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Continued strong revenue growth and operational efficiency 2021 FirstQuarter Highlights: Positive Adjusted EBITDA of $0.3 million 24% net revenue growth quarter-over-quarter 45 active retail SKUs, with presence in all 10 provinces Completed the third shipment of medical cannabis to Israel through its Truverra brand Maintains a strong liquidity position, including a cash balance of $20.4 million Subsequent to Quarter-End: Entered into a supply agreement with Medical Cannabis by Shoppers Inc., a subsidiary of Shoppers Drug Mart Inc., to offer Truverra-branded medical cannabis products through the Medical Cannabis by Shoppers online sales platform accessible to patients across Canada. TORONTO, Nov. 16, 2020 /PRNewswire/ - The Supreme Cannabis Company, Inc. ("Supreme Cannabis" or the "Company") (TSX: FIRE) (OTCQX: SPRWF) (FRA: 53S1) today announced its financial and operating results for the three months ended September 30, 2020. Supreme Cannabis' Management Discussion & Analysis ("MD&A") and condensed interim consolidated financial statements ("Financial Statements") for the three months ended September 30, 2020 ("Q1 2021"), along with all previous public filings of the Company may be found on SEDAR at www.SEDAR.com. All figures are in Canadian dollars. Beena Goldenberg, President and CEO of Supreme Cannabis, commented: "In the first quarter of fiscal 2021, we made solid progress towards our goal of transforming Supreme Cannabis into a premium cannabis CPG company. We continued to execute on our strategy of accelerating revenue and controlling our costs, which led to sequential growth in consolidated net revenue of 24%. Recreational net revenue grew slightly compared to the fourth quarter of 2020, due largely to higher sales volumes offset by lower average selling prices. Despite an initial drop in recreational sales volumes in July due to stockouts as a result of fulfillment and supply chain growth challenges, we built steady month-over-month improvement in August and September as our sales partnership with Humble & Fume Inc. gained traction. This strong momentum led to September 2020 being Supreme Cannabis' highest month on record for recreational sales. We exercised good cost control across the organization and benefitted from a full quarter of cost savings from the measures taken to right-size the business in the second half of fiscal 2020. This resulted in Supreme Cannabis generating a slightly positive Adjusted EBITDA of $0.3 million." Ms. Goldenberg concluded, "Supreme Cannabis' performance in the first quarter of fiscal 2021 demonstrates that our strategy is working. While the first quarter of 2021 was a consistent improvement, we understand that more work is needed to become a sustainably profitable business. We will continue to efficiently focus our resources on driving near-term revenue growth in the recreational market. We are well-positioned to increase our market share with compelling brands and high-quality products at several points of value and preference. We have increased our sales and marketing efforts in the recreational segment during the quarter. Our partnership with Humble & Fume Inc. ("humble+fume") has enabled Supreme Cannabis to secure 2,258 new listings during the quarter. We expect the expanded listings to set us up for further recreational revenue growth." Select Financial and Operational Results. Three months ended Financial Highlights (in 000's $) Sept 30, 2020 June 30, 2020 Gross revenue 13,977 10,855 Net revenue 11,867 9,532 Gross margin, excluding fair value items (1) (2,153) (8,246) Gross margin (11,340) (11,544) Operating expenses 6,547 15,886 Impairment of assets - 3,414 Net income (loss) 29,768 (33,252) Net comprehensive income (loss) 29,768 (33,806) Adjusted EBITDA (2) 266 (4,167) Cash 20,366 28,419 1. Gross margin, excluding fair value items, is an Additional Subtotal presented by the Company. The Company defines gross margin, excluding fair value items as the gross margin before recording fair value changes on growth of biological assets and realized fair value changes on inventory sold or impaired. More information on changes in fair value of biological assets can be found in "Changes in fair value of biological assets" in the MD&A. 2. Adjusted EBITDA is a NonGAAP measure and does not have a standardized meaning under GAAP. As a result, it may not be comparable to data presented by other cannabis companies. For an explanation and reconciliation of Adjusted EBITDA to related comparable financial information presented in the Financial Statements prepared in accordance with IFRS, refer to the "Results of Operations" and "NonGAAP Measures and Additional Subtotals" in the MD&A. Revenue Overall net revenue increased 24% to $11.9 million in Q1 2021 from $9.5 million in Q4 2020. Recreational net revenue rose to $7.5 million, an increase of 3% quarter-over-quarter as a result of existing and new products continuing to be well received by the recreational cannabis consumer. In particular 7ACRES Craft Collective and cannabis extracts, which include oils, vapes and concentrates contributed a growing portion of the recreational sales in the quarter. Wholesale net revenue, which includes the