Supreme Cannabis Cuts Q2 Loss as Revenue Rises

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Supreme Cannabis Co. (TSX: FIRE) (OTCQX: SPRWF) reported its financial and operating results for the three months ended December 31, 2018, the company’s second quarter of fiscal year 2019.

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The company reported a loss of C$1.55 million, versus a loss of C$2.03 million in the same last year quarter. Revenue arrived at C$7.72 million, a 359% increase from the last year’s same quarter.

Total operating expenses rose to C$10.89 million from C$2.08 million in the second quarter of fiscal year 2018. During the quarter, the company raised C$100 million through a bought deal offering of 6% unsecured convertible debentures due 2021.

The important developments of the quarter include the shipment of 7ACRES branded High-End Cannabis to six of Canada’s provincially regulated adult-use channels and Supreme’s signing a partnership agreement with Khalifa Kush Enterprises to develop premium cannabis products for the Canadian and international markets, excluding the U.S.

Shares of Supreme closed down 1.72% on Tuesday.

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