The Supreme Cannabis Company (TSX: FIRE) (OTCQX: SPRWF) (FRA: 53S1), a global diversified portfolio of distinct cannabis companies, products and brands, announced that it has amended its existing credit facility with its lenders; the original agreement was initially announced on Nov. 14, 2019. The new amended agreement notes that SPRWF has secured a 12-month deferral of its financial covenants related to fixed-charge coverage ratio and leverage to begin in the quarter ending March 31, 2022. The agreement also stipulates that new covenants regarding minimum liquidity and EBITDA will be tested in the interim. SPRWF has also agreed to a 75 basis point increase in the applicable interest rate margin on the credit facility. Finally, the requirement in the original agreement calling for a minimum restricted cash balance has been removed. “This amended facility is in line with our ongoing focus on right-sizing the business to align with our current strategy, and also proactively provides us improved runway to execute on our plan of being a profitable premium Cannabis CPG company,” said Supreme Cannabis president and CEO Beena Goldenberg. “It also demonstrates that our lenders continue to have confidence in the Supreme Cannabis business case.”
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About Supreme Cannabis Company Inc.
Supreme Cannabis 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. For more information about the company, visit www.Supreme.ca.
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