FIRE Stock Soars 13% as Supreme Cannabis Acquires Truverra
FIRE stock is a notable cannabis stock gainer in Wednesday's trading session after The Supreme Cannabis Company (TSX:FIRE) (OTCQX:SPRWF) announced its acquisition of privately-held Truverra Inc.
Solid Boost for FIRE Stock
In a new development, Canada-based marijuana company Supreme Cannabis has announced that it has enacted an agreement to acquire Truverra Inc. Supreme will buy all the outstanding as well as existing issued shares of Truverra that will help in creating a three-way merger. The entities involved in that merger are going to be Supreme, Truverra, and The Transaction, which is a wholly-owned subsidiary of Supreme. With the acquisition of Truverra, Supreme will get its hands on its two subsidiaries: Canadian Clinical Cannabinoids Inc and Truverra Europe B. V. As the names of the Truverra subsidiaries suggest, the first one is involved in the Canadian market while the other one is involved in the European market.
It is a highly strategic acquisition for The Supreme Cannabis Company and has the potential to significantly boost its operations within a short span of time. The facilities that belong to Canadian Clinical Cannabinoids Inc are going to be turned into sites at which Supreme is going to engage in producing cannabis extracts of the highest quality. The company also plans to produce vaping liquids as well as concentrates at the said facility.
SPRWF stock is currently selling for $1.20 USD, up over 12% on the day. On the Canadian side, FIRE stock is up over 13% at $1.56 CAD.
Truverra Europe is involved in selling hemp CBD products in different parts of Europe, and it will allow Supreme to expand into new territory altogether. The whole process is expected to be completed by August 30.
Tie Up With Wiz Khalifa
Supreme Cannabis has been in the news recently after having tied up with rapper Wiz Khalifa’s Khalifa Kush Enterprises Canada and launched a premium line of CBD oil. The product in question is the KKE Oil, which is the first product from the stable of KKE brands to enter the Canadian market. Considering the fact that such a launch could end up being a highly successful one in the coming months, it is only natural that the profile of the cannabis collaborator is also going to rise. It could prove to be a highly important collaboration for Supreme.
What do you think of FIRE stock after Supreme's acquisition? Share your thoughts.
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