Plus Products (CSE: PLUS) (OTCQX: PLPRF), a cannabis and hemp-branded products company in the United States, has released audited financial and operational results for fourth-quarter and fiscal year periods ending Dec. 31, 2020. Financial highlights from the report include an increase in gross profits of 104% in 2020, totaling $5.6 million in 2020 compared to $2.8 million in 2019; cash balance of $11.6 million; an increase in net revenues of 15% from 2019, with 2020 totals reaching $15.9 million; and a 67% improvement in operating costs. The company also noted several key new product launches throughout the year, including the launch of its PLUS CBDRelief brand; the unveiling of its HI-CUBES brand, which is the highest concentrated cannabis gummy in California; the launch of its new PLUS SLEEP gummies brand designed to assist consumers to fall asleep; and release of its PLUS Strains gummy product line, featuring three regular options and one holiday option: Lemon Jack (Sativa), Pineapple Express (hybrid) , Granddaddy Purple (Indica) , and Sugar Plum (Sativa). The company also noted a significant restructuring designed to improve costs, its launch into the United Kingdom, and its partnership with CannRx Biosciences, a leading Israeli cannabis firm. “Looking forward to the first quarter of 2021, the company does expect net revenues will be negatively impacted by a significant one-time accounting shift in which PLUS will move to recognizing revenue at the time its products are sold to licensed retailers for all sales occurring through the company’s new self-service distributor,” the company reported in the press release. “Previously, the company recognized revenue at the point in which inventory was transferred (sold) to its full-service distribution partners. The shift will result in an effective delay in the time at which all sales of products through the company’s new distributor are recognized relative to sales that occurred to its previous distribution partners.”
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About Plus Products Inc.
PLUS is a hemp and cannabis food company focused on using nature to bring balance to consumers’ lives. PLUS’s mission is to make cannabis safe and approachable — that begins with high-quality products that deliver consistent consumer experiences. PLUS is headquartered in San Mateo, California. For more information about the company, please visit www.PlusProductscbd.com.
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