- Medicinal cannabis company Bod Australia (BDA) has seen a $1.1 million increase on the revenue reported for the first nine months of FY20
- Revenue for FY20 currently sits at $4.5 million compared to the $3.4 million reported in the March quarter
- It also marks a 235 per cent increase in total sales revenue from FY19, which equalled $1.34 million
- Bod also has approximately $1.78 million in unfulfilled binding purchase orders from Health & Happiness that it is aiming to have finalised before the end of this quarter
- If these orders are completed in time it will count as revenue for FY20
- The company believes that it will continue to see an increase in revenue for the remainder of the quarter and beyond
- Bod has ended the day 9.43 per cent in the green with shares trading for 29 cents each
Medicinal cannabis company Bod Australia (BDA) has seen a $1.1 million increase on the revenue reported for the first nine months of the 2020 financial year.
The company has advised that it has achieved strong revenue growth in the last few months with revenue for FY20 totalling $4.5 million.
This marks an increase of $1.1 million on the revenue reported for the first nine months of FY20, which totalled $3.4 million.
It also marks a 235 per cent increase in total sales revenue from FY19, which equalled $1.34 million.
Bod has approximately $1.78 million in unfulfilled binding purchase orders from Health & Happiness (H&H) that it is aiming to have finalised and delivered before the end of this quarter.
The value of these orders, if completed before the end of the quarter, will count as revenue for FY20.
These orders are for Bod’s premium CBD and hemp products that are sold through the existing, and recently launched, H&H brands in Australia and the U.K.
Bod is confident that it will continue to see an increase in sales for the remainder of FY20 and beyond.
The company has a large pipeline of products that are currently under development and will be launched in the upcoming months.
More information regarding these launches will be announced in the future.
Bod also believes that increases in medicinal cannabis prescriptions will help drive revenue growth.
“Bod continues to deliver a number of innovative CBD and hemp-based consumer products that are being well received across large international markets and this is translating to the sustained revenue growth we are currently experiencing,” CEO Jo Patterson stated.
“We are confident that we can finalise and deliver many of the outstanding binding purchase orders this month to further grow our revenue numbers for this financial year,” she said.
“More consumers are connecting to our trusted brands across all business divisions and we expect order volumes as well as medicinal cannabis prescription sales to natural increase,” she added.
Bod has ended the day 9.43 per cent in the green with shares trading for 29 cents each in a $24.21 million market cap.