Supreme Cannabis Announces $ 22.5 Million in Funding Toronto Stock Exchange: FIRE

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TORONTO, February 16, 2021 (GLOBE NEWSWIRE) – Supreme Cannabis Company, Inc. (“Supreme Cannabis” or the “Company”) (TSX: FIRE) (OTCQX: SPRWF) (FRA: 53S1) is pleased to announce that it has entered into an agreement with BMO Capital Markets on behalf of a consortium of subscribers under which the subscribers have agreed to purchase 72,600,000 units (the “Units”) at a price of $ 0.31 per unit gross on a purchase basis of approximately $ 22.5 million (the “Offer”). Each Unit consists of one common share of the Company (a “Common Share”) and half of a warrant to purchase one common share of the Company (each complete warrant to purchase one common share, a “Warrant”). Each warrant may be exercised to purchase one common share of the Company (a “Warrant Share”) for a period of 36 months from the closing date of the Offering at an exercise price of US $ 0.40 per warrant share, subject to adjustment under certain circumstances Circumstances.

The Company has granted subscribers a 30-day option to purchase up to 15% of the shares offered in the Offer on the same terms (the “Over-Allotment Option”). The over-allotment option may be exercised in whole or in part to acquire common stock, warrants or shares as determined by the subscribers. The offering is expected to close on or about February 19, 2021 and requires the company to obtain all necessary regulatory approvals.

The offering is expected to close on or about February 19, 2021 and is subject to completion of formal documentation and receipt of all regulatory approvals, including approval from the Toronto Stock Exchange. The net proceeds of the offering will be used to fund growth initiatives as a reserve for strategic opportunities, as well as working capital and general corporate purposes.

The Shares are being offered in every province of Canada except Quebec in accordance with a prospectus supplement (the “Prospectus Supplement”) to the Company’s abbreviated basic shelf prospectus dated April 22, 2020 (the “Basic shelf prospectus”). The units will only be offered or sold in the United States or to US persons except in accordance with Rule 144A or in any other manner that does not require registration under the US Securities Act of 1933, as amended (the “US Securities Act”) ) requires. .

The Supplement will be filed with the securities commissions or similar securities regulators in each of the provinces of Canada except Quebec. The prospectus supplement and the base shelf prospectus contain important detailed information about the company and the proposed offer. Potential investors should read the Supplementary Prospectus, the Base Shelf Prospectus and other documents filed by the Company before making any investment decision. Copies of the prospectus supplement after filing and the base shelf prospectus are available on SEDAR at www.sedar.com.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities in the United States, nor will any sale of the securities be made in any country in which such offer, solicitation or sale is unlawful would. The securities offered have not been and will not be registered under the US Securities Act or any US securities act and may not be offered or sold in the United States or to or for the account or benefit of the United States, lack of registration or an applicable exemption from the registration requirements of the United States US Securities Act and applicable state securities laws.

About Supreme Cannabis

Supreme Cannabis Company, Inc. (TSX: FIRE) (OTCQX: SPRWF) (FRA: 53S1) is a globally diversified portfolio of diverse cannabis companies, products, and brands. Since 2014, the company has grown into one of the world’s leading manufacturers of recreational, wholesale and medical cannabis products.

The Supreme Cannabis brand portfolio offers diverse consumer and patient experiences with brands and products addressing recreational, wellness, medical and emerging consumer preferences. The company’s leisure brand portfolio includes 7ACRES, 7ACRES Craft Collective, Blissco, Sugarleaf and Hiway. Supreme Cannabis addresses national and international medical cannabis opportunities with its premium brand Truverra.

Supreme Cannabis brands are supported by a number of world-class resources that serve key functions in the value chain, including scaled-down cultivation, value-added processing, automated packaging and product testing, and research and development. Follow the company on Instagram, Twitter, Facebook, LinkedIn and YouTube.

We just grow better.

Forward-looking information

Certain statements in this press release constitute “forward-looking information” within the meaning of applicable securities laws. Forward-looking statements and information may be identified by terms such as “anticipates”, “believes”, “goals”, “estimates”, “plans”, “expects”, ” may “,“ will, ”“ could, ”or“ could, “would be.” In this press release, forward-looking information and statements relate to, among other things, the filing of the Supplement, the closing of the Offer and the use of the net proceeds therefrom and the anticipated closing Forward-looking information may relate to expected events or results and other statements that are not historical facts. The forward-looking information is based on assumptions and estimates that the company believes to be reasonable and reasonable under the circumstances, discussed in this press release forward-looking events un d Circumstances may not occur and may vary materially due to known and unknown risk factors and uncertainties affecting the Company, including risks related to the COVID-19 epidemic, the cannabis industry, market conditions and economic factors affecting the ability of the To administer and operate managements, the business and the stock markets in general. The forward-looking information contained in this press release is as of the date of this press release and the company undertakes no obligation to update or revise any forward-looking information as a result of new information, future events or otherwise, except as required by applicable securities laws.

More information

Craig MacPhail,
Investor Relations
Email: ir@supreme.ca
Phone: 416-466-6265
supreme.ca