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.