Plus Products Revenue Rose 21% YoY Despite Drop In Nevada Sales

August 21, 2020 9:34 am
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More

Cannabis company Plus Products Inc. (CSE:PLUS) (OTCQX: PLPRFposted Thursday its unaudited financial and operational results for the second quarter and first half of fiscal 2020.

Over the year, net revenues of the San Mateo, California–based company went up by 21% to $4.3 million.

Plus Products attributed the revenue growth to operations in the California adult-use market. However, sales in Nevada suffered the impact of COVID-19, the company disclosed.

During the first six months of 2020, the company worked on “creating a sustainable economic foundation” while laying the “groundwork for current and future growth,” said Plus Product’s co-founder and CEO Jake Heimark.

“Plus continues to believe that California is the most strategically valuable market to build a cannabis brand,” added Heimark.

Other quarterly highlights from the earnings report

  • Gross profits rose $1.6 million during the quarter compared to $0.7 in the same period last year
  • The gross profit margin was 36%, an increase of 16% compared to the corresponding quarter of 2019
  • The operating loss amounted to $1.4 million, a growth of 71% compared to the second quarter of last year
  • Cash and cash equivalents were $13 million, down by $1.1 million, compared to the previous quarter

Meanwhile, over the past months, Plus Products broadened its PLUS CBDRelief’s product offering and introduced its new HI-CUBES concentrated gummy products.

In June, its VP of Finance, Nate Pearson, was appointed CFO, following the retirement of Jon Paul.

Courtesy photo


Cannabis News

Related Articles

Wild By Nature Debuts In 150 Circle K Stores In Florida And Alabama

Wellness and CBD brand Wild By Nature is debuting in over 150 Circle K convenience store locations across Florida and Alabama. The brand intends to enter hundreds of retail stores in the future. read more

Sunderstorm Brings Kanha Edible Gummies To Colorado, Massachusetts, and Canada

Cannabis manufacturer Sunderstorm Inc. has introduced Kanha edible gummies in Colorado and Massachusetts, as well as in Canada. read more

MediPharm Labs Closes 12th Deal To Supply Australia With Cannabis Products

MediPharm Labs Corp. (TSX: LABS) (OTCQX: MEDIF) has partnered with Sunco Green Pharmaceutical Pty Ltd. to bring GMP certified cannabis products to the Australian medical cannabis market and New Zealand. read more

Magic Johnson-Backed Uncle Bud's To Enter Asia Market In November

Uncle Bud's, a hemp and CBD brand backed by Earvin "Magic" Johnson, is poised to debut in Asia. The NBA Lakers legend and Basketball Hall of Famer will launch the brand's newest shop on Nov. 6 on Tmall Global, China's business-to-consumer (B2C) cross-border online platform. read more

Jushi Raises CA$35.5M Equity Offering

Cannabis and hemp company Jushi Holdings Inc. (CSE: JUSH) (OTCQB: JUSHF) is poised to raise CA$35.5 million through an overnight marketed offering. read more