VERNON, BC – True Leaf Medicine International Ltd., a leading global cannabis and hemp wellness brand for pets, has announced its best sales quarter ever for the three-months ended Dec. 31, 2018.
The revenues were generated from global sales of the company’s legal hemp-based products for pets. Sales of the products totaled $652,370 (CAD), making it the company’s third record-setting quarter in a row.
Revenue for the nine-months ended Dec. 31, 2018, was $1,715,775 – the company’s highest revenue over three quarters to date and an increase of 69 percent from the comparable nine-month period in the prior year, which had revenue of $1,016,667.
The company’s European operations contributed $291,437 of the total revenue for this nine-month period, an increase of 167 percent compared to $109,030 for the same period in the prior year.
Revenue growth was primarily fueled by the company’s investment in its international sales team which has expanded the commercial reach of its True Leaf Pet division into new markets. The company’s True Hemp line of functional chew, stick and oil supplements for dogs and cats is now sold in more than 2,800 stores worldwide, including Pets Supplies Plus (USA), PetSmart Canada and Pets Corner UK. Pet owners can also shop for True Leaf Pet products online at www.trueleafpet.com.
“True Leaf’s impressive finish to 2018 was marked by record revenue growth, increasing our global retail presence by 55 percent, and several impressive hires,” said Darcy Bomford, founder and CEO of True Leaf. “We now have strong momentum going into one of the biggest announcements for our brand to date. We look forward to sharing the transformation – or True Leaf 2.0 – with our shareholders, customers, and the global pet industry next month.”
Q3 2019 Financial Highlights
For the three-month period ended Dec. 31, 2018
- True Leaf sales totaled a record $652,370 (CAD) in the quarter, an increase of 145 percent over the $265,555 recorded for the same period last year. This is the third consecutive record quarter for the company.
- The company announced extensive progress had been made on True Leaf Campus – its cannabis cultivation and production facility in Lumby, British Columbia. Occupancy is expected February 2019 with the facility ready for final inspection in Spring 2019.
- True Leaf expanded its global retail presence to 2,800 stores worldwide. True Leaf also announced that it was reaching more customers online with the launch of direct-to-consumer stores in the United Kingdom, France, and Germany.
- True Leaf launched its first hemp-based product line specially formulated for cats to the European market.
- True Leaf launched a brand ambassador program for professional athletes and influencers who love pets with its partner, creative agency Rozaay Management.
True Leaf donated $10,000 (USD) to the Hemp Feed Coalition to help advance its efforts to engage the U.S. Food and Drug Administration (FDA) on new uses of hemp for pets.
Recent Developments
Highlights subsequent to Q3 2019
- True Leaf announced former Petco senior vice-president Jodi Watson joined its Board of Directors as Vice-Chair.
- The company announced its True Hemp product line will soon be available in Arcaplanet stores in Italy, expanding its total retail distribution to 1,000 stores across Europe.
- True Leaf announced it closed a convertible security funding agreement for gross proceeds of $4.5 million with The Lind Partners, a New York-based institutional fund manager.
- True Leaf upgraded to the OTCQX Best Market by OTC Markets Group and began trading under the ticker symbol TRLFF.
For further information, refer to the company’s Management’s Discussion and Analysis for the three-month period ended Dec. 31, 2018, published on the company’s website at ir.trueleaf.com.
About True Leaf
True Leaf is a leading global cannabis and hemp wellness brand for pets. Inspired by the unconditional love our pets give us every day, we return that love through our wellness pet products which help maintain and protect the natural vitality of our pet companions. “Return the Love” is the purpose that drives our business and is at the heart of our values to bring happiness to pets and their owners.
www.trueleaf.com