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

Myanmar, Bangladesh schedule Rohingya repatriation

Aug 18, 2019

BANGKOK — Myanmar and Bangladesh will soon make a second attempt to start repatriating Rohingya Muslims, 700,000 of whom fled a security crackdown in Myanmar almost two years ago, officials from the two countries and the United Nations said Friday. Myanmar government spokesman Zaw Htay, speaking in his country's capital, Naypyitaw, said the parties concerned had agreed that the process would begin next Thursday. Bangladesh Refugee, Relief and Repatriation Commissioner Abul Kalam said the identities of the refugees have been confirmed by Myanmar and they could go back there if they want. Speaking in Dhaka, Bangladesh's capital, he said the...

Cathay Pacific CEO resigns after Beijing pressure

Aug 18, 2019

HONG KONG — The CEO of Cathay Pacific Airways, one of Hong Kong's most prominent companies, resigned Friday following pressure by Beijing on the carrier over participation by some of its employees in anti-government protests. Rupert Hogg became the highest-profile corporate casualty of official Chinese pressure on foreign and Hong Kong companies to support the ruling Communist Party's position against the protesters. Beijing jolted companies last week when it warned Cathay Pacific employees who "support or take part in illegal protests" would be barred from flying to or over the mainland. Cathay Pacific said a pilot who was charged with...

China threatens retaliation if US tariff hikes go ahead

Aug 18, 2019

BEIJING — China on Thursday threatened retaliation if Washington steps up their war over trade and technology by going ahead with planned Sept. 1 tariff hikes on additional Chinese imports. Beijing will take unspecified "necessary countermeasures," the Cabinet said in a one-sentence statement. It gave no details or any indication plans for trade talks in Washington in September might be affected. The mounting tension has unnerved financial markets that worry the global economy will tip into recession. President Donald Trump says he plans to impose 10% duties on an additional $300 billion of Chinese imports, extending penalties to almost everything...

Global stocks lower after US falls on recession fear

Aug 18, 2019

BEIJING — Global stock markets were mostly lower Thursday after Wall Street fell on mounting fears of a possible recession. Benchmarks in London, Tokyo and Sydney declined while Shanghai closed higher after spending most of the day in negative territory. Frankfurt was unchanged. U.S. investors dumped stocks Wednesday, sending the Dow Jones Industrial Average into its biggest one-day drop of the year, after the yield on 10-year Treasury bonds crossed a threshold that has correctly predicted many past recessions. That erased the previous day's gains from a rally that began after President Donald Trump delayed tariffs on about $160 billion...

Hong Kong Umbrella Movement leader released on bail

Aug 18, 2019

HONG KONG — A top opposition leader imprisoned on public disorder charges was released on bail Thursday as Hong Kong's government attempts to quell a protest movement that has paralyzed parts of the territory, including its international airport, and led to hundreds of arrests. Benny Tai was sentenced to 16 months as one of nine leaders of a 2014 drive for universal suffrage known as the Umbrella Movement. He was allowed to return home on $12,755 cash bail but barred from leaving Hong Kong. The 2014 movement fizzled, its demands unmet and leaders arrested. However, it laid the groundwork for...

Sign up now!

Advertisement