Supreme Cannabis Company Inc (OTCMKTS: SPRWF) made a big move up during the move of August along with the rest of the cannabis market. Supreme Cannabis is one of the most exciting companies in the cannabis space which has been on a tear as we near October 17.
Cannabis stocks are booming and have easily outpaced the broader markets this year and for good reason; the recreational cannabis market is projected to expand at a compound annual growth rate of 19.75% over the next decade, easily making it among the fastest growing areas of the global economy by a wide margin. Legal marijuana sales are expected to grow to more than $20 billion by 2022 according to Marijuana Business Daily. As October 17 looms closer Canadian MJ stocks have been heating up big time.
Supreme Cannabis Company Inc (TSXV: FIRE) (OTCQX: SPRWF) (FRA: 53S1) is engaged in production and sale of medical cannabis. The company is a cultivator and distributor of sun-grown cannabis through its wholly-owned subsidiary 7ACRES. 7ACRES is 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. 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.
On October 23, 2017, the Company received the necessary approvals from Health Canada to commence cultivation at the recently completed 30,000sq.ft flowering rooms The additional flowering area consists of three modular 10,000 sq ft. flowering rooms representing the most recent innovation of 7ACRES cultivation platform. The additional flowering rooms increased the size of 7ACRES flowering facility from 10,000 sq. ft. to 40,000 sq. ft. On November 7, 2017, the Company commenced production in the newly constructed flowering rooms.
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.
Supreme Cannabis Company has been busy developing supply agreements; the Company entered into supply agreements with the Nova Scotia Liquor Corporation and the PEI Cannabis Management Corporation to supply recreational cannabis to their respective retail stores beginning October 17, 2018.
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Nova Scotia and PEI become Supreme Cannabis’ fifth and sixth provincial recreational partners alongside Ontario, British Columbia, Alberta and Manitoba. Supreme Cannabis joins a select group of leading cannabis companies that have secured supply agreements with five or more provinces to-date.
Supreme Cannabis announced three senior leadership appointments as it continues to position itself to become a leading premium brand in the upcoming recreational market. Scott Walter has since been appointed’ as the Vice President, Corporate Development. Craig Young takes over as Vice-president Sales. The Company’s stock also recently qualified to trade on the OTCQX® Best Market giving the Company better exposure in US markets.
On September 5 The Supreme Cannabis Company announced it has 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.
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Currently trading at a $381 million market valuation Supreme Cannabis has $78 million in cash, manageable debt and growing revenues reporting $2,069,032 in sales for the 3 months ended March 31, 2018. The Company is focused on becoming a leading premium brand in the Canadian recreational market and has been making all the right moves securing supply agreements with Ontario, British Columbia, Alberta and Manitoba and anticipate being coast-to-coast on October 17. There is huge demand for Supreme Cannabis here and the next few weeks should be very exciting as we get closer to legal recreational cannabis on October 17. 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.