Record result driven by domestic and international growth in medicinal cannabis, CBD, and hemp product divisions.
Medicinal cannabis, CBD and hemp healthcare products company,
Bod Australia Limited (ASX: BDA) is pleased to report record revenue of $2.5m for the quarter ending 30 June 2020 (Q4 FY2020) which accounts for ~42% of the total revenue currently booked for FY2020 (FY2020: $6.0m). Quarterly revenue and cumulative revenue for FY2020 is illustrated in the chart below.
We anticipate with some confidence that revenue will continue to track up during FY2021 and beyond. Bod is very well-primed for growth.Jo Patterson CEO
This is an excellent result for Bod and it clearly demonstrates that the investment the company has made during the year in its medicinal cannabis and CBD and hemp consumer products divisions is now generating growing, diversified and sustainable revenue streams.
CEO Jo Patterson said: "This is an exceptional result for Bod. In the last year, we have invested considerably in building our two core divisions and this hard work is now paying off. Revenue growth from the last two quarters clearly reflects this."
"Demand for our innovative products is now translating into sustainable revenue streams and we are confident that this will only increase as we generate more sales from existing products, introduce new products, and enter new markets."
Bod advises that FY2020 revenue may increase further, following final calculation of royalty payments receivable from Health & Happiness Group International Holdings Limited (H&H Group, HKSE: 1112) however these adjustments are not anticipated to be material. The Company's
Appendix 4C and associated quarterly activities report will be lodged towards the end of this month. A number of key operational developments including new product launches, R&D initiatives, and new partnerships are expected to be reported in the interim.
To learn more about Bod Australia, visit the company HQ here.
Disclaimer: Past performance is not an indicator of future performance.
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