CanaFarma Hemp Products Corp (CSE:CNFA) has released new sales data from its YOOFORIC brand of hemp products that highlight repeat buyers for its chewing gum and tincture.
According to the data released Thursday, nearly two out of every three YOOFORIC buyers ordered again. The re-order rate for YOOFORIC consumers came in at 68%, according to CanaFarma, with 65% of customers choosing to purchase a second product.
CEO David Lonsdale said the Vancouver-based company was gratified by the response that consumers showed to its marketing efforts.
“These results provide us a great deal of confidence in our marketing approach as we look to scale up our marketing and sales efforts in the future," Lonsdale said in a statement.
Sales of YOOFORIC chewing gum and tincture began in June 2019. CanaFarma reviewed the first six months of revenues to assess the effectiveness of its marketing direct response model.
YOOFORIC’s daily order count reached around 300 orders per day, in line with CanaFarma’s budget expectations, and its cost per acquisition was 10% lower than expected. The company also said its re-marketing efforts achieved results around 28% higher than projections.
Earlier this week, the company announced plans to raise up to C$28.3 million (US$20 million) to fund the potential acquisition of manufacturing and extraction facilities, increase the acreage of its grow business, and for a scaling up of its sales and marketing activities.
CanaFarma said the money also will go toward completing complementary or synergistic mergers or acquisitions, research and development, and general working capital and corporate purposes.
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