|By Marketwired .||
|July 22, 2014 09:29 AM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/22/14 -- Supreme Pharmaceuticals Inc. (the "Company") (OTCBB: SPRWF)(CSE: SL) is pleased to report that through the company's newly formed subsidiary, Supreme Pharmaceuticals USA Inc., it is in the preliminary stages of evaluating medical cannabis investment opportunities within the State of Arizona, in the US. These opportunities include, but are not limited to, edibles, cultivation, and dispensary operations. There is no guarantee that an acquisition will be made.
The US, like Canada, is an emerging market for cannabis usage medicinally, but there have been a limited number of states that have also legalized limited recreational use. This, together with the larger population of the US, makes it a natural market for the Company to explore.
Arizona Medical Marijuana Industry
Arizona currently allows medicinal use of cannabis and it is anticipated that in the future it will allow for recreational use as well. The Company plans to use Arizona as a launch pad to enter the US market and evaluate additional acquisitions such in states such as Nevada, Florida, and more as they allow for medicinal and recreational cannabis. Senior management is visiting the state of Arizona this week to begin looking at acquisition prospects.
In addition, construction at the Southern Ontario facility is progressing efficiently and the Company anticipates inviting both Health Canada and the RCMP for final security inspection in early fall. Subsequent to a successful inspection, of which there is no guarantee, the Company will receive final receipt of the commercial MMPR licence. The Company will continue to update its shareholders as ventures are carefully reviewed for investment purposes and development is made on current assets.
Executive management of Supreme stated: "In an effort to be mitigate market and legislative risk, we would like to be an international company. We believe Arizona is a favourable market and we will begin evaluating various related ventures there to complement our Canadian property."
FORWARD LOOKING INFORMATION
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. 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. 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 harbor provisions of the Private Securities Litigation Reform Act of 1995.
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