True Leaf Brands had an eventful quarter, as its most recent financial report shows.
The cannabis company saw its best quarterly revenue growth to date with a 70 per cent increase in its pet division over the course of its second fiscal quarter.
The quarterly report comes less than two weeks after the company secured its licences from Health Canada to operate its 18,000-square-foot facility in Lumby. The licences allow the True Leaf Campus to begin cultivating and producing cannabis products for medical purposes immediately.
“True Leaf is proud to report its strongest quarter in the Company’s history,” founder and CEO Darcy Bomford said.
Bomford credited the strong quarter in part to the successful rollout of the company’s expanded pet-care product lines, and to improved results from its global operations.
“Continuing to execute on our global growth plans has allowed us to meet the high demand for our products in key markets like Europe.”
The company is currently seeking a joint venture partner to purchase part of the True Leaf Campus, allowing the company to “lock in a supply of CBD for our pet products and secure a return on our investment,” Bomford said.
While money is coming in, the company acknowledged the growing pains within the cannabis industry and the need to cut costs effectively.
“Cost-saving measures have been made across both divisions,” Bomford said. “We expect to realize savings immediately and improve upon them going forward.”
True Leaf’s operating expenditures totalled more than $2.2 million this quarter — a shade over their first quarter expenditures.