Nina Zdinjak, Benzinga Staff Writer July 30, 2019
The company reported record annual revenue of CA$2.3 million, up by 65% from the comparable period. Its fourth-quarter sales were up 54% year over year, reaching CA$595,251. The revenue growth was achieved through broadening its total retail distribution to 3,500 stores across North America and Europe, the company said.
The company’s operations in Europe added $412,551 of the total annual revenue, which is 148% higher than in the previous year.
This year, True Leaf Brands finished the current phase of construction of its True Leaf Campus cannabis cultivation and production facility in Lumby, British Columbia, which raised its asset value to CA$17.35 million.
For the fiscal year ended March 31, the company also reported a net loss of CA$5.5 million, versus CA$4 million for the prior fiscal year.
This fiscal year was also marked by True Leaf’s moving up to the OTQX Best Market where it started trading under the ticker symbol “TRLFF” and by obtaining the National Animal Supplement Council (NASC) Quality Seal for its True Hemp product line.
True Leaf’s stock closed Monday’s session at 24 cents per share.
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