After de-listing from the Venture Exchange and moving up to the full Toronto Stock Exchange last month, The Supreme Cannabis Company, Inc. (TSX: FIRE; OTCQX: SPRWF; FRA: 53S1) is looking to start making more international deals.
Today, the company signed a letter of intent to acquire a cannabis production license in the southern European island nation of Malta. That letter is the first in a series of regulatory hurdles to overcome before receiving licensing and acquiring greenhouse space.
While recreational marijuana remains illegal in Malta at the federal level, it was partially decriminalized in 2015 when laws were passed to reduce punishment for cannabis offenses. Medical cannabis was just officially legalized in the nation last year.
Discussing the strategic rationale behind starting production in Malta, Supreme’s Chief Executive Officer Navdeep Dhaliwal commented:
If approval from the Malta government is eventually granted, Supreme will begin cultivating cannabis for extracting oil certified under the European Union Good Manufacturing Process (EU GMP)
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