Over the year, net revenues of the San Mateo, California–based company went up by 21% to $4.3 million.
Plus Products attributed the revenue growth to operations in the California adult-use market. However, sales in Nevada suffered the impact of COVID-19, the company disclosed.
During the first six months of 2020, the company worked on “creating a sustainable economic foundation” while laying the “groundwork for current and future growth,” said Plus Product’s co-founder and CEO Jake Heimark.
“Plus continues to believe that California is the most strategically valuable market to build a cannabis brand,” added Heimark.
Other quarterly highlights from the earnings report Gross profits rose $1.6 million during the quarter compared to $0.7 in the same period last year The gross profit margin was 36%, an increase of 16% compared to the corresponding quarter of 2019 The operating loss amounted to $1.4 million, a growth of 71% compared to the second quarter of last year Cash and cash equivalents were $13 million, down by $1.1 million, compared to the previous quarter
Meanwhile, over the past months, Plus Products broadened its PLUS CBDRelief’s product offering and introduced its new HI-CUBES concentrated gummy products.
In June, its VP of Finance, Nate Pearson, was appointed CFO, following the retirement of Jon Paul.
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