Company's sales in the international medical cannabis segment, in Q1 2021 was $4.4 million, up 92% quarter-over-quarter, with a 14% increase in average selling price, driven by a higher contribution from domestic flower. Wholesale volumes grew by 69% as the Company continues to forge longer-term relationships in the domestic market. The growth was also driven by a 25% increase in international medical sales with the Company strengthening its relationship with Breath of Life International Ltd., Israel's largest and leading producer of medical cannabis. The Company plans to add additional medical partners in various international jurisdictions. Gross Margin In Q1 2021, the gross margin, excluding fair value items, included impairment charges of $8.4 million recorded in production costs. Excluding the impact of impairment charges recorded in production costs, gross margin, excluding fair value items, increased to 53% in Q1 2021 compared to 41% for Q4 2020, mainly due to a realization of cost optimization initiatives the Company initiated in the second half of fiscal 2020. Adjusted EBITDA The Company generated a positive Adjusted EBITDA of $0.3 million compared to an Adjusted EBITDA loss of $4.2 million in Q4 2020 due to an increase in revenue and a higher gross margin, excluding fair value items and the impact of impairment charges. Balance Sheet, Liquidity and Cash Flow from Operations Supreme Cannabis ended the quarter with a total cash balance of $20.4 million and a working capital surplus of $48.1 million. During the first quarter of fiscal 2021, the Company significantly strengthened its balance sheet by refinancing its convertible debentures and amending its three year term credit facility consisting of a term loan and a revolving credit facility (the "Credit Facility"). As a result, there are no debt maturities for two years (excluding customary principal amortization payments), and the carrying value of total debt was reduced by approximately $71.0 million on the day of the transaction related to the convertible debt extinguishment. Furthermore, expected cash interest expense was significantly reduced due to the reduction in the principal amount of the convertible debentures and the Credit Facility. The amended Credit Facility defers the financial covenants related to leverage and the fixed charge coverage ratio by 12 months until Q3 2022. Operating and Capital Expenditures In Q1 2021, the cost realignment efforts resulted in the Company achieving a $9.3 million or 59% decrease in operating expenses, compared to the three months ended June 30, 2020. Operating expenses for the three months ended September 30, 2020 benefited from a recovery of $1.5 million related to share based payments, primarily driven by a recovery of $2.1 million for the cancellation and forfeiture of 10.9 million stock options. The Company has executed on its cost rationalization activities which have led to significant operating expense cost reductions since the start of its efforts during the third quarter of fiscal 2020. The efforts included reduction in staffing levels across all facilities and shared services, the consolidation and streamlining of the Company's facilities and production processes and the curtailment of avoidable expenses. In addition to reducing its operating expenses, the Company's capital expenditures in Q1 2021 decreased to $0.4 million, down 61% quarter-over-quarter. With the completion of construction projects at the Company's Kincardine, Ontario ("Kincardine Facility") and Langley, British Columbia ("Langley Facility") facilities, capital expenditures for the remainder of fiscal 2021 are expected to be minimal and will be focused on productivity enhancements justified by nearterm cash flow returns. Brand and Product Developments in Q1 2021. Supreme Cannabis introduced 10 new SKUs to the market in Q1 2021: 7ACRES Craft Collective 3.5g Whole Flower Pink Kush 7ACRES Craft Collective 3.5g Whole Flower Ice Cream Cake Sugarleaf 0.5g Boost Sativa 510 Vape Cart (first 510 format launched for all brands) Sugarleaf 3x0.5g Pre-roll Jean Guy (New size format) Sugarleaf 3x0.5g Pre-roll Jack Haze (New size format) Sugarleaf 3x0.5g Pre-roll White Widow (New size format) Sugarleaf 3x0.5g Pre-roll Sensi Star (New size format) Sugarleaf 7g Bloom Milled Cannabis Sugarleaf 3.5g Bloom Milled Cannabis Hiway 2g Hiway Hash Distribution. Overall, Supreme Cannabis shipped 44% more product in Q1 2020 compared to Q4 2020. The provinces of Quebec, Alberta, Ontario and British Columbia generated the majority of the Company's sales. Distribution to the recreational market on a gram equivalent basis was 17% higher in Q1 2020 compared to Q4 2020. Key to growing Supreme Cannabis' presence across Canada is the Company's sales agency agreement with humble+fume. Through this partnership, humble+fume is deploying a team of sales professionals that will drive distribution, brand advocacy and budtender education for all Supreme Cannabis brands at the store level. Since tracking commenced in April 2020 until the end of September 2020, humble+fume has created over 3,500 new listings for Supreme Cannabis products, including 2,258 new listings in the first quarter of 2021. In the first quarter of 2021, 232 new stores