- Company announced 359 percent revenue increase for Q2 2019
- Supreme has expanded domestic distribution to eight Canadian provinces
- Company simplified trading in the U.S. with DTC eligibility
Now that The Supreme Cannabis Company Inc. (TSX: FIRE) (OTC: SPRWF) (FRA: 53S1) has released the results of its operations for the three months ended December 31, 2018 (Q2 2019), it’s apparent that there’s more than meets the eye with ticker symbol ‘FIRE’. With revenues for the quarter climbing to a fiery run rate of $20.6 million, the company is now one of the top-eight publicly traded Canadian licensed producers. Its Q2 2019 revenue was $7.72 million, marking a 359 percent increase over the $1.68 million of Q2 2018, and a 50 percent increase from Q1 2019 revenues of $5.14 million (http://cnw.fm/5qnQO). This top-of-the-line run rate is set to continue as Supreme Cannabis expands its domestic product delivery channels. In addition, the company recently announced that, after receiving approval from the Depository Trust Company (“DTC”) of New York, its shares are now DTC eligible.
Supreme Cannabis has posted a string of achievements in the last calendar year, showing that it is aptly named. 7ACRES, its wholly owned subsidiary and multi-award winning brand, was named ‘Brand of the Year’ at the 2018 Canadian Cannabis Awards. The annual award show, presented by Lift & Co. (TSX.V: LIFT), celebrates and honors the movers, shakers and products that are leading the way in the Canadian cannabis space.
Supreme is collaborating with Wiz Khalifa’s Khalifa Kush Enterprises (“KKE”) to develop and launch a line of premium cannabis products in Canadian and international markets (excluding the United States) (http://cnw.fm/qEY6n). KKE’s quality strains, available in most states where cannabis has been legalized, are enjoying growing popularity in the U.S. Wiz Khalifa, a well-known activist in the cannabis community, is a Grammy Award-winning American rapper, singer, songwriter and actor, and he has developed a line of regulated marijuana strains, products and concentrates under the Khalifa Kush brand.
Supreme has widened its distribution reach with agreements to supply cannabis to retailers in the provinces of New Brunswick and Saskatchewan. In so doing, its subsidiary, 7ACRES, joins an exclusive group of licensed producers with recreational distribution rights in eight or more provinces (http://cnw.fm/Bjus5). Supreme already has distribution arrangements in place in the provinces of Alberta, British Columbia, Manitoba, Nova Scotia, Ontario and Prince Edward Island.
Supreme also plans to market a branded line of first-rate cannabis oil products, developed by MediPharm Labs Corp. (TSX.V: LABS), to the adult-use consumer market. 7ACRES has agreed to supply high-quality cannabis trim to MediPharm for the extraction and production of the products. Cannabis trim consists mostly of leaves cut from the plant during pruning. Containing substantial levels of cannabinoids, trim can be used to make edibles, hash and tinctures, as well as being processed for oils.
In October 2018, Supreme increased its armory of “dry powder” with a $100 million capital infusion. In a bought deal led by GMP Securities L.P. and BMO Capital Markets, the company issued six percent unsecured convertible debentures that are due in 2021. Additionally, trading in its shares outside Canada has been facilitated by DTC eligibility, after approval by the Depository Trust Company of New York (http://cnw.fm/aF7Bz). Eligibility allows a public company’s securities to be deposited and cleared electronically through DTC, which, with over $35 trillion worth of securities on deposit, is the largest securities depository in the world.
For more information, visit the company’s website at www.Supreme.ca
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