David Stadnyk, the CEO of Supreme Resources Ltd., decided to venture into the world of medical marijuana after problems arising in the mining industry. His once mining company is now producing medical marijuana, but the crazy part is that his stocks have been going up since the announcement.
Supreme Resources Ltd., a mining company, has decided to venture into the pharmaceuticals field due to the decline in the mining industry. It was renamed as Supreme Pharmaceuticals and has since experienced a jump in its stock since the announcement of their licensing application for its commercial grow op in South Okanagan.
On May 13, 2014, the company signed a letter of intent to acquire a greenhouse facility and ownership of a Southern Ontario-based company the Target Company. Supreme Pharmaceuticals has also been approved for a pre-build Marijuana for Medical Purposes Regulations license (MMPR).
This MMPR License will allow the Target Company to “build out and operate a 342,000 square foot facility that can produce up to 24,000,000 grams (24,000 kilograms) of medicinal marijuana per year,” making this new medical marijuana venture for Supreme Pharmaceuticals a highly productive one.
According to Health Canada, in 2013 there were 40,000 medical marijuana users and they estimate that by 2024 there will be over 450,000. By 2024 “the industry is projected to be worth $1.3 billion”, according to CTV News. David Stadnyk in an interview with CTV News said, “It’s a sector that only has growth in front of it.” This statistic could be the reason why Supreme decided to jump ship from mining to medical marijuana.