started carrying the Company's products. In the first quarter of 2021, as many COVID-19 restrictions were lifted and retail stores reopened, humble+fume representatives resumed engaging directly with operators and supporting new retail store openings. This allowed further opportunities for promotions, new product introductions, staff training and adding new retail outlets. Subsequent to quarter-end, the Company entered into a supply agreement with Medical Cannabis by Shoppers Inc., a subsidiary of Shoppers Drug Mart Inc., to offer Truverra-branded medical cannabis products through the Medical Cannabis by Shoppers online sales platform accessible to patients across Canada. Under this agreement, Canadian patients will be able to order Truverra dried flower, pre-rolls and full-spectrum CBD oil. Included in the offering is the Jean Guy strain, which is a tribute to the legendary variety offered by the Montreal Compassion Club. Operations. The Company continues to make incremental improvements at its core facilities in Kincardine, Ontario and Langley, British Columbia, to enhance production, processing and operating efficiency. Kincardine Facility The Kincardine Facility implemented several changes with solid success. In August, the facility completed its fuel conversion from propane to natural gas, which is expected to deliver $1.5 million in annual savings Bottled flower containers at the facility have been optimized to address shelf presence and reduce the cost of procurement and is expected to deliver savings of over $1.0 million annually The facility also optimized its boiler systems, resulting in significantly more consistent climate control Subsequent to quarter-end, the Company's processing license for the Kincardine Facility was amended by Health Canada on October 29 to authorize commercial sale of cannabis products in the cannabis extracts class of cannabis. The Company also received a research license at the Kincardine Facility on November 12. Langley Facility The continuous improvement program at the Langley Facility continues to yield positive results. A key focus has been on improving conversion yields through first-pass extraction and distillation and further enhancing quality in these processes. Outlook. The Company remains confident in its ability to grow near-term revenue and reach sustainable profitability based on its accelerated transformation into a premium Cannabis CPG company, its streamlined and right-sized operating structure, and its enhanced offering of new high-quality brands. The Company has a robust and growing product line that addresses consumers' needs at a variety of price points and form factors. The Company has efficient and effective coast-to-coast sales coverage with the humble+fume sales partnership. The Company has substantially completed the right-sizing of its operating structure with the right teams in place to deliver against objectives efficiently. Supreme Cannabis remains focused on cost containment and is fully-funded to execute on all planned initiatives. First-quarter 2021 earnings conference call and webcast. The Company will host a conference call to discuss its first-quarter fiscal 2021 results at 8:00 AM Eastern on Tuesday, November 17, 2020. Interested parties can join the call by dialling 416-764-8659 or 1-888-664-6392. The conference ID number is 67218125.The call can also be accessed through the following webcast link:http://bit.ly/FIREQ12021. A recording of the conference call will be available for replay two hours after the call's completion. To access the recording, please dial 416-764-8677 or 1-888-390-0541 and the replay code 218125. The recording will be available until Thursday, December 17, 2020. About Supreme Cannabis. The Supreme Cannabis Company, Inc., (TSX: FIRE) (OTCQX: SPRWF) (FRA: 53S1), is a global diversified portfolio of distinct cannabis companies, products and brands. Since 2014, the Company has emerged as one of the world's most premium producers of recreational, wholesale and medical cannabis products. Supreme Cannabis' portfolio of brands caters to diverse consumer and patient experiences, with brands and products that address recreational, wellness, medical and new consumer preferences. The Company's recreational brand portfolio includes 7ACRES, Blissco, 7ACRES Craft Collective, Sugarleaf and Hiway. Supreme Cannabis addresses national and international medical cannabis opportunities through its premium Truverra brand. Supreme Cannabis' brands are backed by a focused suite of world-class operating assets that serve key functions in the value chain, including scaled cultivation, value-add processing, automated packaging and product testing and R&D. Follow the Company on Instagram, Twitter, Facebook, LinkedIn and YouTube. We simply grow better. Forward-Looking Information. Certain statements made in this press release may constitute "forward-looking information", "future oriented financial information" or "financial outlooks" (collectively, "forward-looking information") within the meaning of applicable securities laws. Forward-looking information may relate to anticipated events or results including, but not limited to: focussing on efficiency throughout the Company; progressing towards becoming a