Pet Age Staff //November 29, 2018//
Press release: True Leaf Medicine International Ltd.
True Leaf Medicine International Ltd., a plant-forward wellness brand for pets and their owners, has announced its best sales quarter ever for the three-months ended September 30, 2018.
The revenues were generated from global sales of the Company’s legal hemp-based True Leaf Pet products. Sales of the products totaled $572,071 (CAD), making it the Company’s second record-setting quarter in a row.
True Leaf also announced that for the first time, it has achieved sales of more than $1,000,000 over two quarters. Revenue for the six-months ended September 30, 2018 was $1,063,405 – the Company’s highest six-month revenue to date and an increase of 42 per cent from the comparable period in the prior year, which had revenue of $747,846.
The Company’s European operations contributed $177,734 of total revenue for this six-month period, an increase of 86 per cent over $95,727 for the same period in the prior year.
Revenue growth was primarily fueled by the Company’s investment in its international sales team which has expanded the commercial reach of its True Leaf Pet division into new markets. The Company’s True Hemp product line is now sold in more than 2,800 stores worldwide, including Pets Supplies Plus (USA), PetSmart Canada, and Pets Corner UK.
“Our growing revenues and the continued success of the True Hemp product line is evidence that pet owners want access to safe, effective, and legally-compliant therapeutic cannabis products for their pets,” said Darcy Bomford, Founder and Chief Executive Officer of True Leaf. “We are committed to being the cannabis-for-pets leader in the global pet care industry – a sector expected to grow to $202.6 billion (USD) by 2025 – by continuing to enter new markets and expanding our product line.”
True Leaf pioneered hemp-based pet supplements that provide calming support, promote hip and joint health, and help immune and heart function. The Company’s True Hemp line of functional treats, supplement oils, and chew sticks for dogs and cats are also available online on Amazon and True Leaf websites in the United States and Canada.
Q2 2019 Financial Highlights
Recent Developments
For further information, please refer to the Company’s Management’s Discussion and Analysis for the three-month period ended September 30, 2018, published on the Company’s website.