True Leaf Medicine International Ltd is boasting its best-ever quarter in the three months ended June 30, 2018.
"Sales of the products totalled $491,334 (CAD) in the quarter, an increase of 70 per cent over the $289,494 recorded for the same period last year," the company stated in a press release to media.
"This figure also represents an increase of 28 per cent over revenue of $383,844 for the three months ended March 31, 2018."
True Leaf is attributing the rise in sales to the growth of its pets division.
"Revenue growth has been fuelled by the Company’s investment in its international sales team. The expanded team of pet industry sales experts in Canada, the United States, and Europe has significantly increased the reach of the Company’s True Leaf Pet division to new locations in-store and online."
True Hemp products are now sold in more than 2,000 stores across North America and Europe through retailers such as PetSmart Canada, Pet Supplies Plus US, Pets Corner UK, and Amazon.
"This record quarter for True Leaf is further evidence that there is a growing interest and demand for medicinal cannabis products for pets," stated Darcy Bomford, founder and chief executive officer of True Leaf.
"Our strategy, unique among Canadian cannabis companies, is paying off by establishing True Leaf as a world leader in hemp-based products for pets."
Meanwhile, construction of the 40-acre True Leaf Campus site in Lumby is expected to be complete in fall 2018.