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Bullboard - Stock Discussion Forum Supreme Cannabis Company Inc. (The) T.FIRE

The Supreme Cannabis Co Inc is a Canada-based company engaged in the production and sale of medical and recreational cannabis. Its portfolio includes products that address recreational, medical, and wellness consumers. Its brands include BlissCo, Truverra, 7ACRES, Sugarleaf, and Hiway.

TSX:FIRE - Post Discussion

Supreme Cannabis Company Inc. (The) > Supreme Anounces Record Fiscal Year and Fourth Quarter 2018
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Post by theTransporter on Sep 24, 2018 7:25am

Supreme Anounces Record Fiscal Year and Fourth Quarter 2018

Supreme Cannabis Announces Record Fiscal Year and Fourth Quarter 2018 Results
 

Canada NewsWire

  • Recorded $8.85M in revenue for FY2018, among the highest reported revenue for any publicly traded Canadian cannabis producer in its first four quarters of sales
  • Posted a record sales quarter with 71% quarter over quarter growth, with $3.55M in sales in FY2018 Q4

 

TORONTO, Sept. 24, 2018 /CNW/ - The Supreme Cannabis Company, Inc. ("Supreme Cannabis" or the "Company") (TSXV: FIRE) (OTCQX: SPRWF) (FRA: 53S1), announced its financial and operating results for the three and twelve months ended June 30, 2018.

"Over the past twelve months, Supreme Cannabis executed on its plan to deliver strong financial growth, build proprietary value around regulated cultivation at scale, establish coast to coast distribution in recreational markets and make inroads into the international medical cannabis market with a strategic investment," said Navdeep Dhaliwal, CEO of Supreme Cannabis1. "As a result of the successful execution of our strategy, we have generated significant revenue growth, both for the quarter and the year-end period. We look forward to building on this growth as we expand domestically and internationally," continued Mr. Dhaliwal.

"On October 17th, 7ACRES is set to become the first coast-to-coast premium recreational cannabis brand in Canada, and by the end of 2018 we will have completed construction on our state-of-the-art facility in Kincardine, Ontario. Once completed, the facility will have an estimated annual production output of 50,000 kg and will reinforce 7ACRES position as the leading producer of premium cannabis at scale," said John Fowler, President of Supreme Cannabis2. "We have been developing our 7ACRES business with a clear strategy to bring innovation and scale to High End Cannabis™ product. The Company is poised to continue this trend for the remainder of calendar 2018 and into 2019 as we build a dominant Canadian recreational cannabis brand," continued Mr. Fowler.

Fiscal Year End and Fourth Quarter 2018 Financial and Operating Highlights

  • For the twelve months ended June 30, 2018, Supreme Cannabis recorded $8.85M in revenue, among the highest reported revenue for any publicly traded Canadian cannabis producer in its first four quarters of sales (Supreme Cannabis received its sales license in July 2017).
  • Fourth quarter revenue for the Company was $3.55M, 71% greater than the previous quarter ($2.07M).
  • Supreme Cannabis recorded a net loss of $7.35M for fiscal 2018, 49% lower than the previous year ($14.42M).
  • Fourth quarter net income for the Company was $0.23M, compared to a net loss of $3.37M in the previous quarter.
  • The Company signed several wholesale supply agreements including with Aurora Cannabis Inc. (TSX: ACB) and Namaste Technologies Inc. (TSXV: N), and secured strong wholesale pricing.
  • Supreme Cannabis completed a $40M bought deal private placement.
  • The Company completed a $10M strategic equity investment and global distribution partnership of medical cannabis oils with Lesotho-based Medigrow.

 

Subsequent to Fourth Quarter Fiscal 2018

  • The Company signed agreements to supply adult-use cannabis to consumers in six Canadian provinces and will be available coast-to-coast on October 17, 2018 (Supreme Cannabis is only one of seven LPs with supply agreements in five or more provinces).
  • The Company has signed several wholesale agreements to supply other LPs, including an agreement with Tilray Inc. (NASDAQ: TLRY) which is estimated to be in excess of $2.0M.
  • The Company upgraded to the OTCQX market.
  • Supreme Cannabis added 50,000 square feet of licensed flowering room capacity and bringing estimated potential production to 13,333 kg; in less than twelve months, the Company has added 80,000 square feet of licensed flowering room capacity.

 

Supreme Cannabis' 2018 annual MD&A and audited consolidated financial statement for the year ended June 30, 2018, along with all previous public filings of The Supreme Cannabis Company, Inc. may be found on SEDAR at www.SEDAR.com

About Supreme Cannabis

The Supreme Cannabis Company (TSXV: FIRE) (OTCQX: SPRWF) (FRA: 53S1) 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 flagship brand 7ACRES.  

7ACRES is a federally licensed producer of cannabis operating inside a 342,000-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 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 consistently set the standard for innovation in the sector, including the design of growing facilities and development of operational excellence metrics. We are confident that together with our flagship brand, proprietary technology and products, truly unique culture, and industry-leading team, we will deliver our shareholders consistent long-term value creation.

