Supreme Cannabis Sees Oil Sales License Awarded, Insider Sales

Blissco, a subsidiary of The Supreme Cannabis Co (TSX: FIRE) was awarded an oils sales license this past week by Health Canada. The yet-to-be-publicly-announced license was applied for back in April, prior to the acquisition of Blissco by Supreme.

The award of the oils sales license is good news for Blissco, whom was acquired in an all-stocks $48 million transaction as part of a strategy by Supreme Cannabis to turn the licensed producer into solely an oils production facility. Prior to this, Supreme and its 7Acres subsidiary sold oil products via a third party licensing arrangement with Medipharm Labs (TSX: LABS) whereby Medipharm would process up 1,000 kilograms of trim per year, which would then be marketed under the Supreme Cannabis brand.

Blissco currently operates out of a 18,000 square foot facility in Langley, British Columbia, far from Supreme’s headquarters in southern Ontario. The firm had acquired an oils production license back in August of 2018, but until this time was unable to directly sell its product to provincial distributors. At time of initial licensing, the firm stated that it is capable of extracting 420 kilograms of cannabis oil annually, however its unclear if this figure has since increased. Supreme’s latest investor deck states that it has a capacity for up to 7 million tinctures per year, without quantifying the size of each tincture.

In terms of products, Blissco is being treated as Supreme Cannabis’ premium wellness brand. It’s expected that the subsidiary will cover both topicals and concentrates for Supreme.

The timing of the license award follows recent insider sales that were filed by a member of Supreme’s management. John Fowler, former CEO of the firm and now Chief Advocacy Officer, sold roughly 1.74 million shares of Supreme Cannabis over the past week, banking $1.89 million on the sales.

The Supreme Cannabis Company closed Friday’s session at $1.13 on the Toronto Stock Exchange.


Information for this analysis was found via Sedar, The CSE and Supreme Cannabis. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.

Video Articles

America Uses More Copper Than It Makes | Simon Quick – Canadian Copper

Gold Bulls Run Faster Than New Mines?! | Thomas Mumford – Scottie Resources

Is This the Start of a New Gold Rush | Russell Ashton – Juggernaut Exploration

Recommended

ESGold Secures $9 Million In Non-Dilutive Funding From Ocean Partners

Altamira Gold Encounters Porphyritic Intrusive Rocks In Initial Scout Drilling At Regional Targets

Related News

Supreme Cannabis Expands International Shipments To Australia, Minimal Details Provided

Supreme Cannabis (TSX: FIRE) this morning proudly announced that it has completed its first shipment...

Friday, January 8, 2021, 08:27:53 AM

Supreme Cannabis Sees Valuation Slip Below Value Of Outstanding Debentures

It’s no secret that 2019, or even 2020 for that matter, hasn’t been very kind...

Wednesday, March 11, 2020, 02:34:14 PM

Supreme Cannabis: Stifel-GMP Raises Price Target To $0.55 Following Q2 Results

Last week, The Supreme Cannabis Company (TSX: FIRE) announced its second quarter 2021 financial results....

Wednesday, February 17, 2021, 10:48:00 AM

Wild $FIRE: What Happened at Supreme?

Toronto-based Supreme Cannabis Co. (TSX: FIRE) has been caught in the same low-volume slide off...

Monday, August 12, 2019, 07:00:58 AM

Numerous Canadian Licensed Producers See Additional Licenses Granted

A number of Canadian licensed producers announced Health Canada approvals for expanded facilities this morning,...

Monday, October 7, 2019, 09:54:10 AM