Isodiol International Inc (CSE:ISOL, OTCQB:ISOLF) released robust quarterly earnings late Tuesday that sent its shares soaring in New York.
The company said first-quarter revenue was C$9.2mln, a 240% increase over the quarter ended June 30, 2017, and 70% better than revenue of C$5.4mln seen in the fourth quarter of fiscal 2018.
With a cash position of C$11.5mln, the company is "proud to report another significant increase in its revenues," said chief executive Marcos Agramont.
Shares added 40% to an all-time high of US$3.03 on Wednesday. Isodiol manufactures and develops cannabidiol (CBD) consumer products.
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"With regulation in the United States seemingly trending towards a favourable position, the company believes it is well positioned to capitalize on upcoming opportunities with a variety of distribution channels," said Agramont. "As we head towards the end of fiscal quarter two and beyond, the company will continue to focus on building its three core business strategies: nutraceutical, pharmaceutical, and clinical supply of CBD Ingredients, contract manufacturing of consumer products containing CBD ingredients, and total vertical Integration of key revenue streams."
In May, Isodiol completed its acquisition of KURE Corp, which specializes in the retailing of vaporizers and e-cigarettes, e-juices, and related accessories.
Isodiol has also signed a binding agreement to acquire 51% of Farmtiva, a cultivator of hemp with operations in California.
It also signed an agreement to acquire 51% of Round Mountain Technologies, a cultivator of hemp with operations in Nevada.
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