The Supreme Cannabis Company Inc. (OTCQX: SPRWF) have been surging in early trades this morning following release of its quarterly result yesterday. As of 10:45 a.m. EST, stock price was up +7.27% buoying at $0.3380. In the last session, the Supreme Cannabis stock was down -20.23% at $0.3151.
What is the company known for?
Operating as a global diversified cannabis company, Supreme Cannabis offers a unique portfolio of distinct cannabis products and brands with different cannabis companies in its portfolio too. As a result of its success since 2014, the Company emerged as one of the world’s leading producers of cannabis products for both recreational and medical uses. Supreme Cannabis aims to provide brands and products that address a wide range of consumer preferences, including recreational, wellness, medical, and novel categories.
In addition to 7 ACRES, Blissco and 7ACRES Craft Collective, Sugarleaf and Hiway make up the Company’s recreational brand portfolio. Medical cannabis opportunities have been explored by the company through its Truverra premium brand. The brands of Supreme Cannabis are backed by a focused portfolio of world-class operating assets which support its key functions in the value chain.
In its press release yesterday, the Supreme Cannabis announced its financial results for Q2 of fiscal 2021.
- For the three month ended December 31, 2020, the company reported net revenues of CAD 18.3 million ($14.46 million) and a net loss of CAD 7.9 million ($6.24 million).
- Net revenue increased 54.3% quarter over quarter, going from CAD 11.9 million to CAD 18.3 million.
- A net margin of CAD 8.3 million was achieved after production costs of CAD 9.3 million and inventory impairments of CAD 0.7 million.
- Although operating expenses were CAD 8.4 million, the majority of it was made up of wages and benefits at CAD 3.8 million.
Based on its rapid transition into a luxury Cannabis CPG company, it’s simplified and right-sized corporate system, and its expanded offering of high-quality brands, the Supreme Cannabis will continue to concentrate on near-term revenue and achieve sustained profitability, the company said in its press release.