Supreme Cannabis Announces Closing of $23 Million Overnight Marketed Public Offering Including Full Exercise of Over-Allotment Option

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TORONTO, Jan. 29, 2021 /CNW/ - The Supreme Cannabis Company, Inc. ("Supreme Cannabis" or the "Company") (TSX: FIRE) (OTCQX: SPRWF) (FRA: 53S1) announced today the closing of its previously announced overnight marketed public offering (the "Offering") of 121,049,000 units of the Company ("Units") for aggregate gross proceeds to the Company of $22,999,310, including the full exercise of the over-allotment option granted to the underwriters in connection with the Offering.

Each Unit was comprised of one common share of the Company and one half of one common share purchase warrant of the Company (each full common share purchase warrant, a "Warrant"). Each Warrant is exercisable to acquire one common share of the Company (a "Warrant Share") until January 29, 2024 at an exercise price of $0.23 per Warrant Share, subject to adjustment in certain events.

The Warrants will begin trading on the Toronto Stock Exchange today under the symbol FIRE.WT.

The Offering was conducted by a syndicate of underwriters led by BMO Capital Markets and including ATB Capital Markets Inc., Cormark Securities Inc., Eight Capital, Stifel GMP, and Raymond James Ltd.

The net proceeds from the Offering will be used to fund growth initiatives, as a reserve for strategic opportunities, and for working capital and general corporate purposes.

The Units were offered in each of the provinces of Canada, excluding Quebec, pursuant to a prospectus supplement dated January 26, 2021 to the Company's short form base shelf prospectus dated April 22, 2020.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities to be offered have not been, and will not be registered under the U.S. Securities Act or under any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons, absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.

About Supreme Cannabis.

The Supreme Cannabis Company, Inc., (TSX: FIRE) (OTCQX: SPRWF) (FRA: 53S1), is a global diversified portfolio of distinct cannabis companies, products and brands. Since 2014, the Company has emerged as one of the world's most premium producers of recreational, wholesale and medical cannabis products.

Supreme Cannabis' portfolio of brands caters to diverse consumer and patient experiences, with brands and products that address recreational, wellness, medical and new consumer preferences. The Company's recreational brand portfolio includes, 7ACRES, 7ACRES Craft Collective, Blissco, sugarleaf, and Hiway. Supreme Cannabis addresses national and international medical cannabis opportunities through its premium Truverra brand.

Supreme Cannabis' brands are backed by a focused suite of world-class operating assets that serve key functions in the value chain, including, scaled cultivation, value-add processing, automated packaging and product testing and R&D. Follow the Company on Instagram, Twitter, Facebook, LinkedIn and YouTube.

We simply grow better.

Forward-Looking Information. 

Certain statements made in this press release constitute "forward-looking information" within the meaning of applicable securities laws. Forward-looking statements and information may be identified by such terms as "anticipates", "believes", "targets", "estimates", "plans", "expects", "may", "will", "could" or "would". In this press release, forward-looking information and statements relate to, among other things: the use of the net proceeds from the Offering. Forward-looking information may relate to anticipated 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 are appropriate and reasonable in the circumstances. The forward-looking events and circumstances discussed in this release may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting the Company, including risks regarding the COVID-19 epidemic, the cannabis industry, market conditions, economic factors, management's ability to manage and to operate the business and the equity markets generally. The forward-looking information contained in this press release is made as of the date hereof, and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.

SOURCE The Supreme Cannabis Company, Inc.