Supply shortages, allegations of market abuse schemes, and lotteries for coveted limited retail spots have dominated headlines in the cannabis industry, but those issues haven’t stopped Canadian companies from continuing to find new ways to provide value to shareholders.
The Supreme Cannabis Company (TSXV: FIRE; OTCQX: SPRWF) is one such entity seeking upward mobility as the company officially de-lists from the TSX Venture Exchange as of this morning. Supreme’s securities will instead now trade on the official Toronto Stock Exchange under the ticker symbol FIRE.
Discussing the company’s move away from the Venture Exchange, Supreme Cannabis issued this statement:
Moving onto more prestigious exchanges has been a clear goal of companies across the industry in the wake of nationwide legalization.
Aphria (TSX: APHA) for instance listed on the US-based NYSE last year shortly after the Cannabis Act went into effect last October, while cannabis giant Tilray currently trades on NASDAQ. Marijuana remaining illegal at the federal level in the U.S. hasn’t stopped a rush to list on United States exchanges.
Today’s upward move from the Venture Exchange to the full TSX arrives as Supreme Cannabis continues an expansion project for a cultivation facility in Kincardine.
That Ontario-based facility currently operates 25 flowering rooms in conjunction with Supreme’s main brand, 7Acres. Approval for additional flowering rooms and micropropagation production space at the facility was received from Health Canada last week.
The current phase of construction for adding additional rooms is scheduled to be completed in March, which will see the facility utilizing 300,000 sq. ft. of space between grow space and office usage rooms.
In addition to this latest construction phase nearing completion, Supreme Cannabis also inked a consulting deal with rapper Wiz Khalifa late last year. The five-year deal will see 7Acres teaming up with Khalifa Kush Enterprises to release marijuana products in Canada.