Supreme Cannabis (TSX: FIRE) has gone international. The company announced this morning that it has completed its first shipment of cannabis product to Israel, via a supply agreement it has established with Breath of Life International, also known as BOL Pharma. Product was shipped under the Truverra brand of cannabis products.
While the company’s news release this morning was full of self-congratulating quotes from both the team at Supreme as well as BOL Pharma, the company provided little actual detail on the size of the shipment, revenues, or any future commitments related to the agreement. Supreme did identify that the product was “purposefully grown” for export to Israel and that it was not product left over in their vault from Canadian sales.
When it comes to numbers, the only thing clear is that the Truverra product will be sold in 10 gram containers in Israel by BOL Pharma via its network of pharmacies.
BOL Pharma is one of the oldest cannabis operators in the country of Israel, with over 13 years of experience. The company is one of the few providers that currently handles all stages of cultivation and production of the plant, and is currently the largest cannabis provider in the country.
With the support of BOL Pharma, we navigated both Canada and Israel’s complex regulatory landscapes to achieve compliance with regulatory authorities in both countries, including Health Canada, the Canadian Food Inspection Agency and Israel’s Ministry of Health and Ministry of Agriculture and Rural Development. We benefitted from BOL Pharma’s skilled team, international experience and solidified position as a leading medical cannabis company in Israel. As we pursue capital-light international opportunities, we will continue to look to Jeff Adams, Truverra’s CEO, and his exceptional team to build Truverra’s medical brand globally.
Colin Moore, Interim President and CEO of Supreme Cannabis
Unrelated to the international shipment, Supreme also announced this morning that several product launches have been delayed as a result of the ongoing coronavirus pandemic. While not impacting operations internally, it has limited the the speed at which the company can source items from suppliers as well as how quickly it can have third-party testing completed. As a result, the launch of 7Acres whole flower pre-rolls and PAX pods have been pushed to be released in fiscal Q4.
Supreme Cannabis last traded at $0.26 on the TSX.
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.
