CanaFarma Hemp Products Corp. (CSE: CNFA) (the "Company" or "CanaFarma") is pleased to announce that it has conducted an analysis of its product sales from its first six months of sales activity (from June to November 2019).
Sales of CanaFarma's first two products, YOOFORIC™ chewing gum and YOOFORIC™ tincture, commenced in June 2019. CanaFarma has completed this review of its first six months of revenues in order to assess its marketing direct response model. The following customer statistics relative to such period have been noted:
- The re-order rate of products by customers in its YOOFORIC™ brand was 68%.
- The daily order count was approximately 300 orders per day, which was in line with budget expectations.
- The cost to acquire customers or Cost Per Acquisition ("CPA") was 10% lower than had been budgeted.
- The Company's re-marketing efforts to customers achieved results which were 28% better than projections.
- 65% of customers also chose to try a second product under the YOOFORIC™ brand, demonstrating a high degree of confidence in our brand equity and credibility.
David Lonsdale, CEO of CanaFarma said, "We are gratified by the response that our customers have shown to our 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."
About CanaFarma Hemp Products Corp.
CanaFarma Hemp Products Corp. is a full-service company operating in the hemp industry offering a full range of hemp-related products and services to the consumer wellness market. These products and services include growing top-quality hemp, providing hemp-processing services, and offering hemp-based products to consumers utilizing a well-established direct-to-consumer marketing approach.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to general business, economic, competitive, political and social uncertainties; and delay or failure to receive board, shareholder or regulatory approvals. Readers should not place undue reliance on forward-looking statements. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Chief Executive Officer
Phone: (214) 704-7942