- SPRWF subsidiary Blissco recently received Health Canada licensing approval to sell cannabis oils
- Blissco expected to produce more than seven million tincture bottles annually
- Supreme Cannabis says that the subsidiary will make a significant impact on its FY2020 revenues
The Supreme Cannabis Company Inc. (TSX: FIRE) (OTCQX: SPRWF) (FRA: 53S1), a global diversified portfolio of cannabis companies including subsidiary Blissco Cannabis Corp., announced that Blissco has received licensing approval from Health Canada for the sale of cannabis oils from its Langley, British Columbia, facility (http://ibn.fm/KvUBF). The highly anticipated licensing means that Blissco now has government approval to sell full spectrum cannabidiol (CBD) oil products.
Supreme Cannabis closed its acquisition of Blissco—a wellness cannabis brand and multiprocessor and distributor based in British Columbia—in the first quarter of FY2020 (http://ibn.fm/OYwtS). It has been making strategic moves toward this licensing milestone. By improving the efficiency and focus of Blissco’s business operations, including initiating construction on a large-scale ethanol-based extraction lab, Supreme Cannabis has been working to expand Blissco’s extraction capabilities. The company predicts that its facility will be able to produce over seven million tincture bottles annually, making the Blissco brand a significant driver to SPRWF’s projected revenue in FY2020.
The subsidiary’s ability to produce and sell high-quality CBD oil products means Blissco sales will be a significant factor in SPRWF’s projected FY2020 revenue. The company expects to launch its first CBD oil product in the Canadian market by the second quarter of FY2020 with plans to follow up that initial product offering with a suite of complementary cannabis extract products in subsequent quarters.
“With the receipt of the license and expanded extraction capacity, Blissco will be positioned to address the growing unmet demand for high-quality, CBD oil products across Canada,” said Supreme Cannabis CEO Navdeep Dhaliwal. “Blissco’s legacy of premium, whole-flower products established a brand that represents quality and authenticity to wellness consumers. For over a year, Blissco’s team developed advanced oil-processing and formulation capabilities based on the same ethos. Consumers will soon be able to experience high-quality CBD oil products from a premium wellness brand they have come to trust.”
In addition, SPRWF has appointed Todd McAdam as general manager of the Blissco facility; his responsibilities will include managing and supporting the production, sale, and distribution of Blissco’s high-quality products. A highly experienced operations professional, McAdam has spent more than 30 years working in the food and beverage industries. Most recently, he served as general manager at Labatt Breweries of Canada’s Turning Point Brewery in British Columbia.
In addition to Blissco, the Supreme Cannabis portfolio includes 7ACRES, an award-winning brand; Cambium Plant Sciences, a cultivation IP and plant-genetics company; Medigrow Lesotho, a Southern Africa cannabis-oil producer; Supreme Heights, the investment platform focused on CBD; and a brand partnership and licensing deal with Khalifa Kush Enterprises Canada.
For more information, visit the company’s website at www.Supreme.ca
NOTE TO INVESTORS: The latest news and updates relating to SPRWF are available in the company’s newsroom at http://ibn.fm/SPRWF