Just two weeks after receiving an amendment to its Health Canada license that permits its 7 Acres subsidiary to sell, several insiders at Supreme Pharma (TSXV: FIRE) (OTC: SPRWF) took advantage of a dip in the price of the stock and purchased shares on the open market.
The buyers included CEO John Fowler, Director and CFO Nav Dhaliwal and Director Ronald Factor. Fowler purchased 36,800 shares on July 13th and 14th between 1.046 and 1.079 per share. Dhaliwal bought 38,200 shares between 1.04 and 1.079 on July 11th, 13th and 14th. Factor bought 52K shares between 1.084 and 1.092 on July 13th. In total, the three bought 127K shares.
Supreme’s stock has been one of the worst performers among the LPs in 2017, down 21% YTD as of 7/19, after a very strong 2016 in which it rose 190%. FIRE jumped after the late June news but then fell as low as 0.98, the lowest level since October, before recovering some of the recent losses. All of the July buys by insiders are in-the-money so far.