Plus Products (CSE: PLUS) (OTCQB: PLPRF) this morning
reported its unaudited revenue estimate for the fiscal period ended December
31, 2018 of $8.4 million, representing an enormous growth of 684% from fiscal
2017 revenues of $1.1 million. Additionally, the company reported revenue
estimates of $3.4 million for the fourth quarter of 2018, an increase of about
32% over the third quarter of 2018. PLUS attributes the surge primarily to
sales of its concentrated brand portfolio of four full-time SKUs and one
rotating seasonal. The company’s unaudited cash balance rose from $11.1 million
as of September 30, 2018 to $22.9 million at the end of 2018, subsequent to its
IPO in October. The company’s annual audited financials will be available by
April 30, 2019 and consolidated financials for the first quarter will be
available prior to May 31, 2019.
“We are proud that in a year where the greater legal
California cannabis market shrank and underperformed expectations, PLUS had
significant growth in both revenue and market share,” PLUS Products co-founder
& CEO Jake Heimark stated in the news release. “When the legal market
shrinks in its first year of enforcement, the most likely culprit is an
increase in underground market sales as some businesses struggle to figure out
how to adapt to the new legal landscape. We believe regulation is ultimately
best for the consumer because it ensures businesses will be held accountable to
create safe products that are consistent in quality and dosage. For the legal
industry to grow and thrive, regulation needs to be uniform and clear so that
businesses of all sizes can adapt, and we hope that in 2019 increased
enforcement and regulatory clarity will help drive growth in the legal market
and help make cannabis safe and approachable for everyone.”
To view the full press release, visit http://ibn.fm/ZVVfy
About Plus Products Inc.
Plus Products creates safe and delicious cannabis food
products. Founded by a chef from a Michelin Star restaurant, an Ivy League
chemist and food manufacturing experts, PLUS has a mission to make cannabis
safe and approachable, a mission that starts with high-quality products which
deliver consistent experiences. The gummies are manufactured at PLUS’s own
factory in Adelanto, California, where dosage is tested twice internally and
then tested twice again by an independent lab. PLUS is headquartered in San
Mateo, California, with 60 employees. For more information, visit the company’s
website at www.PlusProducts.com.
NOTE TO INVESTORS: The latest news and updates
relating to PLPRF are available in the company’s newsroom at http://ibn.fm/PLPRF
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