Future Harvest Development Ltd., of which Invictus MD currently owns 82.5%, has generated $1.578 million in revenue for the 8 months ending February 28, 2017, with a gross margin of $807,846, representing a 51% gross margin compared to the same period in the prior year gross margin of $617,779, and a 39.6% margin. Future Harvest's Holland Secret signature brand fertilizer for the cannabis sector grew by 26.5% to $137,389 in revenue during that period.
Chris Pearson, Chief Revenue Officer of Future Harvest commented that, "we provide specialty fertilizers and other supplies for hydroponics, the indoor method of growing crops favored by cannabis cultivators. We know there's an even larger market out there; we're squarely focused on what's made our business successful: high-value crops."
Pearson further stated, "To seize the growing demands in the cannabis sector, we ramped up production and recently installed a second, fully automated bottling line. This addition increases our overall production efficiency by 400%."
"Future Harvest also recently introduced a state-of-the-art pill press (patent pending), enabling us to produce water-soluble nutrient tablets, eliminating the need for water and salt and greatly reducing packaging and transportation costs for large-scale commercial applications. These initiatives better position Future Harvest for highly profitable business opportunities within the cannabis sector," said Pearson.
Dan Kriznic, Chairman and CEO of Invictus MD commented, "Future Harvest's success is a testament to our focused execution and our firm belief that our strategy is well-placed and underpinned with innovative products that focus on the burgeoning global cannabis industry. As Canada embarks on a course to legalize recreational marijuana on a federal level and become a global leader in cannabis cultivation, processing, and export, we remain confident in our ability to continue delivering strong results this year, and expand Future Harvest to further increase shareholder value."
For the full press release go to Benzinga
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