Vancouver, BC, July 23, 2014 - Supreme Pharmaceuticals (CSE:SL) is in the preliminary stages of evaluating medical cannabis investment opportunities within the State of Arizona. These opportunities include, but are not limited to, edibles, cultivation, and dispensary operations.
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Supreme plans to use Arizona as a launch pad to enter the US market and evaluate additional acquisitions in states such as Nevada, Florida and others as they open the doors to medicinal and recreational cannabis.
Management stated: "In an effort to mitigate market and legislative risk, we would like to be an international company. We believe Arizona is a favourable market and we will begin evaluating various related ventures there to complement our Canadian property."
Arizona, one of 23 states where marijuana is now legal for medical use, had 52,731 licensed users as at June 30, 2014, with approximately 71% using marijuana for the treatment of chronic pain. If we drill down these numbers, under the Arizona Medical Marijuana Act, each user may obtain 2 1/2 ounces every two weeks, which equals just over 4 pounds per year. If each user consumed the allowed quantity, Arizona would consume approximately 9 tons per month, which becomes a pretty significant dollar amount.
This number could get even larger, as Arizona, along with Nevada, have initiatives for marijuana legalization on the ballot for 2016. Nearby Colorado, where recreational use is already legal, sells more than 10 tons per month, with a population of 5.2 million, which is smaller than Arizona's 6.6 million population.
With full legalization heading to the ballot in Alaska and Oregon, the size of the noncriminal marijuana industry is expected to continue to grow.
In Canada, construction at Supreme Pharmaceutical's Southern Ontario facility is progressing efficiently and the company anticipates inviting both Health Canada and the RCMP for final security inspection in early fall. Subsequent to a successful inspection, of which there is no guarantee, the company will receive final receipt of the commercial Marihuana for Medical Purposes Regulations license.
The shares are currently trading at $0.08, and with 290 million shares outstanding, the company is capitalized at $23.2 million. The company recently announced a 1 for 5 share consolidation, which will result in approximately 58 million shares outstanding.
For more information, please visit the company's website, www.supremepharmaceuticals.com (http://www.supremepharmaceuticals.com), call 604-674-2191 or email info@supremepharmaceuticals.com (mailto:info@supremepharmaceuticals.com).
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