Q2 2019 Financial and Operational Highlights
Q2 2019 revenue for the Company was $7.72 million, a 359% increase from Q2 2018 ($1.68 million) and a 50% increase from Q1 2019 ($5.14 million).
Q2 2019 net comprehensive loss for the Company was $1.55 million, compared to a net loss of $2.03 million in Q2 2018 and a net loss of $5.39 million in Q1 2019.
During the quarter, Supreme Cannabis strengthened its balance sheet by raising $100 million of gross proceeds through a bought deal offering of 6% unsecured convertible debentures due 2021 and led by GMP Securities L.P. and BMO Capital Markets.
Supreme Cannabis made its first shipments of 7ACRES branded High-End Cannabis™ to six of Canada's provincially regulated adult-use channels.
The Company contracted Medipharm Labs Co. to facilitate the launch of the Company's cannabis oil products line.
Supreme Cannabis and Khalifa Kush Enterprises announced an international partnership agreement to develop and launch premium cannabis products for the Canadian and international markets excluding the United States.
The Company's wholly-owned subsidiary and multi-award winning brand, 7ACRES, was named Brand of the Year at the 2018 Canadian Cannabis Awards.
Subsequent to Q2 2019
The Company's 7ACRES facility received Health Canada approval for approximately 30,000 square feet of additional production space in January 2018.
Supreme Cannabis graduated to the Toronto Stock Exchange ("TSX") from the TSX Venture Exchange on February 4, 2019.
7ACRES entered into a supply agreement with the New Brunswick Liquor Corporation and has been registered as a supplier in the province of Saskatchewan, expanding distribution into eight provinces.