VERNON, BC – June 28, 2018 – PRESS RELEASE – True Leaf Medicine International Ltd., a plant-forward wellness brand for people and their pets, has announced results for its fiscal year ending March 31, 2018, including record sales of $1.4 million (CAD).
These results represent a 280-percent increase in revenue over the previous fiscal year ($368,536) and a 286-percent increase of fourth quarter sales year over year, from $99,331 to $383,844.
Revenue growth was primarily fueled by True Leaf expanding the reach of its True Leaf Pet division to new locations in-store and online. True Hemp dog chews, dental sticks and supplement oils are now sold in more than 1,800 stores worldwide, including in Canada, the United States and Europe through retailers such as PetSmart Canada, Pets Corner UK and Amazon.
True Leaf Pet, a division of True Leaf, pioneered hemp-seed based pet supplements that provide calming support, promote hip and joint health and help immune and heart function. The company’s True Hemp line is one of the first hemp-based pet products to be marketed worldwide.
“The strong revenue growth for True Leaf Pet demonstrates that pet owners worldwide want natural products with real health benefits for their pets,” said Darcy Bomford, founder and chief executive officer of True Leaf. “Customers return to our products because they see the results–they trust our products.”
Through its other division, True Leaf Medicine, the company is building True Leaf Campus, a cannabis cultivation and production facility that will provide medicinal cannabis for people under Health Canada’s Access to Cannabis for Medical Purposes Regulations (ACMPR) program.
The first phase of the project includes a two-story, 9,000-square-foot central hub for the initial grow area, laboratory services, whole-plant extraction and the production of therapeutic cannabis products, plus a 16,000-square-foot wing for cannabis cultivation. Ownership of the 40-acre site in Lumby, British Columbia, means the company is well-positioned to expand to meet future market demands.
Fiscal Year 2018 Highlights
- True Leaf Pet sales increased by $1,031,975, or 280 percent, to $1.4 million (CAD) in Fiscal Year 2018.
- True Leaf’s strong balance sheet is a result of its significant cash position, growth in inventory and working capital to support increased sales, and investment in land and the construction of True Leaf Campus. The company’s total asset value grew from $770,000 in 2017 to $16 million in 2018.
- True Leaf Pet expanded its selling power in-store and online. True Leaf Pet products are now in more than 1,800 stores worldwide and sold on Amazon.
- True Leaf raised gross proceeds of $14 million (CAD) and became the first-ever Canadian-listed cannabis company to successfully close a Regulation A+ equity crowdfunding campaign.
- The company purchased a 40-acre site in Lumby, B.C. to build its cannabis cultivation and production facility.
- The company broke ground on True Leaf Campus–its cannabis cultivation and production facility.
- True Leaf appointed its Medical Advisory Board and cannabis cultivation team and retained Edison Advisors as its U.S. investor relations counsel.
- The company retained Hill+Knowlton Strategies as its government relations advisors, and branding and creative agency, Dossier, to help bring its products to market.
Highlights Subsequent to Fiscal Year 2018
- True Leaf strengthened its leadership team with the appointment of Don Chisholm as True Leaf’s Chief Marketing Officer. Mr. Chisholm is Innovation Director and Co-Founder of True Leaf’s branding partner, Dossier.
- The company announced the construction of True Leaf Campus is well underway and on schedule to be completed by fall 2018.
- True Leaf Pet introduced its first hemp-seed based functional treats for cats to the European market at Interzoo, the world’s largest trade fair for the international pet industry.
- True Hemp products received National Animal Supplement Council (NASC) certification--one of the highest-level certifications in the pet industry.