Supreme Cannabis Announces Plans To Acquire Truverra, Expand Reach In Canada, Europe

The Supreme Cannabis Company, Inc. (TSX:FIRE) is readying itself for Canada's "legalization 2.0" by entering into a definitive agreement with the private company Truverra Inc.

The deal is expected to be valued at around CA$20 million ($15.3 million). 

Why It Matters

The acquisition of Truverra gives Supreme further access to the Canadian and international markets through Truverra's Canadian Clinical Cannabinoids Inc. (CCC) subsidiary, the company said in a Wednesday press release. 

This includes CCC's 5,000-square-foot Scarborough, Ontario facility, where Supreme said it plans to produce its extracts, including products like concentrates that will be legal for sale later in the year.

In Europe, Supreme will have access to the European CBD market with Truverra Europe's Netherlands-based location.

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In a press release, Supreme CEO Navdeep Dhaliwal discussed the significance of both deals.

"The recent introduction of Health Canada's amended cannabis regulations creates a distinct opportunity for Supreme Cannabis to establish a leading position in the cannabis extracts markets. With the acquisition of Truverra, we secure a Toronto-based facility equipped to extract our high-quality inputs for concentrates and vaping liquids in the near-term."

Truverra's operations provide an additional entry point into the European CBD wellness market, he said. 

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Photo courtesy of Supreme Cannabis.