Outlook Due to current market conditions, including a slower than anticipated retail rollout nationally, Supreme Cannabis is withdrawing its previously issued financial outlook for fiscal 2020, which was originally announced on September 17, 2019 and subsequently confirmed on November 14, 2019. This decision is discussed in further detail under the heading “Outlook” in the Company’s MD&A for the second quarter ended December 31, 2019.
The Company is confident in its ability to grow near-term revenue and reach profitability based on its accelerated transition to a premium Cannabis CPG company, its improved operating structure and its expected offering of new high-quality brands and products at every price segment. The Company provides the following updated outlook for the remainder of the fiscal year:
- Efficient and effective coast-to-coast sales coverage with the humble+fume sales partnership. The partnership will allow for brand building at a store level, thereby enhancing distribution, brand advocacy and budtender education.
- Launch of 2.0 products including PAX era vaporizer pods and cannabis concentrate products.
- Expanded brand portfolio with the launch of recreational brands that address the ultra-premium and value segments.
- 7ACRES to complete its transition from a wholesale business to premium consumer brand by Q3 2020, with completed in-house packaging capabilities for all flower products under the 7ACRES’ brand. Supreme Cannabis will continue to opportunistically supplement recreational sales with attractive wholesale transactions.
- Engaged an internationally recognized search firm that is identifying and evaluating candidates for the position of CEO.
- Fully funded to execute on all planned initiatives.