- Truverra’s Health Canada licensed facility in Toronto, ON to produce cannabis derivative products for Legalization 2.0.
- Truverra to serve as Supreme Cannabis’ global medical brand, building on existing R&D platform and established CBD offering in Europe .
- Skilled management team with decades of domestic and international experience in highly regulated industries, including life sciences and pharmaceuticals.
The Supreme Cannabis Company, Inc. (“Supreme Cannabis” or the “Company”) (FIRE.TO) (SPRWF) (53S1.F) today announced that it has entered into a definitive agreement (the “Acquisition Agreement”) under which Supreme Cannabis will acquire all of the issued and outstanding shares of privately-held Truverra Inc. (“Truverra”), to be effected by way of a three-cornered amalgamation between Truverra, Supreme Cannabis and a wholly-owned subsidiary of Supreme Cannabis (the “Transaction”). The Transaction is valued at 14.7 million common shares of Supreme Cannabis (the “Consideration Shares”), giving the Transaction an approximate dollar value of $20,000,000 as of the Company’s closing price on July 16, 2019.
Located in Toronto , Truverra is a private cannabis company, serving the Canadian and international cannabis markets through its wholly-owned subsidiaries, Canadian Clinical Cannabinoids Inc. (“CCC”) and Truverra ( Europe ) B.V. (“Truverra Europe”).
CCC operates a 5,000 square-foot Health Canada licensed facility in Scarborough, Ontario . Supreme Cannabis intends to repurpose CCC’s state-of-the-art facility to produce high-quality cannabis extracts, including concentrates and vaping liquids. In addition to its operations in Canada , Truverra’s wholly-owned European subsidiary, Truverra Europe, is located in the Netherlands and sells a broad portfolio of hemp-based CBD products into select European markets.
“The recent introduction of Health Canada’s amended cannabis regulations creates a distinct opportunity for Supreme Cannabis to establish a leading position in the cannabis extracts 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,” said Navdeep Dhaliwal , CEO of Supreme Cannabis. “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. Truverra’s Canadian and European operations are managed by a senior leadership team with a wealth of experience manufacturing and launching products in highly-regulated industries such as life sciences and pharmaceuticals.”
Want to publish your own articles on DistilINFO Publications?
Send us an email, we will get in touch with you.
“The Supreme Cannabis Company has a strong track record for executional excellence, with their support and robust corporate services we look forward to strengthening our operations in Canada and globally,” said Jeff Adams , CEO of Truverra. “In the near term, we will continue to build Truverra’s CBD offering in Europe and position the brand to serve international medical markets.”
Transaction Highlights
Dedicated production capacity for cannabis derivative products.
CCC’s Health Canada-licensed 5,000 square-foot facility in Scarborough, Ontario will house Supreme Cannabis’ extraction lab for concentrates and vaping liquids. Supreme Cannabis will retrofit the facility to include a range of both solvent and solvent-less concentrate and extraction equipment and leverage our unique position as the only cannabis producer with high-end flower at scale. Changes to the facility will commence in the near term with the goal of meeting demand for the pending legalization of concentrates and other derivative cannabis products.
Date: 22/07/2019
Source : Yahoo Finance