The Supreme Cannabis Company, Inc. (TSX:FIRE), one of the Canadian marijuana stocks, said it recently signed a LOI for a cannabis production license in Malta
SmallCapPower | March 19, 2019: The Supreme Cannabis Company, Inc. (TSX:FIRE), one of the Canadian cannabis stocks, announced recently that it has signed a letter of intent (LOI) with Malta Enterprises, the economic development agency of Malta, for a cannabis production license in Malta. Through this license, the Company will be allowed to manufacture and cultivate/process medical cannabis within Malta, and also export cannabis to certain international markets. Malta is one of Europe’s principal commercial entry points and getting a cannabis license opens doors for Supreme to distribute medical cannabis throughout the European Union. Supreme Cannabis expects to produce products containing EU GMP quality cannabis oil once the license gets approved.
The Supreme Cannabis Company CEO Navdeep Dhaliwal stated, “We’re pleased to announce that we have secured a letter of intent from Malta Enterprises, taking another step forward in our global growth strategy. Malta is not only a strategic hub for Europe, it is also home to robust existing pharmaceutical and nutraceutical manufacturing industries with a deep pool of expertise. Using the intellectual property and expertise we’ve gained in Canada, we intend to deliver high-quality cannabis products to medical patients in multiple international markets.”
The Supreme Cannabis Company is engaged in providing products through its wholly-owned subsidiary and multi-award-winning brand, 7ACRES. 7ACRES is a licensed producer of cannabis, operating a 440,000 sq. ft. facility in Ontario. The Company’s portfolio also includes an equity investment and long-term global distribution partnership with Lesotho-based Medigrow for the exporting of medical-grade cannabis oil.
Supreme Cannabis shares have been on FIRE since the beginning of 2019, soaring more than 68% to its current price of $2.23. Supreme Cannabis stock trades at a market capitalization of C$648 million with a price-to-book multiple of 3.0x.
Disclosure: Neither the author nor his family own shares in the company mentioned above.
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