After successfully listing the company’s common shares on the Toronto Stock Exchange earlier this month, The Supreme Cannabis Company (TSX: FIRE; OTCQX: SPRWF) has now released a Q2 2019 financial summary.
Supreme’s Chief Executive Officer Navdeep Dhaliwal commented on that newly released earnings report for the latest quarter:
The growth Dhaliwal referenced includes more than a 350% increase from the previous year, with Supreme reporting $7.72 million in revenue this quarter. That number shows a significant increase even from the previous quarter, where revenue was listed as $5.1 million.
This latest quarter also saw a net comprehensive loss for Supreme of slightly over $1.5 million, down from $2 million the previous year.
The quarter featured several major deals and projects in the works from Supreme Cannabis and the company’s 7Acres subsidiary brand.
Last month, the company completed a new phase of construction for a Kincardine greenhouse facility, with 19 out of a planned 25 flowering rooms now operational and producing 7Acres products.
Following that construction phase, 7Acres landed supply agreements with two more provincial governments, inking deals to provide marijuana to the New Brunswick Liquor Corporation and the province of Saskatchewan.
While the company has focused on the types of construction projects and supply agreements common to the industry post-legalization, the most attention-grabbing deal from Supreme for the quarter was easily a consulting project with Wiz Khalifa.
That 5-year deal sees Supreme paying $1 million in cash and 5.7 million shares to Khalifa Kush Enterprises Canada in exchange for exclusive rights to sell Khalifa branded products in Canada.
Artists such as Khalifa have increasingly entered the cannabis industry over the last year, with rapper Snoop Dogg running his own brand Leafs By Snoop and iconic figure Willie Nelson recently stepping into the CBD sector with premium priced CBD-infused coffee.