- West Coast-based IONIC Brands has expanded its recreational cannabis vape products line with acquisitions that grant it edibles and infused product potential, as well as Bluetooth-enabled hardware that revolutionizes its vape lines
- The company recently reported its second quarter financials, including record revenues that exceeded the prior year’s period by 377 percent for a total of $3.86 million
- The company also completed two concurrent rounds of financing that added gross proceeds of C$20 million
- IONIC expects to launch a Bluetooth-enabled Slim-line Vape pen during the third quarter as a new product offering
IONIC Brands Corp. (CSE: IONC) (OTC: IONKF) recently announced milestone revenues for its second quarter as a result of its operations as a West Coast cannabis holding company specializing in the recreational adult product market.
IONIC saw a year-over-year increase of 377 percent in sales for the period ended June 30, leaving the company $3.86 million better than the prior year. The sales increase was largely due to an increase in services, packaging and ancillary products to its customers and their downstream sales, as well as an increase in licensing and equipment rental revenue to those customers. Two acquisitions also played into the revenue picture.
“We are very pleased with our second quarter financial results, achieving our focus of increasing sales growth while closing a successful financing for various strategic business acquisitions all in a span of three months,” Chairman and CEO John Gorst stated in an August 29 news release announcing the results (http://cnw.fm/UK5fN).
The financing Gorst referred to involved two concurrent rounds of brokered and non-brokered debenture unit offerings, which brought in gross proceeds of about C$20 million.
IONIC is a vape manufacturer that recently added Natural Extractions Inc. – doing business as Zoots Premium Cannabis Infused Edibles – into its fold as a revenue source where legalization of cannabis-infused edibles has occurred. IONIC also completed an exclusive Heads of Agreement with Lifespot Health Limited (ASX: LSH) that will grant the company access to Lifespot’s Bluetooth technology for managing vaporizer output – a technology already successfully tried in the biodelivery dosing of medications for certain illnesses.
The Lifespot agreement also anticipates ongoing improvement of cannabis vaporizers, as well as the development of new vaporizer technologies for the recreational market.
“Smartphone Bluetooth technology is the future of cannabis delivery and dosing,” Gorst stated earlier in the summer (http://cnw.fm/BGc6I). “The Company is ecstatic to offer consumers advanced delivery technology that, before this agreement, was only available to medical patients. Ionic’s launch and distribution of the Slim-line Vape is expected to start in Q3 2019 in Washington, Oregon, Nevada and California. The Slim-line Vape is the first Bluetooth enabled vaporizer and platform designed specifically for the use of cannabis.”
During the second quarter, IONIC also celebrated the acquisition of cannabis-infused coffee patents and Nevada-based Vegas Valley Growers (VVG) vape pens, subject to regulatory approval.
The company’s plans for the remainder of 2019 include an expansion of its products and IONIC brand into other U.S. states that have legalized recreational marijuana by contracting with existing local license holders there. Another key element of its strategy for the year is to acquire its own licenses, manufacturing and distribution facilities in the most select markets in order to make new, substantial increases to the company’s gross margins and revenues, as well as facilitating heightened control over the supply chain.
For more information, visit the company’s website at www.IONIC.social
NOTE TO INVESTORS: The latest news and updates relating to IONKF are available in the company’s newsroom at http://cnw.fm/IONKF
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