CannabisNewsBreaks – Supreme Cannabis Company Inc. (TSX: FIRE) (OTCQX: SPRWF) (FRA: 53S1) Announces Q1 2020 Results, $90 Million Credit Facility led by Bank of Montreal

CannabisNewsBreaks – Supreme Cannabis Company Inc. (TSX: FIRE) (OTCQX: SPRWF) (FRA: 53S1) Announces Q1 2020 Results, Million Credit Facility led by Bank of Montreal

Supreme Cannabis Company (TSX: FIRE) (OTCQX: SPRWF) (FRA: 53S1) on Thursday announced the release of its financial and operating results for the first quarter ended September 30, 2019. In addition, the company announced its entry into a credit agreement with Bank of Montreal (“BMO”) as Lead Arranger and Agent on behalf of a group of lenders for $90 million of senior secured credit facilities consisting of a term loan of $70 million and a revolving credit facility of $20 million. “In the first quarter of fiscal 2020, we operated through challenging market conditions while integrating new businesses and product planning for the second half of the year. Overall, our financial results reflect the inherent difficulties of operating in a new regulated industry and the transitionary period we are in as we evolve from a predominantly wholesale business to a leading cannabis CPG company in Canada. Despite these challenges, in the quarter we improved production operations to generate industry-leading margins of 62% and made the strategic decisions necessary to position our businesses for meaningful revenue generation from flower, flower convenience products and select derivative products in the remainder of fiscal 2020,” Supreme Cannabis CEO Navdeep Dhaliwal said in the news release.…

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Link to original : CannabisNewsBreaks – Supreme Cannabis Company Inc. (TSX: FIRE) (OTCQX: SPRWF) (FRA: 53S1) Announces Q1 2020 Results, Million Credit Facility led by Bank of Montreal
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