The Supreme Cannabis, Company Inc. (SPRWF) is trading lower, again. Twelve days of consecutive falling prices since April 28.
Market Action
SPRWF closed at $0.2404, down by 5.91% or $0.0151. Volume traded stood at 1.45 million shares, down close to 50% of its average daily volume of 2.8 million. After opening at $0.2463, the stock touched a high and low of $0.275 and $0.233 respectively.
News highlight: Press release
- The company announces its quarter 3 results and shows that it maintains a strong market position as it records its thirds consecutive positive EBITDA of $0.5 million.
- SPRWF posted consolidated net revenues of $13.6 million while having 64 active SKUs at the quarter-end and having introduced 9 new products in quarter 3 with presence in10 provinces.
- Supreme Cannabis also posted a strong liquidity position which includes a cash balance of $65.5 million including net proceeds of $45.2 million from unit offering in Q3 2021.
- SPRWF entered into an agreement with Canopy Growth Corporation to which all the company’s issued and outstanding common shares will be acquired by Canopy Growth Corporation.
Trader Notes
SPRWF has traded lower for 12 sessions in a row. The stock is now trading below all its major moving averages. Potential pivot points to keep an eye on are 0.2506, 0.2535 and 0.2588 above, and 0.2342 and 0.2371 below.
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