The Supreme Cannabis Company sees revenue growth and executive shake-up in 4Q

The Supreme Cannabis Company Inc (CVE: FIRE, OTCQX: SPRWF) announced a surge in revenue in its fiscal fourth-quarter results, as well as an executive shake-up.

The Canadian cannabis company reported a net loss of C$0.23 million on revenue of C$3.55 million compared with a net loss of US$3.37mln on revenue of C$2.07 million in the previous year’s fourth quarter.

For the full year, the Toronto-based company reported revenue of C$8.85 million. Its net loss totaled C$7.35 million, nearly half its previous year’s net loss of C$14.42 million.

The company’s CEO John Fowler and President Navdeep Dhaliwal will be trading places, realigning for “global growth and continued operational success.”

READ: The Supreme Cannabis Company inks dried cannabis supply deal with Tilray

Shares of Supreme Cannabis rose about 4% to C$2.25 in Toronto, while US-listed shares added nearly 6% to US$1.77 Monday morning.

“Over the past twelve months, Supreme Cannabis executed on its plan to deliver strong financial growth, build proprietary value around regulated cultivation at scale, establish coast-to-coast distribution in recreational markets and make inroads into the international medical cannabis market with a strategic investment,” said newly-minted CEO Navdeep Dhaliwal in the company’s press release.

The cannabis producer received its sale license last July and has since partnered with big names in the cannabis space, signing deals to supply adult-use cannabis to consumers in six Canadian provinces.

Supreme Cannabis, which recently upgraded to the OTCQX market, has inked supply deals with Aurora Cannabis Inc (TSX: ACB) and Namaste Technologies Inc (CVE: N).

Its subsidiary 7ACRES inked a supply deal with Tilray Inc (NASDAQ:TLRY) to provide dried cannabis to its subsidiary Tilray Canada Ltd’s network of medical cannabis patients. The company estimates the deal to be worth around C$2mln.

Supreme Cannabis has expanded its production capacity to 13,333 kg, adding 50,000 square feet of licensed flowering room capacity.

Story by ProactiveInvestors