The Supreme Cannabis Company Inc. (TSX:FIRE) (OTC:SPRWF) is one of the leading cannabis penny stocks to watch. Here’s why.
Company’s growing physically as much as metaphorically are always worth keeping an eye on and this dark-horse stock doesn’t make loud headlines but rather, has been quietly but steadily preparing itself to eke out its worthy place in the soon-to-be-worth C$22.6 billion cannabis industry.
Cannabis penny stocks need to be looked at in more detail so let’s dig in!
Supreme Penny Stocks: Growing Production and Distribution Footprints
Supreme Cannabis has been steadily scaling production whilst maintaining it’s quality product:
- In July, it announced it had gotten the green light from Health Canada to commence cultivation on an additional 30,000 sq. ft. of flowering rooms at 7ACRES’ 342,000 sq. ft. facility located in Kincardine, Ontario.
- This means the company will double its annual dried cannabis production run rate from 5,000 kg. to 10,000 kg.
Of course, it will need this extra product because it signed some major distribution deals including:
- PureSinse Inc has agreed to purchase an additional 210kg of medical cannabis from Supreme Cannabis for resale.
- Earlier this year the company added the provinces of Manitoba and Alberta to its roster by signing distribution agreements. Here it has been listed as a “highest brand category” – an indicator of it’s quality and pricing.
- Also in July, Supreme announced its agreement to supply recreational cannabis to British Columbia Liquor Distribution Board for BC’s private cannabis retailers.
On the latter, John Fowler, company CEO had the following to say:
“British Columbia is a bellwether province for the recreational cannabis space – we consider it one of the most informed and discerning consumer markets for cannabis in the country. It is a testament to our brand, culture and our people that we will be listed in the highest brand category in BC,”
Despite the positive movement, the company’s stock hasn’t been reflecting the good news in 2018:
However, it is well speculated that the market is preparing itself for when recreational legalization kicks in officially in October and many cannabis companies are seeing a dip in recent months.
The proverbial calm before the storm perhaps?
Featured Image: Deposit Photos/designer491