True Leaf Medicine International Ltd., a plant-forward wellness brand for people and their pets, has announced results for its fiscal year ending March 31, 2018, including record sales of $1.4 million (CAD).
These results represent a 280 percent increase in revenue over the previous fiscal year ($368,536) and a 286 percent increase of fourth quarter sales year over year, from $99,331 to $383,844.
Revenue growth was primarily fueled by True Leaf expanding the reach of its True Leaf Pet division to new locations in-store and online. True Hemp dog chews, dental sticks and supplement oils are now sold in more than 1,800 stores worldwide, including in Canada, the United States and Europe.
True Leaf Pet, a division of True Leaf, pioneered hemp-seed based pet supplements that provide calming support, promote hip and joint health, and help immune and heart function. The companyâ€™s True Hemp line is one of the first hemp-based pet products to be marketed worldwide.
â€œThe strong revenue growth for True Leaf Pet demonstrates that pet owners worldwide want natural products with real health benefits for their pets,â€� said Darcy Bomford, founder and chief executive officer of True Leaf. â€œCustomers return to our products because they see the results â€“ they trust our products.â€�
Some highlights for fiscal year 2018 are:
- True Leaf Pet sales increased by $1,031,975, or 280 percent, to $1.4 million (CAD) in Fiscal Year 2018.
- True Leafâ€™s strong balance sheet is a result of its significant cash position, growth in inventory and working capital to support increased sales, and investment in land and the construction of True Leaf Campus. The companyâ€™s total asset value grew from $770,000 in 2017 to $16 million in 2018.
- The company purchased a 40-acre site in Lumby, B.C. to build its cannabis cultivation and production facility.
- True Leaf appointed its Medical Advisory Board and cannabis cultivation team and retained Edison Advisors as its U.S. investor relations counsel.
- The company retained Hill+Knowlton Strategies as its government relations advisors, and branding and creative agency, Dossier, to help bring its products to market.
Some highlights subsequent to fiscal year 2018 are:
- True Leaf strengthened its leadership team with the appointment of Don Chisholm as True Leafâ€™s Chief Marketing Officer. Mr. Chisholm is Innovation Director and Co-Founder of True Leafâ€™s branding partner, Dossier.
- True Leaf Pet introduced its first hemp-seed based functional treats for cats to the European market at Interzoo, the worldâ€™s largest trade fair for the international pet industry.
- True Hemp products received National Animal Supplement Council (NASC) certification â€“ one of the highest-level certifications in the pet industry.