time, there have been no additional material updates other than that of the news release on March 10, 2017. We will update the market with material news as we receive clarity.
Long-term, there have been no changes to our business and we continue to progress through the licensing process. This is a brand new regulated industry and regulatory speed bumps are to be expected. We support Health Canada in doing their job diligently to ensure that unauthorized input products are not used in the growing process of every licensed producer to keep end users safe. This is a unique time for the industry and Supreme as the regulator has increased its diligence into input products used in the growing process, likely due to recent recalls from other LP’s that used unauthorized pesticides. I can assure you there are no pesticide issues at 7 ACRES, and no suggestion that REMO’s product contains pesticides. I'd like to remind you that in the same news release from March 10, that Health Canada renewed our license to cultivate; they are simply looking further into REMO nutrients and we are awaiting updates.
From a business perspective, our construction continues to progress well, we are continuing growing operations and store product in our vault for future sale, subject to regulatory approvals. Also we are well capitalized with an approximate $65M cash balance to execute our business plan.
We will update our shareholders as we receive clarity and material updates from the regulators.
Remember, markets can be volatile, especially in nascent industries as this one and we appreciate your long-term support.
Please feel free to call-in at 416-630-7272, and I’d be happy to speak with you.
Best,
Zach Stadnyk Corporate Finance Supreme Pharmaceuticals Inc. SL - CSE
Tel: 416-630-7272 Mobile: 519-385-1446 Email: zach@supreme.ca Website: www.supreme.ca Address: Suite 202 - 20 De Boers Dr., Toronto, On. M3J
