A Vernon based cannabis products company is seeing lots of green in its financial results.
True Leaf Medicine, which makes hemp based wellness products for pets, has had its best sales quarter ever, with revenues of $572,000 in the second quarter.
“True Leaf also announced that for the first time, it has achieved sales of more than $1,000,000 over two quarters. Revenue for the six-months ended September 30, 2018 was $1,063,405 – the Company’s highest six-month revenue to date and an increase of 42 per cent from the comparable period in the prior year, which had revenue of $747,846,” says a news release fro True Leaf.
CEO Darcy Bomford says the growth was primarily fueled by the company’s new international sales team which has their products now sold in 28-hundred stores worldwide.
“Our growing revenues and the continued success of the True Hemp™ product line is evidence that pet owners want access to safe, effective, and legally-compliant therapeutic cannabis products for their pets,” says Bomford, who is also the company founder. “We are committed to being the cannabis-for-pets leader in the global pet care industry – a sector expected to grow to $202.6 billion (USD) by 2025 – by continuing to enter new markets and expanding our product line.”
The company continues work on a cannabis cultivation facility being built in Lumby, with expected completion late this fall.
Photo: True Leaf’s ground breaking for cannabis growing facility in Lumby in March 2018