- The Supreme Cannabis Company saw record year-over-year growth with its most recent quarterly report
- Company’s reach includes six provinces, including prized Ontario, and international market for medical cannabis oil
- Supreme Cannabis’s efforts to ride industry’s rising tide include acquisition of strategic communications firm to boost its brand
The Supreme Cannabis Company Inc. (TSX.V: FIRE) (OTC: SPRWF) (FRA: 53S1) is preparing a December 10 report to shareholders on the company’s strategic plan for 2019 to build on a year of record revenues and the prospects that an emerging legal industry presents in Canada.
The Supreme Cannabis Company reported in its recent quarterly update that its sales grew by 229 percent year-over-year from $1.56 million to $5.14 million (http://cnw.fm/Tzqa0). With Canada’s nationwide legalization of full-range use of cannabis in October and legal retail outlets’ challenges in overcoming supply shortages (http://cnw.fm/jZ5oW), Supreme Cannabis is riding a rising tide in which cannabis cultivators are rushing to meet exceptional market demand.
Supreme Cannabis is well positioned to score in the game despite its junior cap profile. In terms of production capacity, the company’s 342,000-square-foot 7ACRES facility includes room to grow from its initial 30,000-square-foot flowering rooms. While Supreme Cannabis currently grows about 13,330 kilograms of cannabis per year, the company expects to boost its production to 50,000 kilograms of capacity by the end of the year.
The company has also achieved success in lining up distribution channels in the adult-use recreational cannabis market, selling directly to consumers in six Canadian provinces, including Ontario. Its agreement to supply market leader Tilray with product for medical cannabis patients in Canada gives 7ACRES a big-league connection, and the company’s international potential is forming around a recent partnership agreement and 10 percent ownership stake in Medigrow, based in Lesotho, to distribute medical cannabis oil for the international market (http://cnw.fm/44Dmh).
As part of its expansion and marketing effort following nationwide legalization, Supreme Cannabis reached an agreement to acquire communications firm Bayfield Strategy, Inc., which is expected to help Supreme Cannabis shore up its brand to appeal to the premium quality market (http://cnw.fm/ryS2l).
“We believe that by respecting the plant, the people who care for it and the people who ultimately consume it, we have built a culture of continual improvement where consumers can expect that each flower experience is better than the last,” Supreme Cannabis President John Fowler stated in a recent news release (http://cnw.fm/4rICj).
“7ACRES flower is focused on pleasing three primary senses: aroma, visual appeal and flavour. Through an intensive phenotype selection-process, we selected our four core strains to maximize the objective and subjective quality across these three categories,” he added.
The North American cannabis market alone was recently projected to hit $41 billion this year by researchers at Amadee & Company, Inc. before an anticipated climb to $95 billion in 2026 (http://cnw.fm/A7RNe), but the ascendance of the cannabis industry should be no surprise, given the outsized attention from the media to cannabis’s wide array of possible uses and its popularity with consumers as legal availability has expanded.
For more information, visit the company’s website at www.Supreme.ca
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