True Leaf Brands Inc (CSE:MJ) (OTCMKTS:TRLFF) revealed Thursday that it had a busy fiscal first quarter where it geared up to grow sales of the cannabis-for-pets company’s rebranded product lines, set to his shelves within the next month.
In a statement accompanying the Vernon, British Columbia-based company’s latest numbers, True Leaf founder CEO Darcy Bomford said: “During the first-quarter 2020, we completed a number of strategic initiatives, including transitioning to our re-branded True Leaf product line and filling two key executive roles in management and operations. These efforts supported our growing team and the launch of an expanded range of pet health products with a broader ‘plant-based’ focus.”
The pot for pets company said it has signed multiple new agreements and is launching its cannabidiol supplements for dogs in September to pet retail stores in several US states and online through an agreement with Namaste Technologies marketplace.
It also expanded its European distribution through agreements with leading pet food brands in the UK, Spain and Portugal and entered Asia through an agreement with international pet care distributor Eagle Vet.
True Leaf reported revenues of C$415,000 during the fiscal first quarter of 2020 and received almost C$1 million off the back of a warrant exercise.
The company's rebranding efforts supported the launch of an expanded range of pet health products with a broader plant-based focus.
“With these projects completed, our team is focused on driving sales growth of True Leaf’s rebranded product lines and of the shipment of our new CBD pet products, set to hit store shelves in the US in late September,” said Bomford.
The company recorded a net loss of C$2 million or C$0.02 per share over the three-month period ended June 30, 2019.
Established in 2015, True Leaf is one of the first companies to market hemp-based products for pets worldwide.
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