- Supreme
Cannabis’ financial and operational report speaks to the company’s ability
to strategically maneuver the cannabis industry while maintaining high
revenues
- The
company’s wholly owned subsidiary, 7ACRES, was named ‘Brand of the Year’
at the 2018 Canadian Cannabis Awards
- Supreme
Cannabis expects to reach full production capacity in 2019, in large part
due to 7ACRES’ 440,000-square-foot facility in Ontario
The Supreme Cannabis Company Inc. (TSX: FIRE) (OTCQX: SPRWF)
(FRA: 53S1), an established contender in Canada’s cannabis industry, recently
released its 2019 financial and operational results for the period ended
December 31, 2018. The report portrayed the company’s vitality, profitability
and shrewdness.
Supreme Cannabis’ wholly owned licensed producer subsidiary,
7ACRES, had a noteworthy quarter. During the quarter, Supreme Cannabis made its
first shipments of 7ACRES-branded high-end cannabis to six of Canada’s
provincially regulated adult-use channels. Additionally, the company’s 7ACRES
brand was named ‘Brand of the Year’ at the 2018 Canadian Cannabis Awards (http://ibn.fm/g0wpY).
As of early February 2019, 7ACRES has operated a
440,000-square-foot facility in Ontario. Supreme Cannabis sees this as a precursor
to fervent growth in the upcoming year, predicting an increase in its annual
production target. Estimates point toward the company’s ability to reach full
production capacity, which would mark an increase from its current 17,500 kg to
50,000 kg.
The Q2 report also detailed Supreme Cannabis’ profitability.
The company recorded a 359 percent increase in revenue from Q2 2018 ($1.68
million) to Q2 2019 ($7.72 million). The company has also been making moves to
stay competitive within the cannabis oil products market, an industry which has
been dubbed the next “gold rush” since the 2018 United States Farm Bill removed
hemp from the list of controlled substances (http://ibn.fm/73VEk). Demand for hemp-derived CBD products
continues to grow worldwide and is estimated to become a $22 billion industry
by 2022. Staying ahead of the curve, Supreme Cannabis contracted Medipharm Labs
Co. to help coordinate the launch of the company’s cannabis oil product line.
Moreover, Supreme Cannabis entered into an exclusive
consulting services agreement with Khalifa Kush Enterprises LLC (“KKE”) with
the goal of developing and launching a line of premium cannabis products. This
product line (http://ibn.fm/pUK1x)
is expected to include “pre-rolls, extracts, capsules, and cannabis oils to be
sold by Supreme Cannabis under the KKE brand.”
Wiz Khalifa, principal of KKE, spoke highly of Supreme
Cannabis in a news release, stating, “My team and I have spent the last year
finding a partner that shares our vision, values, and passion for cannabis. The
team at Supreme Cannabis understands the importance of high quality cannabis
and how to produce [it] at scale.”
Thanks to its strategic partnerships and continued focus on
award-winning brand quality, Supreme Cannabis is set to remain a fierce
competitor in the cannabis industry.
For more information, visit the company’s website at www.Supreme.ca
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