|By Marketwired .||
|June 6, 2014 08:01 AM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/06/14 -- Supreme Pharmaceuticals Inc. ("Supreme" or the "Company") (OTCBB: SPRWF)(CSE: SL) is pleased to report that the Company has commenced the construction of the required security upgrades on its recently acquired greenhouse. The Company is working with mechanical engineers, security consultants, architects, fire and rescue consultants, electricians, quality assurance specialists, and medical marijuana production specialists to ensure the facility meets or exceeds all requirements. Construction has commenced on the core production and processing rooms and the high security areas of the facility, including a custom-designed vault, which will be approximately 1200 square feet in area with insulated walls and locked steel security doors. The vault will be designed and installed to meet Health Canada's requirements to store dried marijuana.
Under the terms of the MMPR licence, the Company, through its subsidiary ("Subco") can build out and operate the 342,000 square foot facility capable of producing up to 24,000,000 grams (24,000 kilograms) of medicinal marijuana per year.
To complete the licensing requirement and move from pre-build status to post-licence production, the Company must complete the installation of the required security measures. Once Health Canada completes its final inspection of the facility, Subco will be granted an MMPR production licence. It is anticipated that initial production could commence by the fourth quarter of 2014. The Company anticipates it will take 90 days to construct and implement the required security measures.
Peter Herburger, President and CEO of Subco stated, "We are very excited to commence the construction of the security measures, including the security vault. We are making the necessary investments to ensure our operation meets all federal, provincial and municipal requirements and exceeds all fire and safety regulations."
This news release contains forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. This news release includes forward-looking statements with respect to the up grading of the facility, the timing on completetion of the MMPR License conditions and the start of production. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this news release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents which can be found under the Company's profile on www.sedar.com and such factors as the Company failing to finish the upgrading of the facility and put the same into production in accordance within the terms of the MMPR license. This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbour provisions of the Private Securities Litigation Reform Act of 1995.
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