NetworkNewsBreaks – Supreme Cannabis Company Inc
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Posted On: 11/17/2020 2:39:48 PM
NetworkNewsBreaks – Supreme Cannabis Company Inc. (TSX: FIRE) (OTCQX: SPRWF) (FRA: 53S1) Announces Q1 2021 Financial Results
Supreme Cannabis Company (TSX: FIRE) (OTCQX: SPRWF) (FRA: 53S1), a global diversified portfolio of distinct businesses, products and brands, on Monday announced its financial and operating results for the three months ended September 30, 2020. “In the first quarter of fiscal 2021, we made solid progress towards our goal of transforming Supreme Cannabis into a premium cannabis CPG company. We continued to execute on our strategy of accelerating revenue and controlling our costs, which led to sequential growth in consolidated net revenue of 24%. Recreational net revenue grew slightly compared to the fourth quarter of 2020, due largely to higher sales volumes offset by lower average selling prices,” said Beena Goldenberg, president and CEO of Supreme Cannabis. “Despite an initial drop in recreational sales volumes in July due to stockouts as a result of fulfillment and supply chain growth challenges, we built steady month-over-month improvement in August and September as our sales partnership with Humble & Fume Inc. gained traction. This strong momentum led to September 2020 being Supreme Cannabis’ highest month on record for recreational sales. We exercised good cost control across the organization and benefitted from a full quarter of cost savings from the measures taken to right-size the business in the second half of fiscal 2020. This resulted in Supreme Cannabis generating a slightly positive Adjusted EBITDA of $0.3 million.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
Supreme Cannabis Company (TSX: FIRE) (OTCQX: SPRWF) (FRA: 53S1), a global diversified portfolio of distinct businesses, products and brands, on Monday announced its financial and operating results for the three months ended September 30, 2020. “In the first quarter of fiscal 2021, we made solid progress towards our goal of transforming Supreme Cannabis into a premium cannabis CPG company. We continued to execute on our strategy of accelerating revenue and controlling our costs, which led to sequential growth in consolidated net revenue of 24%. Recreational net revenue grew slightly compared to the fourth quarter of 2020, due largely to higher sales volumes offset by lower average selling prices,” said Beena Goldenberg, president and CEO of Supreme Cannabis. “Despite an initial drop in recreational sales volumes in July due to stockouts as a result of fulfillment and supply chain growth challenges, we built steady month-over-month improvement in August and September as our sales partnership with Humble & Fume Inc. gained traction. This strong momentum led to September 2020 being Supreme Cannabis’ highest month on record for recreational sales. We exercised good cost control across the organization and benefitted from a full quarter of cost savings from the measures taken to right-size the business in the second half of fiscal 2020. This resulted in Supreme Cannabis generating a slightly positive Adjusted EBITDA of $0.3 million.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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