To our valued stakeholders,
I want to take this time to bring you up to date on True Leaf's remarkable transformation over the last 12 months.
As you know, in 2013, the company filed an application under Health Canada’s Marihuana for Medicinal Purposes Regulations (MMPR) to become a Canadian licensed producer. It has passed through the preliminary and enhanced screening process of Health Canada’s review and is currently awaiting a ‘pre- license inspection’ approval.
While this process unfolds, we are focused on developing our long-term strategy: bringing products to market that contribute to healthy lifestyles for people and their pets.
We have advanced the development of our True Leaf Pet brand throughout 2015 and 2016. This is a natural complement to our MMPR application, as we are able to draw on the knowledge, contacts and experience of CEO Darcy Bomford, who had 25 years in the pet food industry prior to establishing True Leaf.
Under Darcy’s leadership, True Leaf Pet has entered the $104.9 billion global pet care industry with True Hemp, a line of hemp-focused pet chews and supplements marketed through natural pet health and veterinary channels in Canada, the US and Europe.
True Hemp functional chews for dogs align with True Leaf’s mission to provide quality of life for humans and their pets using hemp-based formulations. All three formulations of True Hemp Chews for dogs emphasize the importance of hemp as the primary active ingredient. Hemp supports cognitive health, the body’s response to inflammation, and skin and coat health – and is a source of omega fatty acids, gamma linolenic acid and other substances known to support good health in both people and pets.
Our strategy is to bring to market products that can successfully be sold around the world, meeting regulatory approval in each market. True Leaf's line of hemp products meets these goals and I am happy to say that we have successfully accomplished a number of major milestones:
- Our Canadian product launch: November, 2015
- Initiated Canadian online sales: January, 2016
- Our US product launch: March, 2016
- Set up US distribution center: March, 2016
- Our European product launch at Interzoo®: May, 2016
- US online sales: June, 2016
- European subsidiary ‘True Leaf Pet Europe LLC’ created: July, 2016
- Our European production run: August, 2016
Remarkably, this plan has been accomplished in less than a year. At the same time, a number of initiatives are in progress, with further developments to come:
- Development of sales and distribution in the European market
- Hemp-based line extensions for the three current True Leaf Pet markets
- Feasibility review of direct-to-consumer hemp-based pet food for the Canadian and European markets.
- Analysis of future markets in the Asia and Pacific regions.
Wherever the True Leaf team goes, both suppliers and consumers are enthusiastic about True Leaf Pet’s True Hemp products. The markets, too, indicate approval of our strategy and products. In the past two and half months, we have added over $5M to our market capitalization while more than doubling our share price. This has allowed the company to put more than $750K in the bank and convert $300K of debt into shares, solidifying our balance sheet significantly. Subsequent financing may take place in the future as our strategic direction continues to evolve.
We have a strong foundation in place and the focus on marketing True Leaf Pet’s True Hemp products is strengthening. Marketing and sales updates will be published quarterly and we look forward to our continued success. Coupled with our continued interest in the secure supply of medicinal marijuana, we are confident that True Leaf Medicine International will continue to increase value for investors while providing people and their pets beneficial products for optimal quality of life.
Michael Harcourt, Chairman
True Leaf Medicine International Ltd.
Cc: Darcy Bomford, CEO