True Leaf Brands released its second quarter financial report on Monday, Dec. 2, 2019. (Black Press file photo)

Vernon’s True Leaf cannabis sees big uptick in second quarter

Cannabis company saw a 70 per cent increase in its pet division

True Leaf Brands had an eventful quarter, as its most recent financial report shows.

The cannabis company saw its best quarterly revenue growth to date with a 70 per cent increase in its pet division over the course of its second fiscal quarter.

The quarterly report comes less than two weeks after the company secured its licences from Health Canada to operate its 18,000-square-foot facility in Lumby. The licences allow the True Leaf Campus to begin cultivating and producing cannabis products for medical purposes immediately.

READ MORE: Lumby cannabis company lands licensing

READ MORE: True Leaf cannabis facility for sale in Lumby

“True Leaf is proud to report its strongest quarter in the Company’s history,” founder and CEO Darcy Bomford said.

Bomford credited the strong quarter in part to the successful rollout of the company’s expanded pet-care product lines, and to improved results from its global operations.

“Continuing to execute on our global growth plans has allowed us to meet the high demand for our products in key markets like Europe.”

The company is currently seeking a joint venture partner to purchase part of the True Leaf Campus, allowing the company to “lock in a supply of CBD for our pet products and secure a return on our investment,” Bomford said.

While money is coming in, the company acknowledged the growing pains within the cannabis industry and the need to cut costs effectively.

“Cost-saving measures have been made across both divisions,” Bomford said. “We expect to realize savings immediately and improve upon them going forward.”

True Leaf’s operating expenditures totalled more than $2.2 million this quarter — a shade over their first quarter expenditures.

READ MORE: ‘B.C. bud’ cannabis still underground, John Horgan hopes to rescue it

READ MORE: Shoppers Drug Mart’s online portal for medical pot comes to B.C.


Brendan Shykora
Reporter, Vernon Morning Star
Email me at Brendan.Shykora@vernonmorningstar.com
Follow us: Facebook | Twitter

cannabis

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Comments are closed

Just Posted

Milestone RCMP Cops For Kids fundraiser ride going virtual

You can join and help RCMP raise funds for families and possibly win 20th anniversary cycling shirt

No abandoned Seadoo found on Okanagan lake

Vernon Search and Rescue crews and RCMP unable to find reported abandoned Seadoo on Kal Lake

QUIZ: A celebration of dogs

These are the dog days of summer. How much do you know about dogs?

Rainy June leads to another rise in Shuswap level

The level of the lake has peak and fallen again three times this year.

Shuswap resident spots waterspout near Salmon Arm

The rare weather event was spotted early in the morning on July 4.

B.C. accommodators need phone lines to light up as in-province travel given green light

Travel restrictions during the COVID-19 pandemic have decimated the tourism and hospitality industries

Coalmont woman airlifted after ATV crash

Off-road vehicle swerved to miss oncoming traffic

Summerland campground to provide COVID-safe accommodations for temporary farm-workers

The managed seasonal worker campsite will be located within a separated area of Peach Orchard Municipal Campground

300 Cache Creek residents on evacuation alert due to flood risk as river rises

Heavy rainfall on Canada Day has river rising steadily, threatening 175 properties

Kelowna high school football star, water skier, signs with University of Calgary

Isaac Athans, and his family, have a long history of success across various sports in the Okanagan, nationally

First glimpse of Canada’s true COVID-19 infection rate expected mid-July

At least 105,000 Canadians have tested positive for COVID-19 since the coronavirus was identified

Police ramp up efforts to get impaired drivers off B.C. roads this summer

July is dedicated to the Summer CounterAttack Impaired Driving Campaign

Migrant workers stage multi-city action for full status amid COVID-19 risks

‘COVID-19 has exacerbated an existing crisis’

Police searching for missing Lake Country man

David Anthony Jenken, 65, was reported missing Friday and was last seen on June 28

Most Read