Leading California edibles manufacturer Plus Products (CSE: PLUS) this morning announced its financial results for the three months ended September 30, 2018. The update provided Q3 2018 financial highlights, including: Record revenue of $2.56 million, reflecting a 617 percent increase over the three months ended September 30, 2017 and a 60 percent increase over Q2 2018; quarter-over-quarter retail sales growth of 104 percent to $8.0 million in Q3; gross margin of $0.38M (15 percent) for Q3 2018 compared to -$0.17M (-48 percent) in Q3 2017; strong cash position of $11.1 million at end of Q3, prior to closing of CAD$20 Million IPO on October 26, 2018.
“PLUS is a different kind of cannabis company,” PLUS CEO Jake Heimark stated in the news release. “100% of our revenue is from wholesale edible branded product sales. We believe branded edible market share is difficult to earn, yet is one of the most important metrics of long-term shareholder value. We are pleased that as measured by retail sales in Q3, the PLUS brand is now the leading edibles brand in the largest and most competitive cannabis market in the world, and we look forward to extending the brand beyond California in 2019.”
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About Plus Products
Plus Products is a branded products manufacturer based in California. Its products consist of cannabis-infused edibles, which it sells to both the regulated medicinal and adult-use recreational markets. PLUS™ is currently one of the fastest-growing edible brands in California with several top-selling products. All products under the PLUS brand are made with high-quality ingredients and produced in the company’s dedicated 12,000-foot, food-safe cannabis manufacturing facility in Adelanto, California, staffed with chemists and food scientists. Plus Products received the eighth temporary manufacturing license in California. The company’s mission is to make cannabis safe and approachable — that starts with manufacturing high-quality products delivering consistent experiences. For more information, visit the company’s website at www.PlusProducts.com.
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