Pharmaceutical company Cannabis Sativa Inc. CBDS reported its revenue spiked 392% year-over-year, reaching $493,140 during the first three months of this fiscal year.
The Mesquite, Nevada-based company credited the growth to its telemedicine subsidiary, PrestoDoctor, which operates within states that have legalized medical marijuana. In addition to Nevada, it operates in California, New York, Oklahoma, Missouri, and Pennsylvania.
Cannabis Sativa said it intends to expand its footprint across Illinois, Ohio, Virginia, and Massachusetts. The company is also looking at expanding abroad in Australia, Canada, and Germany.
"We are excited to be helping growing numbers of patients while we build a lasting and highly sustainable telemedicine platform focused on underserved markets," said the company's CEO David Tobias in a Thursday press release.
In February, the Mesquite, Nevada-based company acquired a 51% interest in California-based contract manufacturing, co-packing, and white label company GK Manufacturing and Packaging, Inc.
Under the acquisition deal, Cannabis Sativa obtained GK's Ganja Juice brand, and the Murray & Rocco's CBD infused pet line.
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