Supreme Cannabis forces conversion of C$7.03 million of 8% notes

By Susanna Moon

Chicago, Oct. 2 – Supreme Cannabis Co., Inc. said it is forcing conversion of its C$7.03 million principal amount of outstanding 8% convertible debentures due Nov. 14, 2019.

The debentures will be converted into common shares of Supreme Cannabis on Nov. 6 at a rate of 625 shares for each $1,000 principal amount plus accrued interest.

Supreme Cannabis had the right at any time beginning on March 15 to convert all but not less than all of the convertibles if the volume-weighted average price of the shares exceeds C$2.10 for 10 consecutive trading days, according to a company announcement.

The company’s stock (Toronto: FIRE) closed at C$2.22 on Monday.

Supreme Cannabis is a Toronto-based B2B wholesale marijuana company.

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