NetworkNewsBreaks – Supreme Cannabis Company Inc. (TSX.V: FIRE) (OTCQX: SPRWF) (FRA: 53S1) Releases Q2 2019 Financial and Operating Results

Supreme Cannabis Company (TSX.V: FIRE) (OTCQX: SPRWF) (FRA: 53S1) this morning announced the release of its financial and operating results for the three and six months ended December 31, 2018. According to the update, Q2 2019 highlights include: revenue of $7.72 million, reflecting a 359 percent increase from Q2 2018 and a 50 percent increase from Q1 2019; a net comprehensive loss of $1.55 million, compared net losses of $2.03 million in Q2 2018 and $5.39 million in Q1 2019. In addition, Supreme Cannabis strengthened its balance sheet during the quarter by raising gross proceeds of $100 million through a bought deal offering of 6 percent unsecured convertible debentures due 2021 led by GMP Securities L.P. and BMO Capital Markets. The company’s wholly-owned subsidiary, 7ACRES, was deemed Brand of the Year at the 2018 Canadian Cannabis Awards and completed first shipments of its branded cannabis to six of Canada’s provincially regulated adult-use channels. Supreme Cannabis also engaged Medipharm Labs Co. to facilitate launch of the company’s cannabis oil products line and entered into a international partnership agreement with Khalifa Kush Enterprises to develop and launch premium cannabis products for the Canadian and international markets excluding the U.S.

“During the second quarter we made our first shipments of 7ACRES-branded product to adult-use markets in six provinces,” Supreme Cannabis CEO Navdeep Dhaliwal said in the news release. “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.”

To view the full press release, visit http://nnw.fm/nu4PI

About Supreme Cannabis

The Supreme Cannabis Company 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 “Brand of the Year” award at the 2018 Canadian Cannabis Awards, “Best Licensed Producer Branding” award at the 2018 AdCann Advertising 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. The Supreme Cannabis Company has been a leading innovator in the sector including the design of growing facilities and development of operational excellence metrics. It is confident that together with its flagship brand, proprietary technology and products, truly unique culture, and industry-leading team, the company will deliver its shareholders consistent long-term value creation. For more information, visit the company’s website at www.Supreme.ca.

About NetworkNewsWire

NetworkNewsWire (NNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) NetworkNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. NNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.

To receive instant SMS alerts, text STOCKS to 77948

For more information please visit https://www.NetworkNewsWire.com

Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer

NetworkNewsWire (NNW)
New York, New York
www.NetworkNewsWire.com
212.418.1217 Office
Editor@NetworkNewsWire.com

More News From culture.aseancoverage.com

Japan vows action if S. Korea hurts companies in trade row

Jul 22, 2019

TOKYO — Japan's foreign minister said Tokyo will take "necessary measures" against South Korea if interests of Japanese companies are harmed in an escalating dispute over World War II forced labor. The neighboring countries and U.S. allies are quarreling over South Korean court decisions ordering Japanese companies to compensate victims of forced labor during Japan's 1910-1945 colonial rule of the Korean Peninsula. Foreign Minister Taro Kono said Friday after summoning South Korean Ambassador Nam Gwan-pyo that Tokyo is prepared to take "necessary measures" to protect the interest of Japanese companies, without giving details. Their talks were held in an icy...

UN finds organized crime expanding in Southeast Asia

Jul 22, 2019

BANGKOK — Organized crime syndicates in Southeast Asia are flourishing in the illegal trafficking of drugs, wildlife, counterfeit goods and people, a U.N. report said Thursday. The 179-page report from the United Nation's Office on Drugs and Crime said that corruption and freer movement of people and goods have facilitated the trafficking, adding that organized crime groups in the region are becoming more mobile as they exploit areas with weak border control and use advanced logistics to move products. "Southeast Asia has an organized crime problem, and it is time to coalesce around solutions to address the conditions that have...

Hong Kong elders march in support of young demonstrators

Jul 22, 2019

HONG KONG — Thousands of Hong Kong senior citizens, including a popular actress, marched Wednesday in a show of support for youths at the forefront of monthlong protests against a contentious extradition bill in the semi-autonomous Chinese territory. The seniors also slammed the police for their handling of a protest Sunday in Hong Kong's Sha Tin district. That protest was mostly peaceful but ended in mayhem when violent scuffles in a shopping mall saw dozens injured, including a policeman who had a finger bitten off, and over 40 people detained. Veteran actress and singer Deanie Ip, who joined Wednesday's demonstration,...

Duterte 'seriously considering' cutting ties with Iceland

Jul 22, 2019

MANILA, Philippines — Philippine President Rodrigo Duterte is "seriously considering" cutting diplomatic ties with Iceland, which spearheaded a resolution that asked the U.N.'s top human rights body to look into the thousands of deaths of suspects under his anti-drug crackdown. Presidential spokesman Salvador Panelo told reporters late Monday that the Iceland-initiated resolution, which was adopted by the U.N. Human Rights Council in a vote last week in Geneva, showed "how the Western powers are scornful of our sovereign exercise of protecting our people from the scourge of prohibited drugs." Duterte told Panelo that he "is seriously considering cutting diplomatic relations...

Hong Kong protesters march in new outpouring of grievances

Jul 22, 2019

HONG KONG — Protesters demanding the resignation of Hong Kong's chief executive and an investigation into complaints of police violence filled the streets of a northern town Sunday, adding to an outpouring of grievances against the territory's leaders. Some of the more than 10,000 people marching in Sha Tin called for genuinely democratic voting in the former British colony. A handful called for an independent Hong Kong. Protests that began in opposition to a proposed extradition law have swelled to include complaints about an influx of mainland Chinese into Hong Kong and that local leaders are more responsive to the...

AseanCoverage is a next-gen news site focusing exclusively on online news from South East Asia.

Contact us: sales[at]aseancoverage.com