The Supreme Cannabis Company, Inc. (OTCQX: SPRWF) announced on November 13th that the company has entered into a three-year partnership agreement with MediPharm Labs Inc. (TSXV: LABS) to launch Supreme Cannabis’ product line of cannabis oil products. Supreme Cannabis will benefit from MediPharm Labs’ processing license and the company’s experience with extractions of cannabis oil on a pharmaceutical-grade standard.
The company’s subsidiary, 7ACRES, has entered into a supply agreement to supply a minimum 1,000kg of high-quality cannabis for extraction by MediPharm Labs. Oil extracted by MediPharm is required to hit at least 200,000 individual units of high-terpene content oil products that contain 40ml of cannabis oil each. All cannabis oil products that are processed by MediPharm will be sold by and under Supreme Cannabis’ portfolio of brands, with a new brand that is yet to be announced. Supreme Cannabis will not be required to establish a cannabis oil processing program at MediPharm Labs through an upfront of capital and instead will pay a processing fee in relation to the amount of cannabis oil produced by MediPharm.
Navdeep Dhaliwal, the Chief Executive Officer of Supreme Cannabis, stated in relation to the recent announcement of the partnership with MediPharm Labs, “We are excited to be working with MediPharm and look forward to Canadian adult-use consumers being able to experience High-End Cannabis™ oil products derived from what we believe is the best flower being produced at scale.”