TREND Analysis – Supreme Pharmaceuticals (FIRE): “Gas in the Tank”

This is an interesting one. After two Q's of negative FG delta, Q0 has a positive FG delta. Meaning, FIRE starts the present Q with more FG inventory than Q) when they recorded a strong positive Sales delta. This means that despite the strong sales delta (+$2.6 million or +50% QoQ) in Q0 FIRE's throughput to the FG shelf was sufficient to handle the sales increase, while putting more goods on the FG shelf at Q's end. This sets up well for the next Q, although more FG (ie equal to last Q sales) would be my preference. Bio Assets also shows strong growth…

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Supreme Cannabis – Structure & Current State – 09/18

Well, another day, another year end.Supreme's declaration of record sales caught my eye, because while top line handwaving like this typically is something positive, given they've had almost an entire year of quietly producing/refining, I'd expect exactly what they announced. And I'm far more curious about the optionality and SBC they've got tied to their ass.24% gross margin reported, inelegant. I'll leave the GoB unwinding to Blue, but.....I have a feeling what'll come out of it.$5.5MM in SBC (ka-ching baby), and another $10MM in G&A and wages.Wrote up an 'investment' in a software company by a million. Looks like they got a mark1 ,…

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