U.S. Markets closed

Supreme Cannabis Posts 90% Jump In Quarterly Net Revenue

Nina Zdinjak

The Supreme Cannabis Company, Inc. (TSX: FIRE) (OTC: SPRWF) reported fourth-quarter and full-year results Tuesday that included  quarterly net revenue of $19 million, a 90% increase from the previous quarter.

The company posted fiscal 2019 total revenue of $41.8 million, up 370% from fiscal 2018.

Supreme Cannabis achieved positive adjusted EBITDA of $3.2 million for the quarter versus negative adjusted EBITDA of $1.6 million in the same quarter of 2018.

The company’s projections for fiscal 2020 include net revenue between $150 million and $180 million and positive adjusted EBITDA.

Click here for more information about the upcoming Benzinga Cannabis Capital Conference Oct. 22-23 in Chicago.

View more earnings on SPRWF

"We end fiscal 2019 as one of the few Canadian cannabis businesses building sustainable operations and valuable brands, reporting $3.2 million in adjusted EBITDA for the fourth quarter," CEO Navdeep Dhaliwal said in a statement.

"Our positive adjusted EBITDA and significant revenue growth in the fourth quarter reflects the rapid scale of our 7ACRES business and continued strong sales pricing for our brands from the provinces as we transition our premium supply to recreational sales channels."

Supreme Cannabis owns a global diversified portfolio of various cannabis companies, brands and products such as 7ACRES, Blissco Cannabis Corp, Truverra Inc. and Cambium Plant Sciences. 

The stock was trading 2.56% higher at $1.09 at the time of publication Wednesday. 

Don’t miss out on the top cannabis stories of the day. Click here to sign up for our daily insider newsletter.

See more from Benzinga

© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.