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Supreme Cannabis reports 2Q revenue more than four times higher than a year earlier

The company made its first shipments of 7ACRES cannabis to six of Canada's provincially regulated adult-use channels
A marijuana plant
7ACRES was the top 2018 Canadian Cannabis Awards brand, the company said

Supreme Cannabis Company Inc (OTCMKTS:SPRWF) reported Tuesday second-quarter revenue that was more than four times higher than a year earlier.

The Toronto-based company said in a statement that it made its first shipments of 7ACRES cannabis to six of Canada's provincially regulated adult-use channels. The brand was named brand of the year at the 2018 Canadian Cannabis Awards, according to Supreme Cannabis.

READ: Supreme Cannabis launches its 7ACRES high-end cannabis through Canada’s regulated adult-use channels

"We’re pleased with our second quarter results, which show meaningful revenue growth,” CEO Navdeep Dhaliwal said.

Supreme Cannabis raised C$100 million in an offering of 6% unsecured convertible debentures due in 2021. The deal was led by GMP Securities LP and BMO Capital Markets.

For the three months ended December 31, the Toronto-based company reported revenue of C$7.72 million, up from C$1.68 million a year earlier. The net loss was C$1.55 million, or C$0.01 per share, compared with a net loss of C$2.03 million, or C$0.01 per share, a year earlier.

Shares traded at US$1.45 in Tuesday’s OTC Markets trading.

Contact Dennis Fitzgerald at [email protected]
 

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