This morning, The Supreme Cannabis Company (TSX:FIRE) (OTCQX:SPRWF) announced its Q2 2019 Financial results. As a result, FIRE stock has rebounded this morning.
The market took a slight correction at the end of last week, but many cannabis stocks, like Supreme, are rebounding today. No doubt, all the incoming earnings reports are helping to purge the market of its red.
FIRE Stock: Supreme Cannabis Q2 Fiscal 2019 Results
This morning, The Supreme Cannabis Company released its Q2 Financial Results. The cannabis company brought in $7.72 million in revenue, a 50% increase from Q1 2019. Supreme saw a 359% increase in profit from the previous year. This news is likely the cause for the spike in FIRE stock today.
"We're pleased with our second quarter results, which show meaningful revenue growth quarter-over-quarter and continues to reflect our strong operational execution," said Navdeep Dhaliwal, CEO of Supreme Cannabis. "Since Supreme received its license over two years ago, we have been one of the fastest scaling Licensed Producer's in Canada, demonstrated by one of the strongest first years of revenue in the sector."
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Supreme Cannabis began trading on the TSX under the 'FIRE' stock ticker on February 4th, 2019, uplisting from the TSXV. A few weeks before that, the cannabis company announced that it received approval by Health Canada for the expansion of its 7ACRES facility. The company is steadily expanding in this space and keeping up with the high demand for adult-use recreational and medicinal cannabis.
FIRE Stock Movement
According to Yahoo Finance, FIRE is currently trading at $2.26 a share, up +$0.12 (+5.61%) on the TSX. Year-to-date, FIRE is up 66%. On the OTCQX, SPRWF stock is surprisingly trading downward. The stock on the smaller US exchange has seen similar growth, but not as much. At the time of writing, SPRWF is currently trading at $1.44 a share, down -$0.0067 (-0.46%).
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