- Medicinal cannabis company THC Global’s (THC) Canadian operations are continuing to perform strongly despite the COVID-19 pandemic
- The company’s hydroponics equipment and cultivations solution provider, CMP Wholesale, achieved record sales for the June quarter
- It experienced a 50 per cent increase in unaudited trading revenue from the same time last year
- THC Global will also be expanding its home-cultivation and micro-cultivation market with the launch of Canndeo Fulfilment
- Canndeo Fulfilment will provide advice and support in the cultivation of cannabis plants, and the sale of mature seedling and plant genetics
- Additionally, THC’s $3.4 million share purchase plan will close on July 10
- THC Global has ended the day 3.45 per cent in the green with shares trading for 30 cents each
Medicinal cannabis company THC Global’s (THC) Canadian operations are continuing to perform strongly despite the COVID-19 pandemic.
The company’s hydroponics equipment and cultivations solution provider, CMP Wholesale, achieved record sales for the June quarter as the demand for cannabis remains strong.
Throughout the quarter, CMP Wholesale experienced a 50 per cent increase in unaudited trading revenue to $3 million from Q2 2019.
THC Global has also announced that it will be expanding its home-cultivation and micro-cultivation market with the launch of Canndeo Fulfilment.
Canndeo Fulfilment will provide advice and support in the cultivation of cannabis plants, and the sale of mature seedling and plant genetics.
Following dealers licence grants and first production, THC Global expects to receive first revenue in Q4 2020.
Additionally, the company is preparing to begin exporting medicinal cannabis medicine from Australia to Canada under the Canndeo Canada brand.
THC Global will produce and export and initial 3000 bottles of medicines to Canada in the second half of the year. However, this is subject to the grant of an export authority and import authority.
“We’re pleased to see continued growth from our Canadian operations against the expectations of a challenging market in the first half of 2020, by addressing the needs of the micro-cultivator and home-cultivator market,” CEO Ken Charteris commented.
“We continue to build revenues and broaden our product and service offering as well as our customer base,” he said.
“We anticipate further growth as we commence export of our Australian produced medicinal cannabis medicines into Canada, raising the bar in the supply of affordable, high quality, Pharma GMP medicines to Canadian patients,” he added.
Share Purchase Plan
THC Global has also updated the market on its share purchase plan which launched on June 25 and will close on July 10.
The company is hoping to raise $3.4 million with shareholders able to purchase up to $30,000 worth of shares at a price of 30 cents each.
The money will primarily be used for working capital purposes.
THC Global has ended the day 3.45 per cent in the green with shares trading for 30 cents each in a $48.72 million market cap.