The Supreme Cannabis Company, Inc. announced its financial and operating results for the three months ended March 31, 2021. Supreme Cannabis’ Management Discussion & Analysis (MD&A) and condensed interim consolidated financial statements for the three and nine months ended March 31, 2021 (“Q3 2021”), along with all previous public filings of the Company may be found on SEDAR at www.SEDAR.com. All figures are in Canadian dollars.
Beena Goldenberg, President and CEO of Supreme Cannabis, commented, “The third quarter of 2021 was marked by significant headwinds across the industry due to nationwide lockdowns and restrictions associated with COVID-19 that resulted in softness in the market which impacted our recreational revenue. At the same time regulatory changes delayed our international medical shipments. Despite these challenges, Supreme Cannabis navigated a tumultuous quarter and continued to offer high-quality, compelling products to customers and exercise disciplined cost control across the business, delivering our third consecutive quarter of positive adjusted EBITDA. We will continue to work through and adapt to these challenges as we continue on our path to sustainable profitability.”
2021 Third Quarter Highlights:
- Positive Adjusted EBITDA1 of $0.5 million
- Consolidated net revenue of $13.6 million
- 64 active SKUs as at quarter end, 9 new products introduced in Q3, with presence in all 10 provinces
- Maintains a strong liquidity position, including a cash balance of $65.5 million including net proceeds of $45.2 million from the unit offerings in Q3 2021
Subsequent to quarter-end:
- Entered into an arrangement agreement with Canopy Growth Corporation (“Canopy”), pursuant to which all of the issued and outstanding common shares (the “Supreme Cannabis Shares”) of the Company will be acquired by Canopy, with the Company’s shareholders receiving (i) 0.01165872 of a common share of Canopy, and (ii) $0.0001 in cash for each share of the Company held.
To see the full report click the following link: https://www.newswire.ca/news-releases/supreme-cannabis-announces-financial-results-for-q3-2021-824140098.html
