Proactive Investors - Run By Investors For Investors

Supreme Cannabis reports 2Q revenue more than four times higher than a year earlier

The company made its first shipments of 7ACRES cannabis to six of Canada's provincially regulated adult-use channels
A marijuana plant
7ACRES was the top 2018 Canadian Cannabis Awards brand, the company said

Supreme Cannabis Company Inc (OTCMKTS:SPRWF) reported Tuesday second-quarter revenue that was more than four times higher than a year earlier.

The Toronto-based company said in a statement that it made its first shipments of 7ACRES cannabis to six of Canada's provincially regulated adult-use channels. The brand was named brand of the year at the 2018 Canadian Cannabis Awards, according to Supreme Cannabis.

READ: Supreme Cannabis launches its 7ACRES high-end cannabis through Canada’s regulated adult-use channels

"We’re pleased with our second quarter results, which show meaningful revenue growth,” CEO Navdeep Dhaliwal said.

Supreme Cannabis raised C$100 million in an offering of 6% unsecured convertible debentures due in 2021. The deal was led by GMP Securities LP and BMO Capital Markets.

For the three months ended December 31, the Toronto-based company reported revenue of C$7.72 million, up from C$1.68 million a year earlier. The net loss was C$1.55 million, or C$0.01 per share, compared with a net loss of C$2.03 million, or C$0.01 per share, a year earlier.

Shares traded at US$1.45 in Tuesday’s OTC Markets trading.

Contact Dennis Fitzgerald at [email protected]
 

Join Proactive’s Crypto, Blockchain and Cannabis Telegram group here
View full FIRE profile View Profile

Supreme Cannabis Company Inc Timeline

Related Articles

Callitas CEO James Thompson
July 20 2018
CannaStrips will generate near-term revenue, while the company’s blue-sky pharmaceutical assets and orphan drug are solid, long-term plays
parsortix
February 01 2019
The cancer detection device is on track to finish a key clinical study in the first quarter of 2019, but in the meantime, it has shown promise in detecting abnormalities in unborn children
salmon
January 30 2019
Long-term fundamentals remain firmly in the seafood specialist's favour.
Copyright © Proactiveinvestors.com, 2019. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use