Supreme Pharmaceuticals Inc (OTCMKTS:SPRWF) has recorded an overall surge in its share price, during the last 6-months. The stock is currently trading at $1.29 per share, $0.11 higher than on October 14, 2016. Although the stock has rapidly fluctuated in the stock market, during this period, the trend is still very surprising, given that Supreme has not issued a press release, since the end of October 2016.
The company last issued a press release, when it announced that its subsidiary AMMCan was accidentally listed as approved for the sale of dried marijuana, on the Health Canada website. However, the website was later corrected, after having halted trading of SPRWF, by the IIROC. The halt was undertaken to ensure fair trading. Even though AMMCan has been working to gain the sales approval from Health Canada, it has been unable to do so as yet, even after a period of 6-months. However, AMMCan is considered to be a licensed producer, in the country.
Supreme aims to become a leading supplier of affordable medical cannabis, through AMMCan. The company has an ACMPR compliant, 342,000 sq ft hybrid greenhouse facility. Unfortunately, the 6-month long silence from SPRWF has left its shareholders with a lack of knowledge, about the progress made by the company, thus far, in achieving this goal.
As far as SPRWF’s stock health is concerned, the company issued 130,000 in stock options, to one of its consultants, in September 2016. The options carry an exercise price of $0.77 and is valid until September 14, 2021. The company had claimed that the issuance was in-line with its stock option plan. Prior to this, Supreme closed the third tranche of its non-brokered private placement. The company was able to successfully gain an estimated $15 million, through the three tranches. SPRWF noted that it issued an estimated 37.37 million units, at $0.4 per unit, under the private placements. Furthermore, each unit was comprised of a common share and a warrant to purchase a common share.