Plus Products Cannabis Co. Touts Record Quarterly Results, 12% YoY Increase In Q2 2021 Revenue To $4.8M

Cannabis company Plus Products Inc. PLUS reported Wednesday its unaudited financial and operational results for the three months ending June 30, revealing a 12% year-over-year pop in revenue to $4.83 million.

Jake Heimark, co-founder and CEO of the San Mateo, California-based company, disclosed that during the second quarter, Plus Products “had the highest revenues as a company thus far.”

“We are happy to demonstrate that our revenues are back on the correct trajectory following the one-time accounting changes in Q1 2021,” Heimark added.

Here’s a breakdown of what the latest earnings report showed:

• Gross profit spiked 24% year-over-year to $1.94 million, compared to 1.57 million in the corresponding quarter of 2020.
• The loss from operations totaled $0.95 million, representing a decrease from $1.36 million in the same period of last year.
• As of June 30, the company had $6.69 million in cash and cash equivalents.

“PLUS continues to believe that California is the most strategically valuable market to build a cannabis brand,”  Heimark commented. “Not only is California the largest legal cannabis market in the world today but more importantly still retains the most growth potential of any market in the U.S. The adult-use market in California is expected to grow significantly over the next three years.“

In April, Plus Products launched its PLUS Hash Gummies in concert with Biscotti Brands, ahead of the re-launch of its best-selling limited edition gummies for Pride 2021 in June.

Over the last month, the company reported some management changes, including the appointment of Tara Soltow as vice president of marketing and the resignation of Matt Schmidt from the board of directors.

Photo: Courtesy of Rick Proctor on Unsplash