Indus Holdings Inc (OTCMKTS:INDXF) unveiled the Cypress Reserve to satisfy the market for high potency and premium cannabis. It offers 25% or higher levels of THC to provide a long-lasting and stronger effect for consumers.
Grows in pristine conditions
Indus cultivated Cyprus Reserve in pristine weather conditions at its revamped greenhouse facility based in Monterey County under controlled weather conditions.
Mark Ainsworth, CEO of Indus, said the refined genetics and renovated facilities allowed the company to produce superior quality cannabis products like Cyprus Reserve. According to him, the company sold the first batch in less than 60 minutes of the launch.
Abandons takeover of W Vapes assets
Indus abandoned the takeover of the assets of W Vapes. The company acquired the Las Vegas facility on December 6, 2019, and will divest this facility to Planet 13’s affiliates. The company already received $500,000 when signing the agreement. It will receive additional payments of $2.8 million at the time of closing the deal.
Chairman of Indus, George Allen, said the company will focus on the cannabis market in California following the termination of the assets purchase agreement of W Vapes.
Posts revenues of $9.4 million
Indus reported growth of 46.7% YoY to $9.4 million in revenues in Q1 2020. Revenues of owned brands surged to 55% in Q1 2020 from 51% in Q4 2019. Its net loss narrowed to $4 million in Q1 2020 from $18.3 million in Q4, 2019.
Indus gives priority to finalizing the cultivation facilities renovation and boost operational efficiency.
Indus completed the renovation of two greenhouses. It expects to renovate the third greenhouse and complete planting by August 2020. The company will complete the construction of a nursery greenhouse by the end of Q3.
Following the renovations, it will add 11,000 Sq. Ft. cultivation facility and improve annual harvesting capacity to 45,000 pounds in Q4, 2020, compared to the harvest of 9,000 pounds in Q4 2019.
The renovated grow rooms and enhanced cultivation processes helped to improve high potency yields. It will add additional greenrooms in the coming months in line with its expectations. According to preliminary results, the potency levels of initial harvests are 22% and 34% from the previous levels of 22%.