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

Latest News

China telecom giant Huawei hints US pressure hurting sales

Jun 19, 2019

SHANGHAI — Huawei's chief strategist said Tuesday the company would have become the world's number one smartphone maker by the year's end if not for "unexpected" circumstances — a hint that pressure from the U.S. may be hurting its sales. The comment by Shao Yang at the Consumer Electronics Show in Shanghai comes as Washington intensifies pressure on other countries to exclude Huawei Technologies from next-generation, or 5G, telecom networks where it actually is considered an industry leader. "If we had not encountered anything unexpected, we would have become number one in the world by the fourth quarter," Huawei's chief...

Australian PM: WTO needs mending to keep up with the times

Jun 19, 2019

SINGAPORE — Australian Prime Minister Scott Morrison said Friday that the World Trade Organization needs mending to keep up with the times. Morrison said many leaders attending the Group of 20 summit in Osaka later this month share the view. "There is a strong consensus about the need to modernize the WTO and its rules," he said. "We need to mend it, we don't need to break it, and mending it requires a lot of partnership," he added. "Just now it's the technical practical things that need to get done." Morrison, who spoke at a lunch organized by the Australian...

China says list of 'unreliable' foreign firms coming soon

Jun 19, 2019

BEIJING — China's Commerce Ministry will release a list of "unreliable" foreign companies in the near future, a spokesman said Thursday, without giving a specific date. The decision to create the list, announced last week, is widely seen as a response to a U.S. decision to put Huawei Technologies on a blacklist for alleged theft of intellectual property and evasion of Iran sanctions. Chinese Commerce Ministry spokesman Gao Feng told reporters at a weekly briefing that the process of drawing up the list was underway. He said no particular company or industry is being targeted. "Companies that abide by Chinese...

UN agencies urge stronger efforts to stop illegal fishing

Jun 19, 2019

BANGKOK — Major United Nations agencies are urging key fishing nations to join efforts to fight illegal, unreported and unregulated fishing. The U.N. Food and Agricultural Organization and other groups made the call at a conference in Bangkok on Wednesday focused on helping protect fisheries and those working in the industry. Thailand is the world's biggest importer of tuna. It has one of the seven state-of-the-art centers in the region monitoring fishing vessels in real time to help control access to regional ports and curb illegal fishing. The centers are helping enforce the Port State Measures Agreement, which aims to...

China issues travel alerts, slams US 'interference'

Jun 19, 2019

BEIJING — China issued a pair of travel warnings for the U.S. on Tuesday and slammed what it called "interference" in its internal affairs. Foreign Ministry spokesman Geng Shuang accused the U.S. of acting in bad faith in trade negotiations and said any attempts to interfere or undermine China's stability would be "doomed to fail." The volleys of criticism between the two largest economies leave them further than ever from resolving their standoff over U.S. complaints that Beijing resorts to unfair trade practices and unscrupulous methods to obtain advanced technologies. The Chinese comments followed a statement from the U.S. Trade...

Sign up now!