The Supreme Cannabis Company, Inc. (TSX: FIRE) (OTCQX: SPRWF) announced it expects revenue to increase 449% to $19 million for the fiscal fourth quarter ending June 30, 2019. The revenue is expected to increase by 97% sequentially over the third quarter of 2019. The company said it also anticipates reporting positive adjusted EBITDA on a consolidated basis for fourth quarter 2019. The company said it would release audited results on September 17.
“Our Company has taken deliberate steps to grow in a focused, responsible and compliant manner, building a strong core business and an authentic brand and then expanding into new lines of business and international markets,” said Navdeep Dhaliwal, CEO of Supreme Cannabis. “In a sector dominated by headlines, our measured approach to capital deployment and brand-building sets us apart. We believe our preliminary results demonstrate the strength of our business during an inflection point within the industry, path towards profitability and continued disciplined growth. Looking forward, we remain focused on building our portfolio of premium consumer experience-driven brands.”
Supreme Cannabis said that it expects net revenue of between $150 million and $180 million for fiscal 2020 and expects positive Adjusted EBITDA on aggregate over the course of the year. The company will pursue non-dilutive financing with tier-one banks and other lenders to provide financial flexibility for future growth initiatives. The company said it is fully funded to execute on all planned initiatives.