THC Global has told the ASX its Canadian operation achieved unaudited trading revenue of A$3m in Q2 2020, 50 per cent up on last year.
The company’s hydroponics equipment and cultivations solution provider, CMP Wholesale, achieved record sales in the period, despite the Covid-19 pandemic.
THC also announced the launch of Canndeo Fulfilment, a new business unit offering advice and support in cannabis cultivation to the under-served micro and home-cultivation markets including the sale of plant genetics and mature seedlings.
First revenues from Canndeo Fulfilment are expected in Q4 2020 subject to licence and production.
THC is also preparing to begin exporting medicinal cannabis from Australia to Canada under its Canndeo Canada brand. It will produce and export an initial 3,000 bottles of medicinal cannabis in the second half of 2020 supplied through partnered cannabis clinics, telehealth and virtual clinics and direct to patients.
THC Global CEO Ken Charteris said: “We’re pleased to see continued positive 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 markets.
“We continue to build revenues and broaden our product and service offering as well as our customer base. We anticipate further growth as we commence export of our Australian produced cannabis medicines into Canada, raising the bar in the supply of affordable, high quality, pharma GMP medicines to Canadian patients.”
Meanwhile, the company announced its Share Purchase Plan (SPP) launched on June 25 will close on Friday (July 10). The SPP offers eligible shareholders the opportunity to apply for up to $30,000 of new shares at 30 cents without brokerage or other transaction costs.