Supreme Cannabis Company Inc (OTCMKTS:SPRWF) is stretching its limits both in terms of both production capacity and market coverage. The company recently announced the approval of 5 extra flowering rooms by Health Canada for its wholly-owned subsidiary, 7ACRES. The additional flowering rooms totals 50,000 square feet. The facility located in Kincardine, Ontario sits on 342,000 square feet of land with more than half of the space cleared for production. 7ACRES is among the most notable cannabis-focused brands in North America. The company bills itself as the best provider of high-grade medicinal and recreational cannabis products.
This recent approval stretches the company’s total production space from 180,000 sqft to a new milestone of 230,000 sqft. The addition also heightens the facility’s annual estimated production capacity from 26,250kg to 33,580kg. Supreme Cannabis has previously announced intentions to further intensify production capacity to about 50,000kg in the near future. Commenting on the approval, the company’s Founder and President John Fowler said that the facility is coming to full production capacity. Fowler added that with the facility at its full potential, the company can comfortably meet the burgeoning demand for premium cannabis products by its growing customer base.
The rapid expansion program is serving Supreme Cannabis as witnessed in the impressive financials for its Q32019 period announced yesterday. The company reported net revenue of $10 million for the third quarter ended March 31, 2019. This figure represents a year over year increase of roughly 382% from Q32018’s $2.1 million. The just concluded quarter also towered over the previous quarter’s revenue by nearly 30%.
Q32019 also saw a surge in sales revenue for recreational cannabis by 63% quarter over quarter. Also during the same period the company managed to obtain Health Canada approval additional 90,000 square feet of production space for its 7ACRES’ facility. This amplified the company’s annual production capacity from 13,300kg to 26,250kg. The company confirmed that it is already making positive progress towards its 2019 strategic priorities.