The Supreme Cannabis Company (TSX:FIRE) began trading on the Toronto Stock Exchange today! Before, FIRE stock was trading on the TSXV but was approved to move to the bigger exchange. The company's shares saw quite a boost when the announcement was released.
Will the stock keep momentum? Let's find out!
FIRE Stock Movement: First Day on the TSX
Despite its sharp rise last week, FIRE stock is down on its first day of trading on the TSX. At the time of writing, the cannabis penny stock is trading at $2.14 a share, down -$0.12 (-5.31%). It seems the hype has worn off, or FIRE stock has been overshadowed by all the major stocks trading on the TSX.
The company has released some major news lately that will keep it in competition with the other major companies in the space. A week ago The Supreme Cannabis Company announced the approval of capacity at its 7ACRES facility.
Supreme's Kincardine, Ontario facility had 90,000 sq. ft. of total flowering room space but has been given the green light for an additional 30,000 sq. ft. This is huge news for the company as it increases its annual production capacity from 13,300 kg to 17,500 kg.
“7ACRES-branded dried flower has received enthusiastic reviews from consumers across Canada. With this additional production capacity, we’ll be able to better satisfy the demand from cannabis enthusiasts coast-to-coast,” commented Supreme Cannabis President and Founder John Fowler.
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FIRE stock may be stagnant on the opening day of TSX trading, but the company itself is expanding in necessary areas. In addition to its extra flowering space, Supreme received an additional license for production of plant micropropagation.
The company was founded back in 1979 and was formerly a pharmaceutical company. Supreme switched to cannabis well over a year ago and has gained in momentum ever since. FIRE stock should continue to do well, as long as Supreme continues its expansion on medical cannabis production.
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