Supreme Cannabis Company Inc (OTCQX: SPRWF) is an exciting cannabis Company that has been on the move in recent days on accelerating volume. The stock has runner in its blood making a spectacular move this time last year.
Supreme Cannabis operates in the booming cannabis space; according to data published by Forbes, citing Brightfield Group, the global cannabis market is estimated to cross the USD 30 Billion mark by 2021. By end of 2017, the global cannabis market value was estimated at USD 7.7 Billion, in which the U.S. held about 90% of total sales. By 2021, the U.S. is expected to account for only 57% of global cannabis sales. Meanwhile, the global market will continue to mature and is projected to grow at a CAGR of 60%
Supreme Cannabis Company Inc (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, a federally licensed cannabis producer operating 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 with the provinces of Ontario, British Columbia, Alberta, Manitoba, Nova Scotia and Prince Edward Island.
Supreme Cannabis is currently expanding the facility having obtained Health Canada approval to commence cultivation on approximately 20,000 square feet of additional flowering rooms at its 7ACRES facility. The additional flowering rooms will increase total potential flowering capacity to 90,000 square feet and, assuming a current yield, will bring 7ACRES’ annual production potential from 10,000kg to 13,330kg. Completion of flowering rooms at the 342,000-square foot 7ACRES facility remains on schedule for completion in December 2018. With an annual production capacity expected to reach 50,000 kg once the 7ACRES facility is fully operational, the Company is committed to supplying premium-quality cannabis flower to the Canadian recreational market from coast-to-coast.
7ACRES has secured provincial supply agreements with the provinces of Ontario, British Columbia, Alberta, Manitoba, Nova Scotia and Prince Edward Island. With six provincial partners, Supreme Cannabis joins a select group of leading cannabis companies that have secured supply agreements with five or more provinces to-date.
Supreme Cannabis has a supply agreement to provide dried cannabis to Peter Thiel backed Tilray Inc.® a global leader in cannabis research, cultivation, processing and distribution currently serving tens of thousands of patients in 12 countries spanning 5 continents. This agreement is a guaranteed commitment to purchase. It will cover the twelve-month period starting October 1, 2018 and is estimated to have a value of approximately C$12 million. As was the case with the recently announced deal between the two companies, the dried cannabis provided to Tilray by 7ACRES will be used primarily to support
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Last month Supreme Cannabis completed its bought deal offering for gross proceeds of $100 million, including the exercise in full of the underwriters’ over-allotment option comprised of 6.0% senior unsecured convertible debentures of Supreme Cannabis at the issue price of $1,000 per Debenture, with a syndicate of underwriters, co-led by GMP Securities L.P. and BMO Capital Markets. The Company intends to use the net proceeds of the Offering for the construction and development of its existing and planned facilities in Canada. This includes the Company’s facility in Kincardine, Ontario under construction and the development and construction of a facility on land purchased by the Company that is situated adjacent to such facility. The Debentures commenced trading on the TSX under the stock symbol FIRE.DB on October 23, 2018.
On October 26 Supreme Cannabis announced 7ACRES branded High-End Cannabis™ is available exclusively through Canada’s provincially regulated adult-use channels. 7ACRES’ Jean Guy strain is now available online in British Columbia, and the Company expects that Jean Guy will be online in Alberta, Ontario, Nova Scotia and Prince Edward Island next week, and in Manitoba in early November. The balance of 7ACRES’ full product lineup will be available shortly thereafter online and in brick-and-mortar stores.
President of Supreme Cannabis & Founder of 7ACRES John Fowler said “In 2013 we started our journey to develop 7ACRES into Canada’s leading brand for premium cannabis flower, delivering on consumer expectations for aroma, visual appeal and flavor. We’re now excited to make 7ACRES available to adult cannabis enthusiasts and consumers looking for a superior sensory experience when consuming cannabis. Our mantra at 7ACRES is ‘RESPECT THE PLANT’. 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.”
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Currently trading at a $337 million market valuation Supreme Cannabis has a war chest of $55 million in the treasury, manageable debt and growing revenues reporting $8,854,714 in sales for the year ended 2018. Supreme Cannabis is one exciting company making big moves in the booming cannabis space; focused on becoming a leading premium brand in the Canadian recreational market, the Company is a a licensed producer with coast-to-coast distribution agreements as well as a C$12 million supply agreement with Peter Thiel backed Tilray Inc.® Supreme Cannabis says once completed their Kincardine, Ontario facility will have an estimated annual production output of 50,000 kgs. We will be updating on Supreme Cannabis when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with Supreme Cannabis.
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Disclosure: we hold no position in Supreme Cannabis either long or short and we have not been compensated for this article.