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Supreme Pharmaceuticals Signs LOI for Green House and MMPR Licensed Medical Marijuana Company
May. 13, 2014 11:30AM PST
Life Science Investing
Supreme Pharmaceuticals Inc. (CSE:SL) has signed a letter of intent to acquire a green house facility as well as a 100% of a Southern Ontario based company that has been approved for a pre-build Marijuana for Medical Purposes Regulations license.
Supreme Pharmaceuticals Inc. (CSE:SL) has signed a letter of intent to acquire a green house facility as well as a 100% of a Southern Ontario based company that has been approved for a pre-build Marijuana for Medical Purposes Regulations license.
According to the company’s press release:
Under the terms of the MMPR License, the Target Company can build out and operate a 342,000 square foot facility that can produce up to 24,000,000 grams (24,000 kilograms) of medicinal marijuana per year. Supreme has made an initial $250,000 payment under the terms of the LOI,and must, by May 22nd, 2014 advance to the Target Company an additional $750,000, at which time Supreme will own the Facility, as described below. The transaction terms contained in the LOI are binding on the parties, subject to final documentation. Supreme currently has the necessary funds on hand to close this portion of the transaction.