ECS Botanics has told the ASX it expects sales to reach A$2 million by the end of CY2021, driven by new customer contracts and an increasing demand for Australian-grown medicinal cannabis.
The company’s Victorian facility, which recently completed its first commercial harvest, has recorded current quarter sales of $543k of its medicinal cannabis dried flower, biomass, and oils.
ECS is tripling its Victorian cultivation facility from 1,000 sqm to 3,000 sqm to meet the growing patient demand for dried flower and give it the flexibility to cultivate specific strains under contract.
The company is also extending its Good Manufacturing Practice (GMP) licence and has upgraded its processing facility to include pharmaceutical-grade cleanrooms for packaging dried flower.
Managing director Alex Keach said: “The sales performance from our Victorian facility
is very encouraging and demonstrates the growing appeal of Australian-grown products.
“Based on the orders received and the increased enquiries from local and European customers, we are increasing our premium dried flower cultivation capacity threefold.”