Supreme Cannabis (FIRE.V) received their invitation to play with the big boys in the Toronto Stock Exchange today.
Graduating from the TSX Venture Exchange, Supreme will have the ability to list its common shares on the TSX, giving the company access to a much broader range of international institutional investors, greater visibility and enhanced opportunities for analyst coverage.
According to Navdeep Dhaliwal, the CEO of Supreme Cannabis, the company enjoyed a banner year courtesy of 7Acres, their wholly owned subsidiary. 7Acres generated the sixth-highest revenue among Canadian cannabis LPs in the last quarter.
Specifically, during Q3, Supreme’s revenue rose 229 percent to $5.14 million, largely driven by supply agreements with other LP’s and deals spanning six provinces to supply recreational cannabis to consumers. This topped Supreme off at $20.6 million and ranked them sixth among Canadian LP’s.
Looking forward, we are eager to build on these accomplishments and make significant advancements by cementing 7Acres as a leading premium flower brand, establishing export channels for Medigrow, launching jointly developed products with Khalifa Kush Enterprises and more in 2019,” Dhaliwal said.
Their first goal was to create Canada’s top premium cannabis brand and they have experienced considerable success at doing this in 2018, and there’s only room for growth in 2019.
Some of Supreme’s biggest plays in 2018 include:
- Winning Brand of the Year at the 2018 Canadian Cannabis Awards.
- Signing hip hop artist Wiz Khalifa to distribute his Khalifa Kush brand of cannabis north of the border.
- Acquiring Bayfield Strategy, a communications and stakeholder relations firm
- Completing a “bought deal” totaling $100 million.
- Inking a dried flower contract with Tilray (TLRY.Q) worth $12 million.
In terms of raw revenue, Dhaliwal continued, 7Acres’ first year ranked among the best of any Canadian LP, providing an object lesson in Supreme’s belief that long lasting value stems from foundation investments in the cultivation of high-end cannabis.
Here is Supreme’s president and founder, John Fowler, discussing the bought deal and their Medigrow partnership in Lesotho:
“Supreme Cannabis’ results in the first quarter mark a solid beginning to a historic year in a competitive, dynamic and rapidly evolving marketplace. Q1 2019 results are continued validation for the successful execution of our strategy for our 7ACRES business to establish a competitive advantage in quality driven regulated cultivation at scale,” Dhaliwal said.
Their branding and distribution for 7Acres will accelerate, and they’re confident about their growth trajectory in the future as aided by the market standard set by 7Acres for premium dried flower.
Full Disclosure: Supreme Cannabis is an Equity Guru marketing client.