- 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 /PRNewswire/ - 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.
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.
SOURCE The Supreme Cannabis Company, Inc.