True Leaf Reports Third Consecutive Quarter of Record Sales
True Leaf Medicine International Ltd. completed its best sales quarter for the three month period ending on Dec. 31, 2018.
The revenues were generated from global sales of the company’s legal hemp-based products for pets. Sales of the products totaled $652,370 (CAD), making it the company’s third record-setting quarter in a row.
Revenue for the nine month period ending on Dec. 31, 2018 was $1,715,775, True Leaf’s highest revenue over three quarters to date and an increase of 69 percent from the comparable nine month period in the previous year, which had revenue of $1,016,667.
The company’s European operations contributed $291,437 of the total revenue for this nine-month period, an increase of 167 percent compared to $109,030 for the same period in the previous year.
Revenue growth was primarily fueled by the company’s investment in its international sales team, which expanded the commercial reach of its True Leaf Pet division into new markets. True Leaf’s True Hemp line of functional chew, stick and oil supplements for dogs and cats is now sold in more than 2,800 stores worldwide, including Pets Supplies Plus (USA), PetSmart Canada and Pets Corner UK, and online.
“True Leaf’s impressive finish to 2018 was marked by record revenue growth, increasing our global retail presence by 55 percent and several impressive hires,” said Darcy Bomford, founder and CEO of True Leaf. “We now have strong momentum going into one of the biggest announcements for our brand to date. We look forward to sharing the transformation, or True Leaf 2.0, with our shareholders, customers and the global pet industry next month.”