Exactus Inc (OTCMKTS:EXDI) updated investors on a busy second quarter that saw the company integrate a new acquisition of 200-acres of Oregon hemp farms.
The Florida-based healthcare company is pursuing opportunities in hemp-derived cannabidiol (CBD) products.
In April 2019, Exactus initiated operations on two 100-acre industrial hemp farms in Oregon after acquiring a majority interest in March.
READ: Exactus expands with acquisition of Green Goddess Extracts, a highly regarded Florida contract manufacturer and formulator of hemp and vape products
Emiliano Aloi, the company’s president, said that the company has procured quality supply and established manufacturing operations and distribution channels to sell its products.
“Our business model is differentiated from most competitors in the CBD market in that we have full traceability from our seed through our own product supply chain ensuring that our customers get a quality product with full knowledge about where their product came from,” said Aloi in a statement.
“In an emerging growth market, we place a great importance in maintaining the highest standards.”
Following the Oregon acquisition, the company is building its presence in the US through a more recent deal with Green Goddess Extracts, a highly regarded Florida contract manufacturer and formulator of hemp and vape products which distributes a premium line of high-quality hemp products sold through distributors and online. Exactus announced the deal in early August.
For the three month-period ended June 30, 2019 the healthcare company reported nearly US$140,000 in revenue as it begins to ship product to customers. The net loss was US$1.1 million or $0.03 per share.
Financial results for the period represent the very early stages of a “significant” opportunity, Exactus told investors in a release.
Shares of Exactus nudged 1.5% higher on Thursday at US$1.40.
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