- Supreme
Cannabis Company announces record revenues of $5.14 million for Q1 2019
- Company
boosts product offerings with coast-to-coast High-End Cannabis line of
recreational cannabis
- Supreme
Cannabis continues to build on supply agreements, including first
international entry for medical cannabis oil distribution
- Company
boosts profile with acquisition of strategic communications firm Bayfield
Strategy, Inc.
As the market for cannabis products and recreational
marijuana begins to catch fire following Canada’s nationwide full-use
legalization of the plant, Supreme Cannabis Company Inc. (TSX.V: FIRE) (OTC:
SPRWF) (FRA: 53S1), operating through wholly owned subsidiary 7ACRES, has
positioned itself to provide premium High-End Cannabis coast-to-coast while
beginning to access international markets as well.
Seen as validation of its successful execution of 7ACRES’
business strategy is the announcement of a record $5.14 million in revenue for
Q1 2019, marking a 45 percent increase from the previous quarter and a 229
percent increase from Q1 2018 (http://ibn.fm/5wEoc). Commenting on the dramatic increase,
CEO Navdeep Dhaliwal said in a news release, “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.”
Ontario-based Supreme Cannabis built on its B2B medicinal
cannabis production model when it entered recreational use supply agreements
with Ontario, British Columbia, Alberta, Manitoba, Nova Scotia and Prince
Edward Island in June for 7ACRES’ LP products. The company began moving into
the adult use market with the launch of its Jean Guy strain in British Columbia
following the federal government’s October 17 deadline to open markets to
cannabis’ full-use potential.
Online distribution under the agreements with the other
provinces was set to follow in early November through provincially regulated
adult-use channels, and the remainder of 7ACRES’ product lineup was expected to
be available within a short time after through online and brick-and-mortar
outlets.
“We’re now excited to make 7ACRES available to adult
cannabis enthusiasts and consumers looking for a superior sensory experience
when consuming cannabis. Our mantra at 7ACRES is ‘RESPECT THE PLANT,’” Supreme
Cannabis President John Fowler stated in a news release (http://ibn.fm/oXV4z).
“We believe that by respecting the plant, the people who
care for it and the people who ultimately consume it, we have built a culture
of continual improvement where consumers can expect that each flower experience
is better than the last,” he added. “7ACRES flower is focused on pleasing three
primary senses: aroma, visual appeal and flavour. Through an intensive
phenotype selection-process, we selected our four core strains to maximize the
objective and subjective quality across these three categories.”
7ACRES operates inside a 342,000-square-foot facility. The
company has been gradually building its production capacity since obtaining the
necessary Health Canada approvals to begin cultivation in the first 30,000
square feet of state-of-the-art flowering rooms a year ago, and it expects to
have all of its flowering rooms operational and the facility complete by early
next year (http://ibn.fm/YhFHY).
Supreme Cannabis has been bolstering its management team
with experienced professionals throughout the course of the year, and it began
trading on the OTCQX Best Market operated by OTC Market Group in August.
Additional supply agreements are also boosting the company’s reach to consumers
around the world. Between January and March, Supreme Cannabis entered multiple
supply agreements, including a long-term global distribution strategic alliance
with Medigrow Lesotho (PTY) Limited for medical cannabis oil to be produced in
Lesotho and exported to international markets. In September, 7ACRES entered
into multiple agreements with Tilray Canada Ltd. to supply cannabis to the
company’s medical cannabis patient population in Canada. Tilray Canada is a
subsidiary of Tilray Inc. (NASDAQ: TLRY), a global leader in cannabis research,
cultivation, processing and distribution that is currently serving tens of
thousands of patients in 11 countries spanning 5 continents.
In addition, on November 13, the company announced that it
had reached an agreement to acquire communications firm Bayfield Strategy,
Inc., which offers specialized advice and expertise in the area of strategic
communications, investor relations, public affairs and shareholder
activism (http://ibn.fm/SCCA3).
The Bayfield Team will assume a variety of roles at Supreme and help the
company accelerate strategic priorities, bolster communications efforts and
drive global growth.
“I am excited to welcome the Bayfield team to Supreme
Cannabis,” Supreme Cannabis CEO Navdeep Dhaliwal stated in a news release. “We
have worked closely with Bayfield and have come to trust their advice, work
ethic, and values. As we enter an exciting growth stage for the Company and the
global cannabis industry, we will benefit from the infusion of skills and
experience brought by the Bayfield team.”
For more information, visit the company’s website at www.Supreme.ca
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