CALGARY, ALBERTA--(Marketwired - March 21, 2014) - Supreme Pharmaceuticals Inc. (the "Company") (TSX VENTURE:SL)(OTCBB:SPRWF) is pleased to announce that its continued efforts to secure an exclusive license agreement for a medical device are making significant headway; the Company will continue to keep its shareholders up to date on negotiations. In addition to medical devices, the Company has recently come across opportunities within the medical marijuana industry. Companies and key contacts have approached management with opportunities and the Company is evaluating them accordingly. Given the medical marijuana industry's immense growth, management is excited to evaluate the merit of the opportunities.
This emerging multi-billion dollar industry is in the process of significant regulatory and legal reform that offers explosive growth opportunities to participants. Currently the industry as a whole is highly fragmented with significant changes scheduled for April 1st 2014 as stated on the Health Canada website. Supreme has been approached as a vehicle to consolidate fragmented growers and work with dispensaries to obtain the new Marijuana for Medical Purposes Regulations (MMPR) license. Currently management is reviewing a number of business plans and proposals as well as adding industry expertise to its advisory board.
Heath Canada states, "The Marijuana Medical Access Program (MMAP) ends on March 31, 2014. This is also the date that all Authorizations to Possess, Personal-Use Production Licenses and Designated-Person Production Licenses expire. As of April 1, 2014, the only legal access to marijuana for medical purposes will be through licensed producers under the Marijuana for Medical Purposes Regulations (MMPR), even if you have an authorization to possess or a license to produce that has a later date.
Upcoming changes in medical marijuana licencing will allow for licensed producers to grow on a larger, commercial scale. In estimates from Health Canada the industry could be worth $1.3 billion by 2024, but analysts and industry experts speculate that this newly formed commercial scale medical marijuana business could reach $2.6 Billion by 2016. The United States is also undergoing medical marijuana reform with 20 states now recognizing legal medical marijuana. In addition Colorado and Washington State have legalized recreational use with additional states contemplating legalization.
President and CEO Mr. David Stadnyk states, "As a diversified life science company we are now looking into the medical marijuana industry as part of our duty to our shareholders to investigate potential transactions. As a company we continue to search for opportunities that provide value and the medical marijuana industry appears to be booming and may offer significant rewards to our shareholders. We have several key contacts with potentially valuable opportunities and we will evaluate them rigorously."
At this time, no transactions are in place, nor is there any assurance that a new project will be concluded in the future.
SUPREME PHARMACEUTICALS INC.
David Stadnyk, President & CEO
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release
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.