True Leaf Brands released its second quarter financial report on Monday, Dec. 2, 2019. (Black Press file photo)

Vernon’s True Leaf cannabis sees big uptick in second quarter

Cannabis company saw a 70 per cent increase in its pet division

True Leaf Brands had an eventful quarter, as its most recent financial report shows.

The cannabis company saw its best quarterly revenue growth to date with a 70 per cent increase in its pet division over the course of its second fiscal quarter.

The quarterly report comes less than two weeks after the company secured its licences from Health Canada to operate its 18,000-square-foot facility in Lumby. The licences allow the True Leaf Campus to begin cultivating and producing cannabis products for medical purposes immediately.

READ MORE: Lumby cannabis company lands licensing

READ MORE: True Leaf cannabis facility for sale in Lumby

“True Leaf is proud to report its strongest quarter in the Company’s history,” founder and CEO Darcy Bomford said.

Bomford credited the strong quarter in part to the successful rollout of the company’s expanded pet-care product lines, and to improved results from its global operations.

“Continuing to execute on our global growth plans has allowed us to meet the high demand for our products in key markets like Europe.”

The company is currently seeking a joint venture partner to purchase part of the True Leaf Campus, allowing the company to “lock in a supply of CBD for our pet products and secure a return on our investment,” Bomford said.

While money is coming in, the company acknowledged the growing pains within the cannabis industry and the need to cut costs effectively.

“Cost-saving measures have been made across both divisions,” Bomford said. “We expect to realize savings immediately and improve upon them going forward.”

True Leaf’s operating expenditures totalled more than $2.2 million this quarter — a shade over their first quarter expenditures.

READ MORE: ‘B.C. bud’ cannabis still underground, John Horgan hopes to rescue it

READ MORE: Shoppers Drug Mart’s online portal for medical pot comes to B.C.


Brendan Shykora
Reporter, Vernon Morning Star
Email me at Brendan.Shykora@vernonmorningstar.com
Follow us: Facebook | Twitter

Just Posted

West Kelowna house fire demonstrates danger posed by candles

West Kelowna Fire Rescue says an unattended candle caused the Sunday afternoon fire.

Rutland’s annual Christmas light-up brings the community together

The event is being held from 1 to 6 p.m. at Plazza 33 and Roxy Square

Chris Griffin to headline Cool Ranch Comedy’s last show of the year

The event will take place at Fernando’s Pub on Dec. 11

Rockets extend point streak to eight games with shootout win over Blades

Rockets’ Ethan Ernst scored the shootout winner

Brain injury from domestic abuse a ‘public health crisis,’ says B.C. researcher

Nearly 80% of the domestic violence victims who reported to police last year were woman

VIDEO: SNL skewers Trudeau’s mockery of Trump in high school cafeteria sketch

The three world leaders won’t let Trump sit at the cool kids’ table

B.C. universities post $340 million worth of surpluses thanks to international student tuition

Students call for spending as international enrolment produces huge surpluses at many universities

Conservatives urge Morneau to deliver ‘urgent’ fall economic update

Morneau says the first thing the Liberals plan to do is bring in their promised tax cut for the middle class

INFOGRAPHIC: How much money did your local university or college make last year?

B.C. university and colleges posted a combined $340 million surplus in 2018/19

B.C. creates $8.5M organization to improve safety for health care workers

Group will bring together unions, province, health care organizations

Kovrig clings to humour as ‘two Michaels’ near one year in Chinese prison

Their detention is widely viewed as retaliation for Canada’s arrest of Chinese high-tech scion Meng Wanzhou

Slippery sections reported on Okanagan and Shuswap highways

Some sections of the Trans-Canada highway have black ice on them.

B.C. VIEWS: An engine that hums right along

First Nations are leading a new surge of investment in B.C.

Most Read