- Q1 2019 revenue for the Company was $5.14 million, a 229% increase from Q1 2018.
- Supreme Cannabis' Annual General Meeting of Shareholders has
also been announced as December 10,
2018.
TORONTO, Nov. 14, 2018 /CNW/ - The Supreme Cannabis
Company, Inc. ("Supreme Cannabis" or the "Company") (TSXV: FIRE)
(OTCQX: SPRWF) (FRA: 53S1), announced the release of its financial
and operating results for the three months ended September 30, 2018.
Q1 2019 Financial and Operating Highlights
- Q1 2019 revenue for the Company was $5.14 million, a 229% increase from Q1 2018
($1.56 million) and a 45% increase
from the previous quarter ($3.55
million).
- Q1 2019 net comprehensive loss for the Company was $5.39 million, compared to a net loss of
$2.18 million in Q1 2018 and a net
income of $0.23 million in the
previous quarter.
- The Company has signed several supply agreements with other
Licensed Producers, including supply agreements with Tilray
(NASDAQ: TLRY) which are estimated to be in excess of $14 million
- The Company signed agreements to supply adult-use cannabis to
consumers in six Canadian provinces.
- The Company upgraded to the OTCQX market in the United States.
- The Company added 50,000 square feet of licensed flowering room
capacity, bringing estimated potential production to 13,333 kg. In
less than twelve months, the Company has added 80,000 square feet
of licensed flowering room capacity.
"Supreme Cannabis' results in the first quarter mark a solid
beginning to a historic year in a competitive, dynamic and rapidly
evolving marketplace," said Navdeep
Dhaliwal, CEO of Supreme Cannabis. "Q1 2019 results are
continued validation for the successful execution of our strategy
for our 7ACRES business to establish a competitive advantage in
quality driven regulated cultivation at scale. 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."
We Grow Better.
Subsequent to Q1 2019
- Supreme Cannabis strengthened its balance sheet by raising
$100 million of gross proceeds
through a bought deal offering of convertible debentures in
October 2018.
- Supreme Cannabis makes first shipments of 7ACRES branded
High-End Cannabis™ to six of Canada's provincially regulated adult-use
channels.
Supreme Cannabis' 2019 first quarter MD&A and consolidated
financial statements for the quarter ended September 30, 2018, along with all previous
public filings of The Supreme Cannabis Company, Inc. may be found
on SEDAR at www.SEDAR.com
Annual General Meeting of Shareholders
The Company invites shareholders to its Annual Meeting
("Meeting") taking place at the offices of Stikeman Elliott LLP,
5300 Commerce Court West, 199 Bay Street, Toronto, Ontario M5L 1B9 on Monday December 10, 2018 at 10:00 a.m. (Toronto time).
In addition to the matters to be considered at the Meeting, the
Supreme Cannabis Company's Chief Executive Officer, Navdeep Dhaliwal will provide a keynote
presentation on the Company's strategic plan for 2019.
About Supreme Cannabis
The Supreme Cannabis Company (TSXV: 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 flagship brand 7ACRES.
7ACRES is a federally licensed producer of cannabis operating
inside a 342,000-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 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 consistently set the standard
for innovation in the sector, including the design of growing
facilities and development of operational excellence metrics. We
are confident that together with our flagship brand, proprietary
technology and products, truly unique culture, and industry-leading
team, we will deliver our shareholders consistent long-term value
creation.
Stay Connected:
For more information, please visit The Supreme Cannabis Company
and 7ACRES websites.
Follow us on Twitter, Facebook, or Instagram.
Forward-Looking Information
Certain statements made in this press release may constitute
forward-looking information under applicable securities laws. These
statements may relate to anticipated events or results and include,
but are not limited to, the Company's expanded branding and
distribution efforts, the market recognition of the quality of
7ACRES product, second quarter sales impact of the adult-use
market, and other statements that are not historical facts.
Particularly, information regarding our expectations of future
results, targets, performance achievements, prospects or
opportunities is forward-looking information. Often, but not
always, forward-looking statements can be identified by the use of
forward-looking terminology such as "may", "will", "expect",
"believe", "estimate", "plan", "could", "should", "would",
"outlook", "forecast", "anticipate", "foresee", "continue" or the
negative of these terms or variations of them or similar
terminology. Forward-looking statements are current as of the date
they are made and are based on applicable estimates and assumptions
made by us at the relevant time in light of our experience and
perception of historical trends, current conditions and expected
future developments, as well as other factors that we believe are
appropriate and reasonable in the circumstances. However, we do not
undertake to update any such forward-looking information whether as
a result of new information, future events or otherwise, except as
required under applicable securities laws in Canada. There can be no assurance that such
estimates and assumptions will prove to be correct. Many
factors could cause our actual results, level of activity,
performance or achievements or future events or developments to
differ materially from those expressed or implied by the
forward-looking statements, including, without limitation, the
factors discussed in the "Risk Factors" section of the Company's
Annual Information Form dated October 2,
2018 ("AIF"). A copy of the AIF and the Company's other
publicly filed documents can be accessed under the Company's
profile on the System for Electronic Document Analysis and
Retrieval ("SEDAR") at www.sedar.com. The Company cautions that the
list of risk factors and uncertainties described in the AIF is not
exhaustive and other factors could also adversely affect its
results. Readers are urged to consider the risks, uncertainties and
assumptions carefully in evaluating the forward-looking information
and are cautioned not to place undue reliance on such
information.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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SOURCE The Supreme Cannabis Company, Inc.