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://cnw.fm/t3tCi).
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://cnw.fm/KQV2r). 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://cnw.fm/2WowO) 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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