Supreme Pharma Remains on Schedule & Budget for MMPR


Ryan Allway

July 18th, 2014

News, Top Story


[stockchart symbol=SPRWF]

Supreme Pharmaceuticals Inc. [stockquote symbol=SPRWF], an aspiring licensed producer under Canada’s newly implemented Marihuana for Medical Purposes Regulations (“MMPR”), recently announced that its project is moving ahead on scheduled and budget. The company simultaneously announced a reverse stock split intended to improve its capitalization structure and facilitate future fund raising.

“We have decided to make this move so our corporate structure is more in line with that of our peers,” said Supreme Pharma President & CEO David Stadnyk. “Having less shares outstanding trading at a proportionately higher price should also facilitate the raising of the additional funds needed to complete construction at our Southern Ontario project so we can meet the conditions of our pre-build license.”

The company indicated that it would proceed with a 5-to-1 reverse stock split, such that shareholders would receive one share for every five that they own with fractional shares being rounded up. As a result of the reverse split, management anticipates the 290,443,425 shares currently outstanding will be reduced to 58,088,685 new shares, theoretically at a higher price point.

Supreme Pharma operates two projects in South Okanagan and Southern Ontario, which both are in the final stages of the MMPR approval process, according to management. The company recently indicated that it was in the process of implementing the necessary security measures that should take approximately 90 days to complete before preparing for a final review.

The company’s first facility has been in the business of growing medical marijuana through Canada’s deprecated Medical Marihuana Access Regulations (“MMAR”) program since May of 2013, while its second facility is a 342,000 square foot greenhouse that would become one of the largest growing facilities in the country, if it’s successful in obtaining licensed producer status from Health Canada.

Shares of Supreme Pharma fell 3.75% lower in early trading on Friday, July 18, 2014 following the reverse split announcement.

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.

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