The Supreme Cannabis Company announced yesterday, July 18, their acquisition of Truverra Incorporated to an immediately favourable market response – with the company’s stock increasing 10 percent above opening. The announcement marks another strong move in what has been shaping up to be a very busy year for Supreme.
“Truverra is a business that we’ve been talking to for a number of months, particularly the senior leadership team. They bring a wealth of experience in Canada’s health market,” says Scott Davidson, director of investor relations at Supreme.
“Jeff [Adams – CEO of Truverra], in particular, with his experience at Apotex and from a licensing background, creating pharmaceutical grade products, is a huge boost for us because that’s a wealth of experience that we wanted to bring into our fold.”
The acquisition opens up access to the Health Canada licensed Scarborough, Ontario facility, currently operating under Truverra’s wholly-owned subsidiary, Canadian Clinical Cannabinoids Inc. The 5,000 square-foot property is set for repurposing in order to produce vaping liquid, concentrates and other high-quality cannabis extracts.
“It’s going to allow us to really expedite our legalization 2.0 product building and product manufacturing initiatives,” according to Davidson.
“When we look at timelines, to just go forward and try to start the manufacturing process, get the licensing, and get the facility in place, that’s an 18 month to 2 year process. Being able to push that timeline significantly forward should allow us to start manufacturing products as soon as December – a much quicker timeline-to-market than if we were to just try and go it alone.”
Truverra (Europe) B.V. – the Truverra wholly-owned subsidiary in The Netherlands – also serves to compliment Supreme’s own Supreme Heights; a London, UK based, CBD focused, investment platform designed to leverage the developing premium CBD health and wellness sector in the UK and Europe.
“It will be separate from Supreme heights, but we always wanted to make a big splash into the global CBD market – particularly in the EU – and this gives us another piece of exposure where we’re going to be able to build up and push out,” notes Davidson.
“Our focus domestically has always been recreational use and wellness, whereas our focus internationally has always been focussed medically and on wellness products. Truverra fits in perfectly from that standpoint because, going back to the senior leadership expertise with pharmaceuticals and global medical, we can now experience the CBD e-commerce and distribution side of thing. It’s a key focus for us.”
Acquiring the assets and expertise already built in to Truverra at such a pivotal point in cannabis legalization has positioned Supreme to continue their very active growth and expansion.
In the past few months Supreme also announced a partnership with Khalifa Kush Enterprises to bring KKE Oil – the first recreational, high-potency, THC oil – to market, and the acquisition of Blissco Cannabis Corporation in order to expand their product portfolio to include CBD and THC wellness products and pre-rolls.
When asked to comment on what the future holds for Supreme, Scott Davidson had this to say:
“We’re far from finished,” he says, emphatically. “We’re very much looking forward to the next generation of legalization 2.0 products here. We’re very excited to start introducing new brands and new products in that respect – but globally, with Supreme Heights in particular, and with more to come, the CBD market is really going to be our primary focus from an international standpoint. We’re going to be ramping up very quickly and are excited to see the consumer feedback. It’s going to be fantastic. The coming weeks and months are going to be very exciting here.”
Press Release Recap:
- Truverra’s Health Canada licensed facility in Toronto, ON to produce cannabis derivative products for Legalization 2.0.
- Truverra to serve as Supreme Cannabis’ global medical brand, building on existing R&D platform and established CBD offering in Europe.
- Skilled management team with decades of domestic and international experience in highly regulated industries, including life sciences and pharmaceuticals.