Plus Products (CSE: PLUS) (OTCQB: PLPRF) this morning reported its unaudited revenue estimate for the fiscal period ended December 31, 2018 of $8.4 million, representing an enormous growth of 684% from fiscal 2017 revenues of $1.1 million. Additionally, the company reported revenue estimates of $3.4 million for the fourth quarter of 2018, an increase of about 32% over the third quarter of 2018. PLUS attributes the surge primarily to sales of its concentrated brand portfolio of four full-time SKUs and one rotating seasonal. The company’s unaudited cash balance rose from $11.1 million as of September 30, 2018 to $22.9 million at the end of 2018, subsequent to its IPO in October. The company’s annual audited financials will be available by April 30, 2019 and consolidated financials for the first quarter will be available prior to May 31, 2019.
“We are proud that in a year where the greater legal California cannabis market shrank and underperformed expectations, PLUS had significant growth in both revenue and market share,” PLUS Products co-founder & CEO Jake Heimark stated in the news release. “When the legal market shrinks in its first year of enforcement, the most likely culprit is an increase in underground market sales as some businesses struggle to figure out how to adapt to the new legal landscape. We believe regulation is ultimately best for the consumer because it ensures businesses will be held accountable to create safe products that are consistent in quality and dosage. For the legal industry to grow and thrive, regulation needs to be uniform and clear so that businesses of all sizes can adapt, and we hope that in 2019 increased enforcement and regulatory clarity will help drive growth in the legal market and help make cannabis safe and approachable for everyone.”
To view the full press release, visit http://nnw.fm/gsDn2
About Plus Products Inc.
Plus Products creates safe and delicious cannabis food products. Founded by a chef from a Michelin Star restaurant, an Ivy League chemist and food manufacturing experts, PLUS has a mission to make cannabis safe and approachable, a mission that starts with high-quality products which deliver consistent experiences. The gummies are manufactured at PLUS’s own factory in Adelanto, California, where dosage is tested twice internally and then tested twice again by an independent lab. PLUS is headquartered in San Mateo, California, with 60 employees. For more information, visit the company’s website at www.PlusProducts.com.
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