Early marketing efforts have been very successful.
In the first 6 months since launching CanaFarma’s flagship brand YOOFORIC™ full-spectrum hemp oil products, sales totaled over $4 million. Revenue growth has come entirely through CanaFarma’s direct-to-consumer online marketing engine.
Now management has had an opportunity to review sales data from those first 6 months of operations (beginning in June 2019). CanaFarma has just published a summary of this review, covered earlier today on The Seed Investor.
Investors can see the whole release here. The Seed Investor has focused on one theme from the numbers: strong brand performance for YOOFORIC™ products.
- Re-order rate for YOOFORIC™ branded products: 68%
- 65% of customers chose to try a second YOOFORIC™ product
- Product re-marketing strategies were 28% more effective than projections
- Customer acquisition costs were 10% below budget
Successful and efficient marketing. Strong brand loyalty, even in the initial months of distribution.
David Lonsdale, CanaFarma’s CEO, expressed his delight with the findings.
“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.”
These numbers will be particularly encouraging for investors coming on the heels of a release from the Company earlier this week.
On May 12, 2020, CanaFarma announced the first in a new line of hemp oil-derived skin care products. The Company’s first offering is an acne treatment cream.
This skin cream will target the multi-billion dollar acne treatment market. As many as 95% of adolescents have to deal with symptoms of facial acne as well as close to half of all adults above 25 years of age.
CanaFarma’s initial success with YOOFORIC™ products has already fueled a strong performance in the stock price since the Company commenced public trading in March 2020.
Investors will be eager to see if CanaFarma’s new product line can duplicate this success.
DISCLOSURE: CanaFarma Hemp Products is a client of The Seed Investor.