Supreme Cannabis Invests $10 Million in Medigrow Lesotho Targeting Oil Production
Supreme Announces Investment in Medigrow Lesotho and Establishes Global Cannabis Oil Distribution Partnership
- Supreme Cannabis has entered into a definitive agreement to complete a $10,000,000 strategic equity investment in Medigrow Lesotho (PTY) Limited (“Medigrow”), a Federally licensed producer of cannabis in the Kingdom of Lesotho.
- Supreme Cannabis and Medigrow have established a global distribution partnership of medical cannabis oils.
TORONTO, March 20, 2018 /CNW/ – The Supreme Cannabis Company, Inc. (“Supreme Cannabis” or the “Company”) (TSXV:FIRE), is pleased to announce today that it has entered into a definitive agreement pursuant to which Supreme Cannabis will complete a C$10,000,000 strategic equity investment (the “Investment”) in Medigrow. Upon completion of the Investment, Supreme Cannabis will hold an approximate 10% ownership interest in Medigrow.
Supreme Cannabis expects strong demand to exceed supply for medical cannabis oil globally and believes Lesotho is well suited to produce quality cannabis oil and Medigrow possesses the expertise to meet the highest quality standards. Concurrent with the completion of the Investment, Supreme Cannabis and Medigrow have agreed to enter into a long-term global distribution partnership for medical cannabis oil (as defined in the Access to Cannabis for Medical Purposes Regulations). The cannabis oil will be produced by Medigrow in Lesotho and subject to all government, and international regulatory approvals, the oil will be exported to Canada and other international markets.
Located in the Kingdom of Lesotho in southern Africa, Medigrow is licensed by the Lesotho Ministry of Health to cultivate and manufacture medical cannabis and cannabis oil products.
“We commend the Lesotho Government for its leadership in establishing the first legal cannabis market in Africa and its commitment to meeting the highest international standards for product quality,” said Navdeep Dhaliwal, President of Supreme Cannabis. “Medigrow’s vision for local economic development and sustainable growth is in line with our Company’s core values, and we look forward to supporting Medigrow as they lead the development of a new internationally-recognized medical cannabis industry in the Kingdom of Lesotho.”
About Supreme Cannabis
Supreme Cannabis is a Canadian publicly traded company committed to becoming a leading cultivator and distributor of sun grown cannabis through its wholly-owned subsidiary 7ACRES. 7ACRES is a federally licensed producer of medical cannabis pursuant to the ACMPR operating inside a 342,000 sq. ft. Hybrid Facility. The Hybrid Facility combines the best technology of indoor production with the efficiencies and sustainability of a greenhouse, in a single large-format production footprint. Please visit www.supreme.ca and www.7acres.com for more information.