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

Just Posted

Have you seen the comet? It’s a once-in-a-lifetime chance

Rare spectacle will be visible throughout July

‘Resistance’ from Interior Health puts races in Penticton on hold

It’s unknown if races planned for this weekend at the Penticton Speedway will take place

RCMP to investigate hate-motivated vandalism in Summerland

Swastikas and other graffiti spray painted on house and at bandshell

AlleyCATS Okanagan: Pet of the week

Add a little Spritz and Cider to your summer

Recent surge in COVID-19 cases not unexpected amid Phase Three of reopening: B.C.’s top doc

Keep circles small, wear masks and be aware of symptoms, Dr. Bonnie Henry says

NDP wants Lower Mainland MLA removed from BC Liberal caucus for alleged homophobia

BC Liberal leader, some MLAs apologize for Christian magazine ads but Laurie Throness doubles down

B.C. health officials pleased with likely extension of Canada-U.S. border closure

Health Minister Adrian Dix says the situation is ‘very serious in the United States’

Shuswap residents see aircraft dropping fire retardant in direction of Falkland

BC Wildfire Service says no fire, crews in two air tankers and a bird dog were just practising

Expansion project to nearly double the size of Okanagan school

“With 10 new classrooms on the way, students are one step closer to saying goodbye to portables”

Lifesaving Society urges caution after two drownings in Central Okanagan

The warning comes after a drowning incident on July 9

Children suffer swollen eyes, burns while playing at Lower Mainland spray park

Mission RCMP are investigating incident that injured several children

Fundraiser kick-started for Vernon woman battling tongue cancer

Woman’s four-year-old twins are the driving force behind her fight

B.C. NDP changing WorkSafeBC regulations to respond to COVID-19

Employers say reclassifying coronavirus could be ‘ruinous’

Most Read