- The company estimated unaudited revenue of $8.4 million for the fiscal period ended December 31, 2018
- The figure represents a 684 percent increase over FY2017 revenues
- Plus Products was ranked as the number one edibles brand in California during the third quarter of 2018
Plus Products Inc. (CSE: PLUS) (OTCQB: PLPRF), a leading edibles manufacturer with sales exclusively in California, recently provided its unaudited revenue estimate for the fiscal period ended December 31, 2018. This revenue estimate indicates that the company witnessed impressive growth during the 12-month period (http://nnw.fm/Qxq49).
The company estimates that its unaudited revenue for the period totaled $8.4 million. This figure represents a 684 percent increase over its FY2017 revenues of $1.1 million (http://nnw.fm/Qxq49). Fourth-quarter revenue estimates for 2018 were $3.4 million, marking a nearly 32 percent increase over the third quarter of 2018. In addition, the company’s retail sales in the fourth quarter were $10.53 million – nearly 40 percent more than the third quarter of 2018.
Most significantly, Plus Products was ranked as the top edibles brand in California during the third quarter of 2018, according to retail sales data gathered by both BDS Analytics and Headset (http://nnw.fm/E0S3r).
The company seeks to support consumers in pursuing a healthy and active lifestyle by providing premium-quality edibles products. Indeed, according to BDS Analytics, PLUS Uplift and PLUS Restore retained their positions as the top two best-selling edibles products in California.
The company’s PLUS Uplift Sour Watermelon gummy secured (http://nnw.fm/Qxq49) the industry’s position as the “top selling branded product of the more than 20,000 products sold across all cannabis categories in California in 2018.” Similarly, the company’s PLUS Blackberry & Lemon Gummy was the second-best-selling branded product across all categories in California. This included flower, vaporizers, edibles and topicals (http://nnw.fm/E0S3r).
This steady revenue growth and noteworthy product acclaim are made all the more remarkable for Plus Products when accounting for California’s recent market trends. In 2018, there were 17 percent less legal sales in California cannabis than in 2017. Though the California cannabis market was often impeded by “licensing challenges, regulatory changes, taxes and new testing, and labelling and packaging requirements,” PLUS maintained its steady growth. Due to its increase in unit sales, PLUS has improved its edibles market position from number four to number one in retail value of sales (http://nnw.fm/E0S3r).
In a news release (http://nnw.fm/8WCjq), Plus Products CEO Jake Heimark said, “We are grateful to the California consumers who have made PLUS the leading cannabis product in California, the largest and most competitive cannabis product in the world.” He noted that the company is intent on broadening its geographic reach while pledging to consistently offer its customers products that deliver “consistent experiences in delicious formats.”
For more information, visit the company’s website at www.PlusProducts.com
NOTE TO INVESTORS: The latest news and updates relating to PLPRF are available in the company’s newsroom at http://nnw.fm/PLPRF
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