- Supreme Cannabis Company announces record revenues of $5.14 million for Q1 2019
- Company boosts product offerings with coast-to-coast High-End Cannabis line of recreational cannabis
- Supreme Cannabis continues to build on supply agreements, including first international entry for medical cannabis oil distribution
- Company boosts profile with acquisition of strategic communications firm Bayfield Strategy, Inc.
As the market for cannabis products and recreational marijuana begins to catch fire following Canada’s nationwide full-use legalization of the plant, Supreme Cannabis Company Inc. (TSX.V: FIRE) (OTC: SPRWF) (FRA: 53S1), operating through wholly owned subsidiary 7ACRES, has positioned itself to provide premium High-End Cannabis coast-to-coast while beginning to access international markets as well.
Seen as validation of its successful execution of 7ACRES’ business strategy is the announcement of a record $5.14 million in revenue for Q1 2019, marking a 45 percent increase from the previous quarter and a 229 percent increase from Q1 2018 (http://cnw.fm/q7GSa). Commenting on the dramatic increase, CEO Navdeep Dhaliwal said in a news release, “We’ve established valuable intellectual property and laid a strong foundation for 2019 by amassing coast-to-coast distribution for what we believe is the only premium High-End Cannabis grown at scale in the country. Moving forward, our branding and distribution for 7ACRES will accelerate, as we’re confident that consumers will further fuel our growth as they recognize the standard 7ACRES has set in the market for premium dried flower.”
Ontario-based Supreme Cannabis built on its B2B medicinal cannabis production model when it entered recreational use supply agreements with Ontario, British Columbia, Alberta, Manitoba, Nova Scotia and Prince Edward Island in June for 7ACRES’ LP products. The company began moving into the adult use market with the launch of its Jean Guy strain in British Columbia following the federal government’s October 17 deadline to open markets to cannabis’ full-use potential.
Online distribution under the agreements with the other provinces was set to follow in early November through provincially regulated adult-use channels, and the remainder of 7ACRES’ product lineup was expected to be available within a short time after through online and brick-and-mortar outlets.
“We’re now excited to make 7ACRES available to adult cannabis enthusiasts and consumers looking for a superior sensory experience when consuming cannabis. Our mantra at 7ACRES is ‘RESPECT THE PLANT,’” Supreme Cannabis President John Fowler stated in a news release (http://cnw.fm/k5TFr).
“We believe that by respecting the plant, the people who care for it and the people who ultimately consume it, we have built a culture of continual improvement where consumers can expect that each flower experience is better than the last,” he added. “7ACRES flower is focused on pleasing three primary senses: aroma, visual appeal and flavour. Through an intensive phenotype selection-process, we selected our four core strains to maximize the objective and subjective quality across these three categories.”
7ACRES operates inside a 342,000-square-foot facility. The company has been gradually building its production capacity since obtaining the necessary Health Canada approvals to begin cultivation in the first 30,000 square feet of state-of-the-art flowering rooms a year ago, and it expects to have all of its flowering rooms operational and the facility complete by early next year (http://cnw.fm/8Moua).
Supreme Cannabis has been bolstering its management team with experienced professionals throughout the course of the year, and it began trading on the OTCQX Best Market operated by OTC Market Group in August. Additional supply agreements are also boosting the company’s reach to consumers around the world. Between January and March, Supreme Cannabis entered multiple supply agreements, including a long-term global distribution strategic alliance with Medigrow Lesotho (PTY) Limited for medical cannabis oil to be produced in Lesotho and exported to international markets. In September, 7ACRES entered into multiple agreements with Tilray Canada Ltd. to supply cannabis to the company’s medical cannabis patient population in Canada. Tilray Canada is a subsidiary of Tilray Inc. (NASDAQ: TLRY), a global leader in cannabis research, cultivation, processing and distribution that is currently serving tens of thousands of patients in 11 countries spanning 5 continents.
In addition, on November 13, the company announced that it had reached an agreement to acquire communications firm Bayfield Strategy, Inc., which offers specialized advice and expertise in the area of strategic communications, investor relations, public affairs and shareholder activism (http://cnw.fm/UlX3j). The Bayfield Team will assume a variety of roles at Supreme and help the company accelerate strategic priorities, bolster communications efforts and drive global growth.
“I am excited to welcome the Bayfield team to Supreme Cannabis,” Supreme Cannabis CEO Navdeep Dhaliwal stated in a news release. “We have worked closely with Bayfield and have come to trust their advice, work ethic, and values. As we enter an exciting growth stage for the Company and the global cannabis industry, we will benefit from the infusion of skills and experience brought by the Bayfield team.”
For more information, visit the company’s website at www.Supreme.ca
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