The Supreme Cannabis Company (FIRE.T) launched Cambium Plant Sciences, a cannabis genetics company in Goderich, Ontario, today.
Cambium intends to disrupt the rapidly growing global cannabis market through the development and licensing of next generation cannabis plant genetics and cultivation IP.
“We believe genetics are the foundation of proprietary cannabis products in the long term. Cambium will develop cultivars that benefit our in-house brands, as well as our domestic and global cultivation and manufacturing partners
,” said Navdeep Dhaliwal, chief executive officer of Supreme.
Cambium will work to supply agriculturally-focused, disease resistant, premium seed stock, creating the next generation of premium cannabis genetics for recreational, medical and wellness applications.
Supreme Cannabis will invest $14 million in the development of Cambium’s state-of-the-art 34,000 square foot cannabis research facility.
The building will include grow rooms for testing and selection of new genetics as well as breeding rooms for new seed stock.
Supreme has started Health Canada’s licensing process, and anticipates retrofitting of the Cambium facility to commence in summer of 2019.
Cambrium’s new general manager Dr. Alan Darlington was responsible for both overseeing and improving their genetics program during his tenure as special projects director of Supreme’s 7ACRES subsidiary.
Supreme development
The cannabis retail market across Canada has been steadily developing, including 25 new dispensaries opening up across the province this month, mostly in the Greater Toronto Area.
As such, Supreme has been busy scaling up to meet the increased demand.
On March 21, 2019, Supreme acquired Health Canada’s approval for six extra flowering rooms, including 60,000 square feet of additional production space at Kincardine, Ontario. This development means a 50% increase in their estimated production capacity.
Before that, 7ACRES signed a recreational cannabis supply agreement with the New Brunswick Liquor Corporation and was registered as a supplier to the Province of Saskatchewan.
These two provinces extended their reach to eight provinces, including alongside British Columbia, Alberta, Manitoba, Ontario, Nova Scotia and PEI.
Q2 2019 Financial and Operational Highlights
- Revenue of $7.72 million, a 359% increase from Q2 2018 ($1.68 million) and a 50% increase from Q1 2019 ($5.14 million).
- Strengthened balance sheet by raising $100 million through a bought deal offering of 6% unsecured convertible debentures due 2021
- Made its first shipments of 7ACRES branded Cannabis to six of Canada’s provincially regulated adult-use channels.
- Contracted Medipharm Labs to facilitate the launch of cannabis oil products line.
- Partnered with Khalifa Kush Enterprises to launch premium cannabis products for the Canadian and international markets excluding the U.S.
Shares rose today by $0.05 to close at $1.99.
Currently Supreme has 290,505,566 issued and outstanding shares with a market cap of $563.5 million.
—Joseph Morton
Full disclosure: The Supreme Cannabis Company is an Equity.Guru marketing client.
