While cannabis as a plant has already garnered plenty of attention from consumers, it’s only the starting point for what’s possible with the cannabis industry. The medical sector is already working on cannabis-based pharmaceuticals, and many companies are developing their own line of CBD-infused beverages, oils, edibles, beauty products, and much more.
In a sense, the retail market possibility for cannabis remains largely untapped, and companies are constantly moving forward with new products whether to be launched now or in the future. Today, Supreme Cannabis Inc (TSE: FIRE) announced that their own proprietary CBD-oil product line will hit Canadian shelves in April.
The oils will “be produced using High-End Cannabis grown by 7ACRES and formulated to preserve the naturally occurring terpenes unique to the strain,” said a statement from Supreme Cannabis. Each bottle will contain a proprietary blend of highly purified cannabis oils and terpenes, and further product variants will be rolled out in June.
“Premium oils require premium cannabis. Our formulation will leverage super-critical CO2 technology to produce a high quality, purified cannabis oil which we re-formulate with the naturally occurring cannabis terpenes from our 7ACRES High-End Cannabis,” said Supreme Cannabis CEO Navdeep Dhaliwal. “The result is a unique, plant-based cannabis oil that carries the award-winning qualities of our flower into an oil product for consumers looking for a premium cannabis oil experience.” The executive added that “our formulation will leverage super-critical CO2 technology to produce a high-quality, purified cannabis oil. The result is a unique, plant-based cannabis oil that carries the award-winning qualities of our flower into an oil product for consumers looking for a premium cannabis oil experience.”
Supreme Cannabis first announced its intention to launch a high-end cannabis oil product line back in November 2018. Back then, the company announced it would be entering into a three-year partnership with MediPharm Labs (CVE: LABS) as a means to achieve this. MediPharm has a processing license from Health Canada and is an industry leader when it comes to cannabis extraction and the production of pharmaceutical-grade cannabis oils.
“We expected market segmentation as the Canadian cannabis industry evolved and the emergence of dedicated experts focused on downstream activities. Partnering with product experts, such as MediPharm, allows Supreme Cannabis to launch oil products quickly,” said Dhaliwal at the time. “We are excited to be working with MediPharm and look forward to Canadian adult-use consumers being able to experience High-End Cannabis™ oil products derived from what we believe is the best flower being produced at scale.”
In response to today’s announcement, shares of Supreme Cannabis increased just 2 percent on Friday’s trading session, a rather lackluster gain by most standards in the industry.
However, Supreme Cannabis had recovered to its pre-October decline heights, where shares hovered around the C$2.25 mark before it tumbled alongside most other cannabis stocks during the fourth quarter of 2018. The only time stock prices were higher was back in January 2018 when shares broke the C$3 level before crashing back down. However, it’s current price remains quite strong and could return to break those previous all-time highs.