True Leaf Brands Inc., a cannabis and hemp wellness company specializing in products for pets is growing quickly. (Stock photo)

That’s a lot of green: cannabis company with Okanagan facility earns record revenues

It’s been a smoking hot year for a global cannabis company that recently built a facility in Lumby

It’s been a smoking hot fiscal year for a global cannabis company out of Lumby.

True Leaf Brands Inc., a cannabis and hemp wellness company that specializes in products for pets, brought in $2.3 million in revenue this past fiscal year—a 65 per cent year-over-year increase and its highest annual revenue to date.

READ MORE: True Leaf reports second consecutive quarter of record sales

It’s been a productive year, to say the least. The company expanded its global retail distribution to 3,500 stores and added Pet Planet as a North American retailer.

In March, True Leaf finished construction on a two-storey, 18,000 square-foot facility in Lumby. The state-of-the-art hub will grow cannabis for medicinal and pet use and is expected to strengthen its bid to Health Canada for a licensed producer status.

The facility increased the company’s asset value to just over $17 million.

READ MORE: True Leaf’s Okanagan central hub construction completed

Darcy Bomford, founder and chief executive officer of True Leaf, said an increase in the number of top retailers selling the company’s hemp-based pet products provided a strong boost.

“Demand for natural, plant-based pet care products continues to drive our growth,” said Bomford.

Another big growth area was the European market. True Leaf’s European operations contributed more than $400,000 of the total revenue for the year, a 148 per cent increase compared to $166,000 the prior year.

The company doesn’t appear to be resting on its laurels since the close of the fiscal year on March 31. Since then it’s further expanded its European distribution, announced a corporate name change (formerly True Leaf Medicine International Ltd.) and brought former Mars Petcare executive Kevin Cole aboard to be its new president.

READ MORE: True Leaf Pet announces the new president

On Wednesday morning the company held an open conference call and webcast to discuss the results for the fiscal year, including a Q&A with Bomford, and other members of management.


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

Just Posted

Vernon garage fire quickly doused

Blaze breaks out inside Tronson Road garage with two vehicles in it; damage inside very minimal

Vernon group protests Duteau logging

Small group gathers outside Tolko head office

Bus driver assaulted in downtown Vernon

59-year-old in hospital with non-life threatening injuries

Vernon’s alleged “Deadpool” robber revealed

RCMP catch up with suspect following gas station robbery earlier this month

Sicamous RCMP arrest Lake Country man following truck break-in

Suspect found in possesion of bear spray, masks and break-in tools.

Knife-wielding man tries to break into Vernon retirement home

Seniors and staff shaken by incident and upset with RCMP response

B.C. manhunt suspects left cellphone video before they died: family

Family member says Kam McLeod, Bryer Schmegelsky recorded final wishes

Okanagan dog ‘Alice’ to get surgery thanks to BC SPCA crowdfunding

With the surgery, Alice’s prognosis is ‘excellent,’ stated the BC SPCA

Suspicious item forces 47 to evacuate plane at Kelowna airport

Kelowna RCMP continue investigation of suspicious item on airplane

Kelowna man nearly drowns on Okanagan Lake

The victim is in serious yet stable condition but his condition has worsened since going to hospital

Kelowna International Airport threat deemed non-credible

Normal operations have resumed following note of a suspicious item on board a WestJet plane

B.C. sets rules for ride hailing, same minimum fee as taxis

Larger operating areas seen as threat by cab companies

Two hiking families team up to extinguish fire in B.C. backcountry

Children and their parents worked for three hours to ensure safety of the popular hiking region

Most Read