premium cannabis CPG company; expected capital expenditures for the remainder of fiscal 2021; plans to add additional medical partners in international jurisdictions; the expectation that the natural gas conversion at the Kincardine Facility will deliver approximately $1.5 million in annual savings; the expectation that the optimization of the bottled flower containers at the Kincardine Facility will deliver over $1.0 million in annual savings; the Company's ability to grow near-term revenue and reach sustainable profitability; the Company's focus on cost containment and ability to execute on all planned initiatives; and other statements that are not historical facts. Particularly, information regarding our expectations of future results, targets, performance achievements, prospects or opportunities is forward-looking information. Often, but not always, forward-looking statements can be identified by the use of forward-looking terminology such as "may", "will", "expect", "believe", "estimate", "plan", "could", "should", "would", "outlook", "forecast", "anticipate", "foresee", "continue" or the negative of these terms or variations of them or similar terminology. Forward-looking information is current as of the date it is made and is based on reasonable estimates and assumptions made by us at the relevant time in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we believe are appropriate and reasonable in the circumstances. To the extent any forward-looking information in this press release constitutes "future oriented financial information" or "financial outlooks", within the meaning of applicable securities laws, the purpose of such information being provided is to demonstrate the potential of the Company and readers are cautioned that this information may not be appropriate for any other purpose. However, we do not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws in Canada. There can be no assurance that such estimates and assumptions will prove to be correct. Many factors could cause our actual results, level of activity, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking information as discussed in the "Risk Factors" section of the Company's Annual Information Form dated September 24, 2020 ("AIF"). A copy of the AIF and the Company's other publicly filed documents can be accessed under the Company's profile on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com. The Company cautions that the list of risk factors and uncertainties described in the AIF is not exhaustive and other factors could also adversely affect its results. Readers are urged to consider the risks, uncertainties and assumptions carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such information. Non-GAAP Measures and Additional Subtotals. This news release contains certain financial performance measures that are not recognized or defined under IFRS ("Non-GAAP Measures") including, but not limited to, "Adjusted EBITDA". As a result, this data may not be comparable to data presented by other cannabis companies. For an explanation and reconciliation of these measures to related comparable financial information presented in the Financial Statements prepared in accordance with IFRS, please refer to the "Results of Operations" section in the MD&A. The Company believes that these Non-GAAP Measures are useful indicators of operating performance and are specifically used by management to assess the financial and operational performance of the Company. The Company defines Adjusted EBITDA as net income (loss) excluding amortization of property plant and equipment & intangible assets, share based payments, restructuring charges, impairment of inventory in production costs, fair value changes on growth of biological assets, realized fair value changes on inventory sold or impaired, net finance expenses, gain on settlement of convertible debentures, loss on modification of debt, gain on settlement of contract, gain or loss on disposal of property plant and equipment, unrealized and realized gains or losses on investments and income taxes. The Company presents additional subtotals in its Financial Statements prepared in accordance with IFRS. The additional subtotals include, but not limited to, gross margin, excluding fair value items in its statements of comprehensive loss ("Additional Subtotals"). The Company defines gross margin, excluding fair value items as the gross margin before recording fair value changes on growth of biological assets and realized fair value changes on inventory sold or impaired. More information on changes in fair value of biological assets can be found in "Changes in fair value of biological assets" section of the MD&A. Non-GAAP Measures and Additional Subtotals should be considered together with other financial information prepared in accordance with IFRS to enable investors to evaluate the Company's operating results, underlying performance and prospects in a manner similar to Supreme Cannabis' management. Accordingly, these Non-GAAP Measures and Additional Subtotals are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. SOURCE The Supreme Cannabis Company, Inc. Related Links https://www.supreme.ca/

Answer: Supreme Cannabis Announces Financial Results for Q1 2021