Supreme Pharmaceuticals Inc. (OTC: SPRWF) (CSE: SL), an aspiring producer of medical marijuana under Canada’s MMPR program, recently released its 2014 Shareholder Letter that outlined its progress in 2014 and goals for 2015. After a successful regulatory inspection, the company plans to begin cultivation, utilizing 40,000 square feet of its facility to generate initial revenue of about $6 million, which management anticipates expanding to over 100,000 square feet in late-2015.
The shareholder letter reads as follows:
“2014 was a tremendous year for us. We successfully entered the medical marijuana space, acquired the 7-acre Kincardine greenhouse facility and its management team and we completed two successful financings. With your support, we have been one of the most successful MMPR applicant companies in the public markets, often out-performing our peers, even including those who have already obtained their MMPR license. It is this type of support and confidence in our company that gives me confidence that 2015 will be Supremes’ year to shine even more.
“In December 2014 we were thrilled to announce the completion of our $4,000,000 pre-license construction project at the Kincardine facility. With the completion of this project, we are now ready and waiting for our Health Canada inspection, which we expect to be successful and complete in the coming weeks. Following a successful inspection, we will begin cultivation using over 40,000 square feet of the facility which will provide initial revenue capacity of over $6,000,000 per year. But we won’t stop there – by late 2015 we aim to bring on-line an additional 65,000 square feet to grow our revenue capacity to over $12,000,000 per annum. Currently, we are working on a number of distribution options, both in the retail and wholesale markets. In the retail market we believe our greenhouse grown medical marijuana will be among the most affordable in the marketplace, which should encourage new patient acquisition and also repeat and consistent orders from existing patients. In addition we are looking to partner with multiple patient acquisition firms and pharmaceutical marketing entities to drive patient acquisition and encourage doctors to suggest our affordable medical marijuana over other options in the marketplace.
“Also in December we completed our strategic management transition. I’d like to thank David Stadnyk and George Tsafalas for bringing Supreme into the medical marijuana space, capitalizing on the great potential in this new marketplace and setting us on our current path to success. We also retained Chris Bechtel as our non-executive Chairman of the Board. Chris brings with him extensive management and marketing experience he gained growing his own company from a small start-up based in his garage into one of North America’s leading oil & gas laboratory companies. Chris will bring his talents to Supreme and assist us in transitioning from an MMPR applicant into Canada’s leading provider of affordable medical marijuana.
“Finally, I am thankful for the support we received from the City of Kincardine in 2014 and for their continued support in 2015 and beyond. Kincardine has welcomed our business with open arms and we have benefited greatly from broad based support: from the municipality to the local businesses and residents. Such overwhelming support has allowed us to move quickly and efficiency through the pre-license and construction phases of our growth, and will be a valuable asset as we move forward with our goal to become Canada’s leading supplier of high-quality, affordable medical marijuana.
“I hope you are all as excited as I am for 2015! I look forward to enjoying all that is ahead of us together, and will continue to keep you updated as we move towards becoming Canada’s leading supplier of affordable medical marijuana. In the interim, feel free to reach out to myself of members or our team should you require any further information or updates.”
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