- ECS Botanics (ECS) says it’s set to report another consecutive quarter of record revenue
- The medicinal cannabis company says it generated roughly $1.5 million in revenue for the December 2021 quarter, which highlights a 65 per cent quarter-on-quarter increase
- ECS attributes the growth to a strong demand for its GMP-manufactured products and sale of hemp products including hemp seeds, hemp oils and hemp protein
- Company shares were up 3.23 per cent to 3.2 cents at 10:52 am AEDT
ECS Botanics (ECS) expects to report approximately $1.5 million in revenue for the December 2021 quarter.
According to the medicinal cannabis and hemp company, this result would mark another consecutive quarter of record growth.
The increase in revenue for the second quarter of FY22 reportedly highlights a 65 per cent rise on the September 2021 quarter which generated about $901,000 in revenue. It also marks a four-fold increase on the previous corresponding period’s (second quarter of FY21) revenue which came in at $352,000.
ECS Botanics attributed the growth in revenue to heightened and ongoing demand for its GMP-manufactured medicinal cannabis products and sales of hemp products which are made from its staple ingredients including hemp seeds, oils and hemp protein.
ECS’ medicinal cannabis oil business produced 13,200 units of oil products for customers last quarter and it expects over 20,000 units this quarter. Growth in oils has reportedly been supported by local market demand for Australian grown and manufactured products at a competitive price point.
Managing Director Alex Keach said the quarterly revenue results were pleasing.
“Our business model is proving to be exactly what the market desires as well as providing us with a larger addressable market than our competitors,” he said.
“This business-to-business strategy and being able take a seed all the way through to a GMP product is why we continue to attract new customers and deliver quarter on quarter growth.”
The company said it is continuing to experience a demand for its products and is preparing for the first exports of both dry flower and oils.
A quarterly report for the December quarter is expected to be lodged at the end of January.
Company shares were up 3.23 per cent to 3.2 cents at 10:52 am AEDT.