Supreme Cannabis Company Inc. (The) T.FIRE

it is going to take more time ...bnn Cost cutting

[jfogarty12]

Supreme Cannabis reports 21% decline in quarterly revenue, withdraws 2020 outlook 

Supreme Cannabis Co. reported second quarter results late Thursday, with a 21 per cent sequential decline in revenue to $9.1 million and an adjusted EBITDA loss of $10.4 million. The company also withdrew its previously-issued financial outlook for fiscal 2020. Supreme attributed its quarterly sales decline to a shift from wholesale to retail sales, as well as $500,000 in price adjustments. Recreational cannabis sales reached $5.7 million in the quarter and accounted for 62 per cent of the company’s total revenues.  Supreme said its net average selling price came to $5.39 per gram. The company announced earlier this week it would lay off about 100 of its staff, citing a drive to achieve “near-term revenue growth.”