Stay Connected:

For more information, please visit The Supreme Cannabis Company and 7ACRES websites.

Follow us on Twitter, Facebook, or Instagram.

Forward-Looking Information

Certain statements made in this press release may constitute forward-looking information under applicable securities laws. These statements may relate to anticipated events or results and include, but are not limited to, expectations regarding our regulatory environment and potential changes in law, the growth in our financial growth, production capacity and sales, our future position of high quality product, our expansion of our distribution network and other statements that are not historical facts. Particularly, information regarding our expectations of future results, targets, performance achievements, prospects or opportunities is forward-looking information. Often, but not always, forward-looking statements can be identified by the use of forward-looking terminology such as "may", "will", "expect", "believe", "estimate", "plan", "could", "should", "would", "outlook", "forecast", "anticipate", "foresee", "continue" or the negative of these terms or variations of them or similar terminology. Forward-looking statements are current as of the date they are made and are based on applicable estimates and assumptions made by us at the relevant time in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we believe are appropriate and reasonable in the circumstances. However, we do not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws in Canada. There can be no assurance that such estimates and assumptions will prove to be correct.  Many factors could cause our actual results, level of activity, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, the factors discussed in the "Risk Factors" section of the Company's Annual Information Form dated January 22, 2018 ("AIF"). A copy of the AIF and the Company's other publicly filed documents can be accessed under the Company's profile on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com. The Company cautions that the list of risk factors and uncertainties described in the AIF is not exhaustive and other factors could also adversely affect its results. Readers are urged to consider the risks, uncertainties and assumptions carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such information.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

____________________________

1

Mr. Dhaliwal's appointment as CEO is effective at the end of the business day on September 24, 2018 

2

Mr. Fowler's appointment as President is effective at the end of the business day on September 24, 2018

 

View original content:https://www.prnewswire.com/news-releases/supreme-cannabis-announces-record-fiscal-year-and-fourth-quarter-2018-results-300717375.html

SOURCE The Supreme Cannabis Company, Inc.

 

View original content: https://www.newswire.ca/en/releases/archive/September2018/24/c3548.html

Investor Relations, Scott Davidson, Bayfield Strategy, Inc., Phone: 416-466-6265, Email: sdavidson@bayfieldstrategy.com, Website: supreme.caCopyright CNW Group 2018


Source: Canada Newswire (Sep 24, 2018 07:05:00 EDT)

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Comment by MaxTMaxT on Sep 24, 2018 7:34am
fFIRE WILL CONTINUE TO BE THE MOST PROFITABLE COMPANY IN THE WHOLE SECTOR ...CHEER444444444444444444444...MAXT
Comment by theTransporter on Sep 24, 2018 7:43am
These are excellent financial results, specifically the last quarter.  Only exponential growth from here as the greenhouse is developed to its full capacity of 50,000kg by end of 2018 (3 months away). I also noticed they released these results over a month early! They were not due until the end of October.  This was an excellent move to leverage the momentum in the sector and experience ...more  
Comment by FIREdup on Sep 24, 2018 7:45am
Revenues are better then I expected for this quarter and they reported net income for the quarter!   I like the move of John Fowler to president.  Both guys can now focus on what they do best.
Comment by TMoney007 on Sep 24, 2018 5:20pm
I think they posted the year end finacials early so that they can apply to graduate up to the TSX.  The writing is on the wall even with the changes in leadership today.  We exceed all the requirements now.  The last of them was updated finacials.  GLTA
Comment by bambambigelo on Sep 24, 2018 8:01pm
This post has been removed in accordance with Community Policy
Comment by maritimedreamer on Sep 25, 2018 5:51am
I stated earlier that maybe the market hasn't truly absorbed the news yet.....this may be a setting i have to change....but my rbc stock alert only at 3 am eastern sent a msg stating fire's financials etc...eps....earnings stronger then forcasted....etc...i also wonder why supreme announced so early? This is not nirmal for them....numbers were good but not to the moon great....as others ...more  
Comment by maritimedreamer on Sep 24, 2018 8:53am
100% agree transporter!!! These are very strong revenues all based on a small % of their capacity and also with not even the supply contracts with largest provinces and Tilray! This is awesome. I also agree about positionging the quarterly 1 month early... that shows Supreme is confident in their numbers and are excited to prove to the market that they are a solid player! I also thinkn the move of ...more  
Comment by theTransporter on Sep 24, 2018 9:00am
We should see some postivie movement today, but nothing incredible as the seas look rough out there this morning.  Based on pre-market and that dude who posting a warning to us this morning, we'll see red across the board.
Comment by Cannabiznas on Sep 24, 2018 9:28am
LOL
Comment by Tomharley on Sep 24, 2018 9:25am
Navdeep? Haha. Not a great CEO name to put on your company. Hes nite CEO material. Backwards move. You ll see.
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