Supreme Cannabis Company Inc (OTCMKTS: SPRWF) continues to move higher in recent days on a run that started last December and has seen the stock more than double since than.
Supreme continues to make big move; last week Supreme signed an LOI with Malta Enterprises, the economic development agency of Malta. The LOI is the first step of Supreme Cannabis’ application for a Cannabis Production License in Malta. Such License would allow the Company to produce and process cannabis for medical use within Malta, one of Europe’s principal commercial entry points, and to export cannabis for medical use to certain international markets. If approved, Supreme Cannabis intends to produce products containing EU GMP quality cannabis oil and pursue regulated medical cannabis distribution opportunities in the European Union.
CEO Navdeep Dhaliwal stated:
“We’re pleased to announce that we have secured a letter of intent from Malta Enterprises, taking another step forward in our global growth strategy. Malta is not only a strategic hub for Europe, it is also home to robust existing pharmaceutical and nutraceutical manufacturing industries with a deep pool of expertise. Using the intellectual property and expertise we’ve gained in Canada, we intend to deliver high-quality cannabis products to medical patients in multiple international markets.”
The Supreme Cannabis Company (TSX: FIRE) (OTCQX: SPRWF) (FRA: 53S1) 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 multiple award wins, including the “Brand of the Year” award at the 2018 Canadian Cannabis 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.
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Over the past few months Supreme Cannabis made its first shipments of 7ACRES branded High-End Cannabis™ to six of Canada’s provincially regulated adult-use channels and 7ACRES, was also named Brand of the Year at the 2018 Canadian Cannabis Awards.
Supreme Cannabis and Khalifa Kush Enterprises announced an international partnership agreement to develop and launch premium cannabis products for the Canadian and international markets excluding the United States.
In February Supreme Cannabis announced the release of its financial and operating results for the three and six months ended December 31, 2018. Q2 2019 revenue for the Company was $7.72 million, a 359% increase from Q2 2018 ($1.68 million) and a 50% increase from Q1 2019 ($5.14 million). During the quarter, Supreme Cannabis strengthened its balance sheet by raising $100 million of gross proceeds through a bought deal offering of 6% unsecured convertible debentures due 2021 and led by GMP Securities L.P. and BMO Capital Markets.
CEO Navdeep Dhaliwal stated:
“We’re pleased with our second quarter results, which show meaningful revenue growth quarter-over-quarter and continues to reflect our strong operational execution. Since Supreme received its license over two years ago, we have been one of the fastest scaling Licensed Producer’s in Canada, demonstrated by one of the strongest first years of revenue in the sector. During the second quarter we made our first shipments of 7ACRES-branded product to adult-use markets in six provinces. 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.”
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Currently trading at a $487 million market valuation Supreme Cannabis has $91 million in cash, manageable debt and growing revenues reporting Q2 2019 revenue for the Company was $7.72 million, a 359% increase from Q2 2018 ($1.68 million) and a 50% increase from Q1 2019 ($5.14 million). Supreme Cannabis is focused on becoming a leading premium brand in the Canadian recreational market and has been making all the right moves shipping its 7ACRES branded High-End Cannabis™ to six of Canada’s provincially regulated adult-use channels and 7ACRES, was also named Brand of the Year at the 2018 Canadian Cannabis Awards. We will be updating on Supreme Cannabis when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with Supreme Cannabis.
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Disclosure: we hold no position in Supreme Cannabis either long or short and we have not been compensated for this article.