The Supreme Cannabis Company, Inc. and Khalifa Kush Enterprises Canada ULC (KKE), have mutually agreed to terminate their exclusive consulting services agreement entered into on December 6, 2018.
Supreme Cannabis and KKE amicably part ways in order to re-focus their resources on opportunities in their respective businesses. Supreme Cannabis will continue to address the ultra-premium category through its 7ACRES Craft Collective brand extension, which recently introduced Pink Kush to three new provinces, expanding distribution to Alberta, Manitoba and Saskatchewan. KKE will continue to build its leading premium brand in the U.S. while also pursuing international growth, developing and marketing unique cannabis related products.
Supreme Cannabis remains focused on compliance with all Health Canada regulations and direction. As disclosed in Supreme Cannabis’ Q3 FY2020 Financial Statements, as at March 31, 2020, Supreme Cannabis recorded an impairment of assets related to the KKE agreement, resulting in a revised carrying value of $nil. The Company determined that the value of the agreement was negatively impacted by current Health Canada direction.
The Supreme Cannabis Company Inc. is a global diversified portfolio of distinct cannabis companies, products and brands. Since 2014, the Company has emerged as one of the world’s fastest-growing, premium plant-driven lifestyle companies. Supreme Cannabis’ portfolio of brands caters to diverse consumer experiences, with brands and products that address recreational, wellness, medicinal and new consumer preferences.