- Q1 2019 revenue for the Company was $5.14 million, a 229% increase from Q1 2018.
- Supreme Cannabis’ Annual General Meeting of Shareholders has also been announced as December 10, 2018.
TORONTO, Nov. 14, 2018 /CNW/ – The Supreme Cannabis Company, Inc. (“Supreme Cannabis” or the “Company”) (TSXV: FIRE) (OTCQX: SPRWF) (FRA: 53S1), announced the release of its financial and operating results for the three months ended September 30, 2018.
Q1 2019 Financial and Operating Highlights
- Q1 2019 revenue for the Company was $5.14 million, a 229% increase from Q1 2018 ($1.56 million) and a 45% increase from the previous quarter ($3.55 million).
- Q1 2019 net comprehensive loss for the Company was $5.39 million, compared to a net loss of $2.18 million in Q1 2018 and a net income of $0.23 million in the previous quarter.
- The Company has signed several supply agreements with other Licensed Producers, including supply agreements with Tilray (NASDAQ: TLRY) which are estimated to be in excess of $14 million
- The Company signed agreements to supply adult-use cannabis to consumers in six Canadian provinces.
- The Company upgraded to the OTCQX market in the United States.
- The Company added 50,000 square feet of licensed flowering room capacity, bringing estimated potential production to 13,333 kg. In less than twelve months, the Company has added 80,000 square feet of licensed flowering room capacity.
“Supreme Cannabis’ results in the first quarter mark a solid beginning to a historic year in a competitive, dynamic and rapidly evolving marketplace,” said Navdeep Dhaliwal, CEO of Supreme Cannabis. “Q1 2019 results are continued validation for the successful execution of our strategy for our 7ACRES business to establish a competitive advantage in quality driven regulated cultivation at scale. 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.”
We Grow Better.
Subsequent to Q1 2019
- Supreme Cannabis strengthened its balance sheet by raising $100 million of gross proceeds through a bought deal offering of convertible debentures in October 2018.
- Supreme Cannabis makes first shipments of 7ACRES branded High-End Cannabis™ to six of Canada’s provincially regulated adult-use channels.
Supreme Cannabis’ 2019 first quarter MD&A and consolidated financial statements for the quarter ended September 30, 2018, along with all previous public filings of The Supreme Cannabis Company, Inc. may be found on SEDAR at www.SEDAR.com
Annual General Meeting of Shareholders
The Company invites shareholders to its Annual Meeting (“Meeting”) taking place at the offices of Stikeman Elliott LLP, 5300 Commerce Court West, 199 Bay Street, Toronto, Ontario M5L 1B9 on Monday December 10, 2018 at 10:00 a.m.(Toronto time).
In addition to the matters to be considered at the Meeting, the Supreme Cannabis Company’s Chief Executive Officer, Navdeep Dhaliwal will provide a keynote presentation on the Company’s strategic plan for 2019.
About Supreme Cannabis
The Supreme Cannabis Company (TSXV: FIRE) (OTCQX: SPRWF) (FRA: 53S1) is a Canadian publicly traded company committed to providing premium brands and products that proudly reflect its consumers, people and uniquely innovative culture. The Company’s portfolio includes its wholly-owned subsidiary and flagship brand 7ACRES.
7ACRES is a federally licensed producer of cannabis operating inside a 342,000-square-foot facility in Kincardine, Ontario. 7ACRES is dedicated to providing consumers with a premium-quality product that recognizes its customers are informed, discerning and value a brand and culture that aligns with their principles. 7ACRES brand success has been reflected in provincial supply agreements, where 7ACRES’ product is consistently listed in the highest brand category available to recreational consumers.
The Company’s growing portfolio also includes an equity investment and long-term global distribution partnership with Lesotho-based Medigrow for the exporting of medical-grade cannabis oil.
The Supreme Cannabis Company has consistently set the standard for innovation in the sector, including the design of growing facilities and development of operational excellence metrics. We are confident that together with our flagship brand, proprietary technology and products, truly unique culture, and industry-leading team, we will deliver our shareholders consistent long-term value creation.