Facility Purchase Terms
The total purchase price of the facility was $4,500,000, of which Supreme paid $1,000,000 on closing out of available funds, and assumed a vendor mortgage of $3,500,000, payable on the second anniversary date from closing. No interest will accrue in the first year, but the mortgage bears interest at 7% during the remaining year.Private Company Acquisition
The Company is now in the process of its due diligence review and negotiations of final agreements in respect to the previously announced acquisition of the private company that holds the pre-build MMPR license covering all 342,000 square feet of the just purchased facility. It is expected that this acquisition will close by the end of May, 2014.Management stated: "We are pleased that this first step has been completed in Supreme achieving its goal of producing and selling medical marijuana. While there is still significant work to be done, this bodes well for the Company being able to execute its business plan."
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For more information
Supreme Pharmaceuticals Inc.
Investor Relations
430-580 Hornby Street,
Vancouver BC, V6C 3B6
T: (647) 340-6744
info@supremepharmaceuticals.com
www.supremepharmaceuticals.com