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Canadian cannabis firm Supreme announced it has been conditionally approved to uplist to the Toronto Stock Exchange.
Another cannabis licensed producer (LP) will be joining the top Canadian public exchange.
On Wednesday (January 9) The Supreme Cannabis Company (TSXV:FIRE) confirmed it received conditional approval to graduate into the Toronto Stock Exchange (TSX).
If approved, Supreme would join six fellow LPs on the TSX; the Canadian exchange would then have a total of 10 cannabis-related listings and two exchange-traded funds.
Supreme was originally first listed on the Canadian Securities Exchange (CSE) following a name change. In April 2017, the company uplisted to the TSX Venture Exchange (TSXV).
Navdeep Dhaliwal, CEO of Supreme, said in a statement to shareholders the uplisting will broaden the investment appeal of the company and aid in the execution of its plans for 2019.
Shares of Supreme rose nearly 10 percent during Wednesday’s trading session. At the close the cannabis company held a price of C$1.75 per share and remained unchanged in early trading on Thursday (January 10).
As with the rest of the Canadian public cannabis market, Supreme’s stock has faced a volatile path on the lead up and fallout of ault-use legalization in Canada.
Dhaliwal added the company will continue to push its brand and LP subsidiary 7ACRES as a premium suite of products.
At the 2018 Canadian Cannabis Awards, 7ACRES was awarded the brand of the year award.
As many cannabis companies have moved towards massive scale and production capabilities in the hopes of market dominance, Supreme has elected to instead stay within a very specific production frame.
“We don’t want our greenhouses to get too big, because we know that it’s just not that easy to fill them up, and what’s more, (we want) to fill them up with plants that have consistent quality,” John Fowler, president and founder of Supreme told the Financial Post.
According to Fowler the best cannabis available has been grown indoors in rooms just a bit bigger than a regular bedroom.
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Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Supreme Cannabis Company is a client of the Investing News Network. This article is not paid-for content.
