- ECS Botanics (ECS) has recorded a 123 per cent quarter-on-quarter increase in revenue to around $900,000 for the September quarter
- This also represents a significant 616 per cent growth from the $146,000 generated in the prior corresponding period
- The medicinal cannabis company says the revenue growth has been driven by increased demand for its products
- ECS expects this to continue on the back of recent supply deals and is preparing to plant 4000 kilograms of medicinal cannabis over the coming months
- Company shares are up five per cent to trade at 4.2 cents
ECS Botanics (ECS) has achieved record revenue for the September quarter.
The medicinal cannabis and hemp company reported around $900,000 in revenue for the three months ending September 30 2021 which marks a significant 123 per cent increase on the $403,000 generated in the June quarter.
Last quarter’s revenue also represented a six-fold, or 616 per cent increase on the $146,000 announced in the September 2020 quarter.
ECS attributes the revenue growth to the significant demand the company has experienced for its good manufacturing practice (GMP)-manufactured medicinal cannabis products and hemp sales.
Managing Director, Alex Keach, was pleased by the increasing momentum in sales and revenue.
“As evidenced by these results, after many months of hard work by the entire team, the growth momentum is accelerating. At ECS we are passionate about bringing affordable medicinal cannabis products to patients, and this impressive team are continuing to develop valuable low-cost production IP for this purpose,” Mr Keach said.
ECS is confident revenue will continue its trend as it recently secured multiple supply agreements with medicinal cannabis companies.
To meet the heightened demand, ECS Botanics plans on planting 4000 kilograms of medicinal cannabis over the next few months and cultivation and preparation is already underway in Tasmania and Victoria.
The company expects to deliver more information on its financial and operating activities for the September quarter at the end of this month.
ECS’ shares were up five per cent to trade at 4.2 cents at 11:56 am AEDT.