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Will Supreme Cannabis Company Inc (OTCMKTS:SPRWF) Shares Hold and Extend the Breakout?

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One stock in the cannabis patch that is trying to break out so far this week is Supreme Cannabis Company Inc (OTCMKTS:SPRWF). This is a bigger player than most people realize, and a stock that has started to get its engine going over the past 10 days, holding above the 200-day simple moving average, and then breaking above 6-month highs on Monday. Tuesday’s action will be important in terms of the stock’s technical posture.

To further the narrative, the company just announced a realignment of its senior leadership in order to further position the Company for global growth and continued operational success. According to the release, “John Fowler, currently Chief Executive Officer of the Company, will assume the role of President of the Company, and Navdeep Dhaliwal, currently the President of the Company, will assume the role of Chief Executive Officer of the Company, effective at the end of the business day on September 24, 2018. Both individuals will continue to serve as members of the Company’s board of directors.”

Supreme Cannabis Company Inc (OTCMKTS:SPRWF) trumpets itself as a Canadian publicly traded company committed to providing premium brands and products that proudly reflect its consumers, people, and uniquely innovative culture. The Company’s portfolio includes its wholly-owned subsidiary and flagship brand 7ACRES.

7ACRES is a federally licensed producer of medical cannabis operating inside a 342,000-square-foot facility in Kincardine, Ontario. 7ACRES is dedicated to providing consumers with a premium-quality product that recognizes its customers are informed, discerning and value a brand and culture that aligns with their principles. 7ACRES brand success has been reflected in provincial supply agreements, where 7ACRES’ product is consistently listed in the highest brand category available to recreational consumers.

The Company’s growing portfolio also includes an equity investment and long-term global distribution partnership with Lesotho-based Medigrow for the exporting of medical-grade cannabis oil.

According to company materials, “the company focuses on the production and sale of medical marijuana in Canada. The company was formerly known as Supreme Resources Ltd. and changed its name to Supreme Pharmaceuticals Inc. in February 2014. Supreme Pharmaceuticals Inc. was incorporated in 1979 and is headquartered in Vancouver, Canada. The Supreme Cannabis Company has consistently set the standard for innovation in the sector, including the design of growing facilities and development of operational excellence metrics. We are confident that together with our flagship brand, proprietary technology and products, truly unique culture, and industry-leading team, we will deliver consistent long-term value creation to our shareholders.”

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We’ve witnessed 32% during the past month in terms of shareholder gains in the listing. Moreover, the stock has seen interest climb, with an increase in recent trading volume of just under 220% over the long run average.

“Since joining the Board as Chairman, I have been impressed with the management team’s visionary strategy and commitment to operational execution. This leadership realignment positions Supreme Cannabis for rapid global growth while continuing to build strong long-term operational assets. The Board is excited to usher in the next phase of Supreme Cannabis’ global growth,” said Michael La Brier, Chairman of the Board.

At this time, carrying a capital value in the market of $440.85M, SPRWF has a significant war chest ($78.5M) of cash on the books, which must be weighed relative to about $12.8M in total current liabilities. One should also note that debt has been growing over recent quarters. SPRWF is pulling in trailing 12-month revenues of $5.3M. In addition, the company is seeing recent top-line growth, with sequential quarterly revenues growing at 23.1%. This is an exciting story, and we look forward to a follow-up chapter as events transpire. Sign-up for continuing coverage on shares of $SPRWF stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

Disclosure: we hold no position in $SPRWF, either long or short, and we have not been compensated for this article.

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