NetworkNewsBreaks – Supreme Cannabis Company Inc. (TSX.V: FIRE) (OTCQX: SPRWF) (FRA: 53S1) Releases Q2 2019 Financial and Operating Results

Supreme Cannabis Company (TSX.V: FIRE) (OTCQX: SPRWF) (FRA: 53S1) this morning announced the release of its financial and operating results for the three and six months ended December 31, 2018. According to the update, Q2 2019 highlights include: revenue of $7.72 million, reflecting a 359 percent increase from Q2 2018 and a 50 percent increase from Q1 2019; a net comprehensive loss of $1.55 million, compared net losses of $2.03 million in Q2 2018 and $5.39 million in Q1 2019. In addition, Supreme Cannabis strengthened its balance sheet during the quarter by raising gross proceeds of $100 million through a bought deal offering of 6 percent unsecured convertible debentures due 2021 led by GMP Securities L.P. and BMO Capital Markets. The company’s wholly-owned subsidiary, 7ACRES, was deemed Brand of the Year at the 2018 Canadian Cannabis Awards and completed first shipments of its branded cannabis to six of Canada’s provincially regulated adult-use channels. Supreme Cannabis also engaged Medipharm Labs Co. to facilitate launch of the company’s cannabis oil products line and entered into a international partnership agreement with Khalifa Kush Enterprises to develop and launch premium cannabis products for the Canadian and international markets excluding the U.S.

“During the second quarter we made our first shipments of 7ACRES-branded product to adult-use markets in six provinces,” Supreme Cannabis CEO Navdeep Dhaliwal said in the news release. “The consumer feedback has been overwhelmingly positive. Cannabis enthusiasts are vocal about their passion for high-quality cannabis. We believe 7ACRES has quickly established itself as Canada’s only premier cannabis producer at scale. With construction on the flowering room at 7ACRES scheduled to be completed by the end of March, we’re looking forward to increasing our production capacity to help meet consumer demand and drive further revenue growth throughout the year.  This quarter validated many aspects of our consumer driven market thesis and demonstrates the strength of our intellectual property around scaled cultivation.”

To view the full press release, visit http://nnw.fm/nu4PI

About Supreme Cannabis

The Supreme Cannabis Company 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 multi-award-winning brand, 7ACRES. 7ACRES is a federally licensed producer of cannabis operating inside a 440,000-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 its “Brand of the Year” award at the 2018 Canadian Cannabis Awards, “Best Licensed Producer Branding” award at the 2018 AdCann Advertising Awards and 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 been a leading innovator in the sector including the design of growing facilities and development of operational excellence metrics. It is confident that together with its flagship brand, proprietary technology and products, truly unique culture, and industry-leading team, the company will deliver its shareholders consistent long-term value creation. For more information, visit the company’s website at www.Supreme.ca.

About NetworkNewsWire

NetworkNewsWire (NNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) NetworkNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. NNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.

To receive instant SMS alerts, text STOCKS to 77948

For more information please visit https://www.NetworkNewsWire.com

Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer

NetworkNewsWire (NNW)
New York, New York
www.NetworkNewsWire.com
212.418.1217 Office
Editor@NetworkNewsWire.com

More News From Finance - Asia Logue

The Latest: Hammond says Britain a good Belt & Road partner

Apr 26, 2019

BEIJING — The Latest on China's Belt and Road infrastructure building conference. (all times local): 8:00 p.m. British treasury chief Philip Hammond says Britain's finance industry would be a "natural partner" for future projects under China's Belt and Road infrastructure initiative. On the sidelines of a Belt and Road forum in Beijing Friday, Hammond did not directly say whether Britain was considering signing an agreement to support the initiative, as Italy did last month. But he said that if future projects were held to the highest standards "there is a potential important future partnership there for us." Chinese President Xi...

World shares mostly dip on earnings, ahead of US growth data

Apr 26, 2019

BANGKOK — Global stock markets mostly edged lower on Friday amid weak corporate news and ahead of the release of U.S. economic growth data later in the day. After losses in much of Asia, Britain's FTSE 100 fell 0.2% to 7,420, though Germany's DAX eked out a 0.1% gain to 12,300. The CAC40 in Paris was roughly flat at 5,560. Wall Street looked set for a weak open, with the future contract for the Dow down 0.1% and that for the S&P 500 off less than 0.1%. Corporate news has been mixed, with carmaker Daimler reporting a drop in earnings...

Putin lauds China infrastructure initiative, warming ties

Apr 26, 2019

BEIJING — Russian President Vladimir Putin praised China's Belt and Road infrastructure initiative Friday, underscoring warming ties between the neighboring powers. Putin's comments Friday to a forum in Beijing appeared to downplay the potential for tensions between China and Russia. They also reflect Beijing and Moscow's shared resistance to U.S. global influence. The Belt and Road is rapidly expanding China's economic footprint in Central Asia, Moscow's traditional sphere of influence. But in an interview published Thursday remarking on 70 years of diplomatic relations, Putin praised Russia-China ties. "It would be no exaggeration to say that our countries have approached this...

Asian shares fall on China stimulus worries, weak earnings

Apr 26, 2019

BANGKOK — Shares were mostly lower in Asia on Friday after an overnight decline on Wall Street spurred by disappointingly weak earnings reports from 3M and other industrial companies. Concern that China may temper its economic stimulus pulled the Shanghai benchmark down 0.8% to 3,099.36. Japan's Nikkei 225 index slipped 0.5% to 22,193.41 and the Kospi in South Korea declined 0.6% to 2,175.89. Australia's S&P ASX 200 edged 0.1% higher to 6,388.20 while the Hang Seng in Hong Kong added 9.33 points to 29,564.49. Shares fell in Taiwan and Singapore but rose in Jakarta. Traders are watching for U.S. growth...

China's Xi promotes building initiative amid debt worries

Apr 26, 2019

BEIJING — President Xi Jinping promised Friday to promote high financial standards for China's infrastructure-building initiative as Beijing tries to dispel complaints the multibillion-dollar program leaves developing countries with too much debt. Xi avoided mentioning debt in a speech at the opening of a Belt and Road forum attended by leaders of three dozen countries to celebrate his signature foreign initiative. But he said Beijing wants "open, green and clean cooperation" with "zero tolerance for corruption." Developing countries welcome the initiative to expand trade by building roads, ports and other facilities across a vast arc of countries from Asia through...

Sign up now!

Advertisement