Recent action in Supreme Cannabis Company Inc (OTCMKTS:SPRWF) suggests good reason for traders in the space to keep this stock on your radar. Volume has been markedly spiking and the stock has pushed back to the upside with its major moving averages below price and rising in a bullish formation.
To further flesh out the story, the company just announced the strengthening of its board of directors with the appointment of a new independent director, Kenneth R. McKinnon, Q.C. According to the release, as an experienced corporate executive and director, Mr. McKinnon brings substantial financial oversight and business advisory experience to the Company’s Board.
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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As noted above, SPRWF just announced the strengthening of its board of directors with the appointment of a new independent director, Kenneth R. McKinnon, Q.C.
It will be interesting to see if the stock can break out of its recent sideways action following Thursday’s momentum. Over the past week, the stock is net flat, and looking for something new to spark things. Moreover, the listing has benefitted from a jump in recent trading volume to the tune of 80% beyond what we have been seeing over the larger time frame.
“Mr. McKinnon brings a wealth of governance expertise and experience to our already robust board of directors,” said Navdeep Dhaliwal, CEO of Supreme Cannabis. “As a management team, we benefit greatly from our Board’s stewardship and oversight. This addition will be of great value as we continue to execute on our strategic imperatives for 2019 and position Supreme Cannabis for long-term growth in the international cannabis market.”
Earning a current market cap value of $451.23M, SPRWF has a significant war chest ($92M) of cash on the books, which stands against about $25.9M 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 $18.5M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 359.3%. 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.